RUSS MORRIS FINANCIAL
RUSS MORRIS FINANCIAL
  • Home
  • Services
  • Tools
    • HERO's Talk Radio Show
    • Financial Glossary
    • Financial Calculators
  • Blog
  • About
  • Contact
  • Home
  • Services
  • Tools
    • HERO's Talk Radio Show
    • Financial Glossary
    • Financial Calculators
  • Blog
  • About
  • Contact

Taxes and Retirement: Learn How to Protect Your Savings.

4/12/2017

0 Comments

 
Picture
When 401(k) plans were enacted into law nearly forty years ago, we lived in a different world.  The top federal tax bracket was at 70% (today it is 39.5%), and it made sense to save money tax-deferred for retirement when your income would be lower and your tax rate less.

​With the absence of pension plans, adjusted tax brackets and inflation, many Americans are now discovering that the ordinary income tax due when they withdraw their retirement income from qualified or tax-deferred plans is much greater than anticipated. Inflation over the forty years has caused an increase in costs of goods and services with corresponding incomes to match. An income of $25,000 a year in 1978 would be equal to an income of about $100,000 today. This means to maintain the same standard of living you are accustomed to, you may need to withdraw a retirement income that is greater than originally planned.  If you have a tax-deferred plan such as a 401(k), you will end up paying more in taxes for the larger withdrawal.

Fortunately, there are retirement plan options that allow your investments to grow and for you to withdraw as much as you need during retirement, while you pay no taxes.

Regardless of your age or what stage you are in your working career, I can help you start a tax-free retirement plan. If you have already started a tax-deferred plan, it is not too late. A tax -free retirement can be integrated with your current plan.

For a free consultation and to learn more about tax free retirement options, please contact me at 909-714-1830 or at russ@russmorrisfinancial.com.
0 Comments



Leave a Reply.

    Picture
    View my profile on LinkedIn

    Russ Morris, LUTCF

    In 1995, I became a licensed financial advisor and Life Underwriter Training Council Fellow (LUTCF) because I believe that next to our physical health, our financial health is the most important factor in our lives. For over twenty years, my goal has been to be a "financial doctor" that my clients can trust.  

    As a financial doctor, I take the time to listen, assess and understand each of my clients’ unique situations, goals, and concerns. I help grow assets for retirement and protect families from the financial loss that can occur after a premature death.  I truly enjoy helping my clients develop financially healthy lives.


    ​Along with my passion for helping all clients achieve strong financial health, I enjoy tennis, hanging out at Rancho Cucamonga's Bad Ass Coffee and meeting new people.

    Archives

    January 2020
    September 2019
    December 2018
    November 2018
    August 2018
    April 2018
    February 2018
    August 2017
    May 2017
    April 2017
    March 2017
    July 2016
    May 2016
    April 2016
    March 2016

    Categories

    All
    Asset Protection
    College Funding
    Estate Planning
    Life Insurance
    Long Term Care
    Retirement

    RSS Feed

Copyright © 2019  Russ Morris Financial