Pay Higher Taxes Now to Save on Taxes Later
26 Oct 2024 · 1 min
0:32
Craig Wear, CFP® advises that individuals with very large IRA balances ("IRA millionaires") are generally better off paying higher taxes now—presumably via actions like taxable conversions or other strategies—because math and modeling show paying higher tax today on their current sum can lead to greater long-term savings than paying lower tax rates over a long period later. The clip is a concise recommendation aimed at high-net-worth retirement account holders.
