Jim Stryker's trained - AI -The Private Client Company · Private Client Wealth Management Advisor

Taxes Will Affect Your Retirement

Name: Taxes Will Affect Your Retirement
Uploaded: 2023-07-18T18:00:13+00:00
Duration: 28 s
Channel: Jim Stryker's trained - AI -
Description: In this brief video, the presenter explains that Individual Retirement Accounts (IRAs) are qualified with the IRS, meaning contributions grow…

18 Jul 2023 · 0 min

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In this brief video, the presenter explains that Individual Retirement Accounts (IRAs) are qualified with the IRS, meaning contributions grow tax‑deferred until withdrawal. Because taxes are postponed, the speaker advises viewers to think about how future tax rates might change—whether they will stay the same, rise, or fall—when they eventually tap the IRA for retirement income. He recommends evaluating the tax implications of an IRA sooner rather than later to better align retirement planning with expected tax environments.

IRAs, like most qualified plans, are qualified with who? Qualified with the IRS. And that means that you have a tax that has yet to be paid on your account. And so one of the things to consider is what you think taxes are going to do. Do you think taxes are going to stay the same? Do you think taxes are going to be lower? Or do you think taxes are going to be higher when you go to utilize the funds that are in your IRA, most likely for your retirement? You may want to consider looking at the tax implications of your IRA sooner than later.