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Chris Patterson discusses tips and strategies for tax planning
Listen to the interview on the Business Innovators radio Network: Interview With Chris Patterson, Retirement Income Strategist Discussing Tax Risk – Business Innovators Radio Network
Strategic tax planning is a crucial aspect of retirement planning that can help individuals mitigate taxes and secure their financial future. Chris Patterson discusses the importance of understanding and managing tax risk is highlighted as a key component of retirement planning.
Mike Saunders and Chris Patterson, a financial advisor discuss the likelihood of tax rates increasing in the future due to factors such as the national deficit and government spending. While no one can predict with certainty what tax rates will be in the future, it is essential to consider the possibility of tax rate hikes and plan accordingly.
One strategy mentioned in the podcast is Roth conversions, which involves converting traditional IRA funds to Roth IRA funds to prepay taxes at a lower rate. By executing Roth conversions strategically, individuals can potentially reduce the impact of future tax rate increases on their retirement income.
Another strategy discussed in the podcast is the use of life insurance as a way to mitigate taxes. Life insurance can provide tax-free benefits to beneficiaries and can be a valuable tool in estate planning and wealth transfer.
Overall, the podcast emphasizes the importance of proactive tax planning in retirement. By starting with a goal of achieving a 0% tax bracket in retirement and considering strategies such as Roth conversions and life insurance, individuals can work towards reducing their tax burden and securing their financial future.
Chris explained:“There is something called indexed universal life insurance. And it is a extremely powerful strategy. There are some complexities to it. It can be a little bit challenging to help a client understand the structure, and what goes into it, and exactly how it benefits in the long term.”
In conclusion, the concept of beginning with the end in mind is a valuable approach in retirement planning, especially when it comes to understanding and managing tax risk. By considering the potential tax implications of different strategies from the outset, individuals can better prepare for their retirement and make informed decisions that will help them achieve their financial goals.
Chris shared:“I use 25+ years of experience on the tax side to assist clients in understanding how their recommended income strategies will impact their tax return in retirement. The goal is to minimize taxes and management fees while maximizing income in the safest way possible.”
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About Chris Patterson
Chris is a CPA/retirement strategist/basketball coach/husband/father!
He's been assisting clients with tax and retirement income strategies for over 25 years, he loves what Chris does and wants to assist as many people as possible.
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Past performance is not a guarantee of future performance. All strategy recommendations must be associated with a full review of a client's personal situation.
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