The most common problem that retirees face is that traditional IRA distributions are taxed the same as normal income. While the common assumption was that when you retire you would be in a lower tax bracket, that isn’t always what happens due to changing tax brackets. Even worse, you have no idea of knowing what future tax brackets may look like. Even worse, required minimum distributions can eliminate the key benefits of utilizing an IRA in the first place.
IRA Rescue Plans simplify the process of passing on your wealth to your designated beneficiaries when they would otherwise be lost by incorporating life insurance. For this plan, a policyholder will transfer money directly from their IRA to an insurance carrier to pay a life insurance policy premium. After the policy has been leveraged, the policyholder will then have access to the cash value tax-free, or pass on death benefits to their beneficiaries.
Ready to Get Started?
If you are ready to focus on your financial planning, the Tulsa financial planning experts at Anchor Financial Group are ready to assist you. As a Veteran-owned brokerage firm, we always look out for the best interest of our clients. Please call us at (918) 591-2880 to get started or Contact Us and a friendly member of our staff will reach out to you promptly. We look forward to assisting you in achieving your financial goals in Tulsa.
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