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Retirement Planning

Retirement Planning - Plan Ahead Now, Reap the Benefits Later

Tax rules regarding retirement plans are complex. Each benefit plan has specific requirements as outlined by the IRS and not every plan can be used by everyone. For example, contribution limits vary by the type of plan, your income, and your age. Some plans may require withdrawals at a certain age, while others have no age limit. Some withdrawals are taxed at retirement, whereas others are tax free. It's important to understand the tax implications to make your retirement planning choices.

That's why it's best to use a tax professional like us. We can help you understand what type of retirement plan is available for you and work with your financial planner to make sure the tax impact of contributions or withdrawals are considered.

Here's what we do for you:

  • Determine on an annual basis if you will benefit more from a Roth IRA or Traditional IRA contribution.  (We look at your present financial and tax situation, discuss what tax bracket you expect to be in at retirement, your age, and which IRA is likely to benefit you more)
  • Determine whether you (or your small business) qualifies for a tax credit for contributing to an IRA
  • Explain the tax impact when you withdraw funds from your retirement account.  For example:
  1. If you take a distribution will it bump you into a higher tax bracket? 
  2. Will you save taxes if you forgo a lump sum distribution for two smaller distributions so half is distributed in the current tax year and the rest in the next tax year? 
  3. Do you qualify for an exemption from the 10% penalty for early withdrawal?

It's important to call us before the year is over.  Some changes must be made before the year is over to reap the benefits.

Call (406) 543-7667 to set up an appointment or send us your contact information using the form below.

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