Tips To Help You In Retirement – Total Financial Solutions Safer Money Hour – July 31, 2018
Tips to help you in retirement - Total Financial Solutions Safer Money Hour – July 31, 2018
Hosts: Arif Halaby
Topic: Tips to help you in retirement
On this episode of Total Financial Solutions Safer Money Hour, Host Arif Halaby discusses converting money over to different accounts to pay less in taxes, monitoring your spending to defend your retirement accounts, and the best places and ways to spend your money.
There have been some tax law changes recently that could potentially save you a lot of money in the long run.
We’re talking about conversion, which is when you take money from one account and move it to another account with a low tax rate.
If you have money that you have not paid taxes on, maybe you deferred it from your income 2, 3, 4 or more years ago, you can convert some of that. Tax rates are almost record lows.
To move this money so that you can have access to it, you don’t have to be a certain age, you can do it at any time, and you don’t pay a penalty or a fee. What you do pay, is income tax.
Previous Episode: Building And Saving For Retirement – Total Financial Solutions Safer Money Hour – July 17, 2018
However, if this is a year where your income is lower than what you expected or it’s the same but the tax rates are lower, then doing a conversion, you receive the credit under the old tax bracket, and yet today, you get the benefit under the new tax bracket.
It’s like being able to save that double coupon and you buy something on sale today even though the coupon was issued when the product was at a regular rate but today you get an extra discount. That’s what’s happening.
The amount that you would save on your taxes is about 10%-20%, depending on where you are in the tax bracket.
We’re happy to help you understand how this could help you, call us today. (661) 753-9683
We’ve been in business over 22 years, and we are professional financial advisors who specialize in protecting your money and setting up a plan that helps you make money well into retirement.
Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.