One of the many areas of specialization offered by Matt Dixon, Registered Financial Consultant in Greenville, SC, is tax-efficient strategies to grow your retirement fund. Many people throughout the area do not take tax savings into account either when saving for retirement or in accessing their retirement savings.
Learning about tax-efficient strategies helps individuals and couples to add more money to their retirement fund each year. By choosing the best investments to reduce taxes when you are in a high tax bracket, there is additional money for investing and building your portfolio. Over time, Matt Dixon also works to strategically plan for your withdrawal of funds from the retirement savings, reducing the amount of taxes you pay at this critical time in your life.
Knowing What and When to Withdraw
A diversified portfolio allows Greenville, SC, retirees to make choices on what they want to withdraw and which accounts they want to leave based on the tax potential. Keeping high taxable income to a minimum and tapping into resources that have the lowest level of taxation is an effective way to save money when there is no additional earned income.
One of the most effective strategies recommended by Matt Dixon is to leave tax-free accounts in place as long as possible. This will allow these funds to continue to grow tax-free while also withdrawing from the taxable accounts early in retirement. The goal is always to reduce the taxable amount in any given year and ultimately increase the after-tax income in the later parts of your retirement.
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