Understanding Tax-Free Retirement
Many people do not have a complete understanding of the tax implications that are connected to retirement planning. With retirement planning, taxes are deferred until retirement years, but many clients don’t have a clear vision as to what that means for their post-retirement lifestyle. One Stop Financial Group protects your interests by taking tax and insurance regulations and using them to design a tax-free retirement income plan.
What is a Tax-Free Retirement Account (TFRA)
A tax account is considered tax-free if there are no taxes (federal or state) due on the income earned. You can invest your money without owing future taxes on said growth. You don’t even incur additional taxes after you withdraw the funds to spend for personal use. To find out if you qualify for a tax-free retirement account, contact One Stop Financial Group for a consultation!
What Are the Benefits of a Tax-Free Retirement Account (TFRA)?
The biggest benefit of a tax-free retirement account is that you don’t pay taxes on financial growth! You are also not required to report the “income” inside of this account to the IRS. In order to set up a legally correct account that is up to the most current IRS tax codes, speak to your retirement consultant for more information.