10 - 23 - 21 Retirement Ready- "Tax-Wise" About Your Retirement Income

Being “tax-wise” is no longer a concern for only the wealthy. Many people fear that increasing tax rates might be looming on the horizon. And, considering our country’s spending and growing addiction to debt, this fear may be well-founded. But there is also a large percentage of the population that assumes that their personal tax bracket will be lower once they retire. Perhaps you believe that your future tax rates will go down once you stop working. Maybe you are right, but then again, what if you are wrong? It can be much more than an unpleasant surprise to find that the amount of your income that is left to spend after you pay taxes is less than you expected, perhaps even less than what you need to pay your bills. While we can’t know for sure, it looks like tax hikes may be looming on the horizon. And from a risk management perspective, what can and should be done anytime we face unknowns is to diversify our exposure to the risk. Developing a “tax-wise” retirement income strategy starts with understanding the principle of tax diversification and the advantages that can result when combined with a tax-efficient retirement income strategy. The Retirement Ready radio show is featured every Saturday on WTMJ 620 AM at 1:00 pm. We will bring you information on: Social Security options, retirement trends, options to retire with life changes and achieving a secure financial future. Listen live: www.wtmj.com/listen-live Investment advisory services provided by Drake & Associates, LLC, a State of Wisconsin registered investment adviser. Insurance products are offered through a separate company, LOFT Financial Advisory Group, LLC, a Wisconsin Insurance agency, clients are under no obligation to purchase any recommended insurance products. Advice and opinions expressed during Retirement Ready are solely that of the hosts or guests of Drake & Associates, LLC and not WTMJ Radio or Good Karma Brands Milwaukee, LLC.This is The Retirement Ready Show hosted by Tony Drake, CPR® with Drake and Associates. Our goal is to educate you on the many topics of retirement and inform you how to create a successful Retirement Ready Roadmap. Thank you for joining us for another episode where we will make your Retirement Ready Roadmap simple. Schedule your complementary consultation today.go.oncehub.com/scheduleacomplimentaryconsultation