We introduce our new tax calculator tool that reveals how much of your retirement accounts will go to taxes over your lifetime, helping you understand the true impact of tax obligations on your 401(k), IRA, and other qualified accounts.
• Our simple tax calculator at generationswealthtax.com shows your potential lifetime tax liability in just minutes
• Most clients are shocked to learn how much of their retirement savings will be lost to taxes
• Everyone should pay their "fair share" of taxes, but strategic planning can significantly reduce what's "fair"
• The national debt ($36 trillion and climbing) suggests tax rates are more likely to increase than decrease
• The three possible scenarios for future tax rates: they go up, stay the same, or go down
• Paying some taxes now through Roth conversions or other strategies gives you control rather than leaving it to chance
• Traditional IRAs are among the worst assets to leave to non-spouse heirs due to accelerated taxation
• Heirs often see a million-dollar IRA but only receive $600,000 after taxes
• Life insurance can provide tax-free liquidity to help offset tax burdens for heirs
• Pre-planning always provides more options than reacting to tax situations later
Visit generationswealthtax.com to calculate your potential lifetime tax liability, or call our office to schedule a consultation about your specific situation.