Planning considerations for tax efficiency
Before retirement: Asset location has significant implications for future financial flexibility. Beginning 10 to 15 years before retirement, it's critical to review and work toward greater diversity in tax-deferred, taxable and tax-free accounts.
At retirement: Optimize Social Security benefits and consider Medicare surcharges. Insufficient tax planning can lead to increased Medicare premiums or lower lifetime Social Security benefits.
Throughout retirement: During the annual review, clients with high-balance tax-deferred accounts should work with you to examine strategies that may save a considerable amount of money for a surviving spouse or their beneficiaries; potential strategies include Roth conversions, qualified charitable contributions and purchasing life insurance.
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The Nationwide Retirement Institute’s tax-efficient retirement income program provides regularly updated education and insights through: