It’s Never Too Late to Pay it Forward

August 3, 2022

Many of the retirees that we work with wish that they could turn back the clock, and do things over again, regarding saving for retirement.

Sometimes I must be the bearer of bad news when it comes to their current tax burden, and future tax obligations. Never did they imagine being in such a HIGH tax bracket. “Had I known that I would have paid the taxes when I was in a lower bracket, and have my money come out tax-free today!” We hear that time and time again. But all is not lost….

Those same individuals now have an opportunity to take this “newfound information,” and pass it on to their children, and their grandkids. Our current administration has made it abundantly clear, through their policies and through the media, that they need to raise taxes to pay for everything. So, if they have grandkids and kids, ranging in age from 20 to 45, they are probably going to be in their lowest tax bracket, EVER, today!!

Taking this information about paying your taxes TODAY, and growing the money TAX-FREE, should be a well-received message to these two younger generations….as they have TIME on their side. And it is much better to have your money grow WITHOUT the additional weight of an embedded tax, than having to pay the taxes due at the end. Nobody that I have ever met gets excited about paying taxes, but if they can avoid OVERPAYING, then that is a BIG motivator.

So, pay it forward with this new information, and be a hero to those who will benefit the most!!