Should You Defer Taxes or Keep Your Money and Never Pay Tax Again?
Deferral has been called \u201cmagic\u201d \U0001f3a9 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform.
Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because \u201ceveryone is doing it\u201d doesn\u2019t automatically make deferring your taxes the best thing to do.
Right now, Congress is contemplating changes to deferral/distribution rules such as the \u201cSECURE\u201d Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it\u2019s worth considering the possible outcomes while there\u2019s still time to make some changes before you actually need the money.
Don\u2019t gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy.
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