Because every client’s needs are unique, a canned approach to tax-efficient savings of Roth IRAs, traditional IRAs, 401(k), 403(b), NQ annuities, NQ accounts, etc., is not necessarily the most flexible or tax efficient option for every client. As advisors, we know that the words “tax-free” don’t always mean there’s no tax ever paid, just like the term “pre-tax” doesn’t mean there’s always more tax to be paid later.
The point I’m making is that tax law changes and client circumstances can change the landscape for what’s the most tax-efficient savings strategies today versus tomorrow. This is my second blog in a series on what I learned (or was reminded of) in the latest tax season; my first blog, Why I Don’t Like Roth IRAs: Tax Season Lesson, Part 1, garnered some praise and criticism from readers. In this blog, I present two current strategies that I believe might help many clients over the next few years.
Andy graduated from the University of Alabama-Birmingham with a B.S. degree in Accounting. He is a Registered Investment Advisor Representative of Money Management Services, Inc and holds the designations of CPA (Certified Public Accountant), AIF® (Accredited Investment Fiduciary), CTS™ (Certified Tax Specialist), and WMS (Wealth Management Specialist). As an advisor, Andrew specializes in comprehensive financial planning, estate tax planning, personal taxation planning, retirement income distribution planning, wealth accumulation, personalized portfolio management, and fiduciary investment management services.