How do my taxes factor into your advice?

This is one post in a series based on our “Tough Questions for Your Advisor.” Each post covers one of the important topics we discuss with our wealth management clients.  Today’s topic is:

How do my taxes factor into your advice?

When is the last time your financial advisor reviewed your tax return?  There is valuable information that can be learned from it, whether it’s suggesting tax deductions you may not have considered, altering your investment strategy to fit your tax situation, or exploring strategies to minimize your future tax burden.

For example, many advisors suggest delaying distributions from retirement accounts like IRAs or 401(k)s until the year you turn 70.5, when the IRS requires you to take distributions.  However, for individuals with large retirement account balances and low current income, it may make more sense to begin taking distributions sooner while in a lower tax bracket.  These types of opportunities could be missed if your investment and tax strategies are not coordinated.

Want to know more? Check out the rest of the posts in this Series:


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Barry Glassman, CFP®
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