We’re going to discuss what the newly signed federal budget bill may mean for older Americans and retirees, and its impact on your retirement tax strategy. – EVAN FRICKS
ATLANTA – The new federal budget bill makes the 2017 tax cuts permanent, creates a temporary senior deduction, and raises estate exemptions, but also adds $3.4 trillion to national debt while cutting social safety nets. We explore what these changes mean for retirement planning and identify strategies to maximize the limited window of opportunity created by today’s low tax environment.
• Tax cuts from 2017 now permanent, but historically “permanent” tax changes typically last only 8-12 years • New senior deduction of $6,000 (single) or $12,000 (couples) for those 65+ available for tax years 2025-2028 • Estate tax exemption raised to $15M individual/$30M couples • $1 trillion in cuts to Medicaid, Medicare and Affordable Care Act • Required minimum distributions and tax rates likely to increase in future • Projected $78 trillion shortfall in Medicare and Social Security over next 75 years • Strategic Roth conversions during this tax window can provide tax-free growth and withdrawals • Need for greater portfolio diversification beyond market investments • Importance of planning for self-reliance as social safety nets weaken
Visit masterplanretire.com or call 770-980-9262 to schedule your complimentary consultation to discuss your retirement plan.
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