High Income

 
 
Tax — Accounting Rochester MN in Rochester, MN
 
High income earning individuals encounter multiple obstructions when striving to accumulate and generate wealth in a tax efficient manner. If your income is too high you will not qualify for tax-free income via the ROTH IRA. You may also lose the ability to lower your taxable income by contributing to a Deductible IRA. Contributing to a tax-deferred 401(k) or 403(B) may be available, but what happens when you require income during retirement and you’re in the same (or maybe higher) tax bracket? In the this case, you’ve essentially deferred paying taxes and are now stuck paying taxes either with other savings or using your nest egg to satisfy the IRS!
 
 
Three important questions to ask yourself:
  1. Where can you efficiently save additional money for retirement?
  2. How do you maximize your tax deferrals today?
  3. What can you do to limit your tax liability during when drawing income?
Possible Solutions:
MY LIFE GUYS can help you create a supplemental retirement strategy utilizing an exclusive life insurance plan only available to high income or high net worth individuals. In essence, the insurance strategy strives to provide similar tax-preferential treatment that a ROTH IRA can produce, specifically providing tax free income when structured properly. A noted benefit of employing such a strategy is that IRS income limitations and annual contribution amounts no longer apply. Read on for additional benefits:
 
Feature Benefit
Contributions Virtually unlimited (based on structure of insurance benefits)
Gains Accumulate tax-deferred, no annual 1099’s
Liquidity Cash values may be liquid immediately, some are 100% liquid from inception
Portability Owned by the individual, not tied to a company plan
Access Flexible, No required distributions or early withdrawal penalties
Distributions When structured properly, can be completely tax-free
Contact MY LIFE GUYS today to learn more how this particular supplemental retirement strategy can significantly enhance your retirement plan.