Changes in Tax Code Necessitate Reevaluation of Retirement Plans

As a member of the exclusive Ed Slott Elite IRA Advisor Group SM, our founder Calvin Goetz recently completed Ed Slott’s 2-day training on changes in the tax code and how they may impact retirement planning. The Tax Cuts and Jobs Act signed into law on December 22, 2017 included well-known changes such as reduced tax rates and increased standard deductions. Some lesser known changes, however, warrant a reevaluation of current retirement savings plans in order to take advantage of breaks and avoid pitfalls that may have been introduced in the tax reform bill.

“Changes in the tax code will impact every taxpayer, and understanding the impact to your financial situation is important, especially for those who are within 15 years from their planned retirement. With less time on their side, making the necessary adjustments now to either take advantage of tax code changes or avoid any negative impact could influence whether one stays on track with their current retirement plan,” said Goetz.

During the workshop, Goetz and other members of Ed Slott’s Elite IRA Advisor Group discussed the tax law changes that have the most bearing to retirement plans. These include the now irrevocability of Roth IRA conversions, the expansion of the 10% penalty exception for distributions from IRAs for deductible medical expenses, and taking advantage of lower tax rates with Roth IRA conversions.

Learn how you can take advantage of tax code changes or how you can avoid a negative impact on your current retirement strategy. Schedule an appointment with an advisor today.