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Just Ask Freeman – Tax Implications On Your Retirement Money

Taxes are not preventable completely. Whether you buy something, save something, spend something or pass away, there is a tax implication associated with your money. Watch this segment of Skills To Pay The Bills TV Show to learn how to minimize the tax “bite”

Skills To Pay The Bills TV Show

Q: How do I prevent the IRS from taking a large portion of our retirement money?
A: There’s no way to prevent paying taxes. Whether you’re earning money, spending money, saving money and when you pass away, you cannot get away from paying taxes. However, to minimize the tax “bite” is to utilize tax deferral.

Tax deferral is defined as receiving interest 3 ways on your nest egg:
1. Interest on your interest
2. Interest on your principle
3. Interest on the money you would ordinarily have to pay Uncle Sam.
So, you can pay the taxes when you’re ready.

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If you have a retirement money question, post your questions on our Facebook page or email and we will strive to answer as many of your questions as possible. Freeman offers no-obligation, free consultations in his Maryland office to help retirees and pre-retirees make the most of their retirement nest egg.