We’ve compiled a list of five questions you should ask your financial advisor if you are planning to retire within the next year.
1. How will tax reform affect my bottom line?
Tax reform is always a hot topic in politics, and it will be important to continue keeping an eye on changes to taxation throughout your lifetime. Any adjustments to the tax code could affect the way you withdraw money in retirement and could change the kinds of tax breaks you might receive. The goal is to have a withdrawal strategy in place that draws the “smartest” money each year (meaning, the most tax-efficient). Changes to your circumstances—especially tax code changes—could have a big impact on identifying which money is “smart” and which is costly to withdraw. Ask your advisor how he or she is keeping an eye on...
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