It’s no secret that the United States faces serious problems in continuing to run budget deficits year after year; the U.S. Debt that is now over $14 trillion and continuing to grow by leaps and bounds.
It is not commonly thought of as one of the largest public obligations, but the taxes due on qualified accounts are. Qualified accounts such as IRAs and 401(k)s are the traditional retirement vehicles of choice used to ‘save’ or defer taxes until retirement, rather than paying taxes on the initial contribution. Uncle Sam has a vested interest in these retirement accounts as the IRS is due some percentage of the accumulated balance upon distribution. The percentage, of course, is determined by Uncle Sam and will be based on the current need to keep the Government operating and U.S. Debt situation at the time, which is likely to increase significantly.
A Roth Conversion can tremendously mitigate the future taxation in retirement. Call me to find out how the Roth Conversion fits in today’s economy and how we can save you taxes at retirement.
Kate Walsh
0F#61686
760.716.1505
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