Dive into the fascinating world of tax diversification! Discover why having a mix of taxable, tax-deferred, and tax-free accounts can help shield you from shifting tax brackets. Explore effective debt repayment strategies like the snowball method, and learn how to leverage Health Savings Accounts. The discussion also contrasts lump-sum investing with dollar-cost averaging, helping you navigate market fluctuations. Say goodbye to financial anxiety with practical tips and comprehensive resources!
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Tax Diversification
Diversify your taxes by allocating assets across taxable, tax-deferred, and tax-free accounts.
This allows control over your tax burden in retirement and minimizes your lifetime tax burden.
insights INSIGHT
Setting Up Tax Diversification
Set up tax diversification during your earning and early retirement years.
Most people's problem is required minimum distributions (RMDs) from tax-deferred accounts, creating a high tax burden.
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Fund Your HSA
Fund your Health Savings Account (HSA) annually.
It offers triple tax benefits: tax-deductible contributions, tax-free growth, and tax-free withdrawals for healthcare expenses.
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Tax Diversification means not having all of your assets subject to the same tax effects, particularly during the withdrawal phase in retirement. Proponents of this concept argue you should have some tax-free money, some tax-deferred money, and some taxable money. This not only provides against against the possibility of severe changes in tax brackets, but also allows you to control your tax bill to a certain extent in retirement. Listen to this podcast to learn more.
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