The era of low taxes has come to an endBlog added by Mike Needham on January 8, 2013
Mike Needham

Mike Needham

Boise, ID

Joined: January 12, 2011

My Company

Automate My Agency

In the wake of the fiscal cliff sage, I think a couple of things really stand out:
  • The era of low taxes has come to an end.
  • You need to take control of your personal finances.
I think we were all sold on the idea that if we contribute to our 401(k) and traditional IRA and defer taxes until retirement that it was a great way to avoid paying taxes now under the assumption we would be in a lower tax bracket when we retired. With the financial mess this country is in, I think many of us might be in a higher tax bracket after we retire.

It may make sense to pay the taxes now and then invest in a vehicle that could return the investment results tax-free down the line. Roth IRAs/401(k)s are certainly an option for most, and an investment grade life insurance policy that is properly structured could help many more.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Blog
 
No Thanks