YOUR FINANCES & TAXES: SEE WHAT'S POSSIBLE
Explore the What-Ifs of Your Strategy to Uncover Tax Advantages
Finding Your Tax Efficiencies
WHAT IF: You're smart about retirement savings & distributions
As you look toward retirement, you'll want to consider how your retirement accounts will be taxed when it's time to take your money out. For example, if you expect to be in a higher tax bracket when you retire than you are now, and you have a traditional IRA, you'll pay taxes on your contributions when you withdraw the funds. But if you convert to a Roth IRA, you'll pay taxes on your contributions now, when you are potentially in a lower tax bracket. The result: You get to enjoy more of your savings.
WHAT IF: You plan ahead for Social Security income
WHAT IF: Your loved one dies unexpectedly
While nobody wants to think about it, it's important to consider what would happen financially if you or your spouse suddenly passes away, and how that could affect your tax outcome. In many cases, your income could be reduced, and your tax bill could spike due to an increased marginal income tax rate. What steps could you take now to help cover those unexpected tax spikes if the unthinkable happens?
Explore Your Own What-Ifs
How you adjust your financial strategy for tax advantages is unique to you. A Thrivent Financial professional can help you dig deeper into your options. While they cannot provide tax advice, they can use the exclusive What-If Tax Calculator to help you discover tax efficiencies and identify your best path forward.
What-If Tax Calculator
The What-If Tax Calculator is a unique tool that allows you to see how changes you make to your financial strategy could impact your taxes. This exclusive tool only accessible when you work with a Thrivent Financial professional illustrates hypothetical scenarios for you that are based on your preferences and goals.
Withdrawals made prior to the age of 59 ½ may be subject to a 10 percent federal tax penalty.
Thrivent Financial professionals have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.
Thrivent and its financial professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.