YOUR FINANCES & TAXES: SEE WHAT'S POSSIBLE

Explore the What-Ifs of Your Strategy to Uncover Tax Advantages

When you structure your finances with tax implications in mind, you may have the ability to influence how much tax you pay and when you pay it.

A new law, the SECURE Act, has passed. This could affect your financial strategy decisions, resulting in potential tax impacts for you and those you love.

Thrivent's Exclusive What-If Tax Calculator

When retirement is on the horizon, it's important to make sure you're doing all you can now to minimize the potential tax impacts later. But how do you know which strategies may help you reap the most tax benefits, especially in light of the new SECURE Act? The reality is that the right mix of strategies depends on your unique situation.

The good news: When coupled with the guidance of a Thrivent Financial professional, Thrivent's What-If Tax Calculator can provide valuable insight into the nuances of your own financial strategy. In fact, you may uncover potential tax opportunities where you least expect them.

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Finding Your Tax Efficiencies

Making small adjustments in your strategy could make a big difference in your tax outcomes. The key is knowing where in your strategy to look. Here are some important areas to consider:

  • WHAT IF: You're smart about retirement savings & distributions
    Putting money in bank for savings

    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
    Social Security cards

    Any Social Security income you receive will count toward your taxable income in retirement, similar to how any withdrawals from a 401(k), 403(b) or traditional IRA would be treated. With that in mind, it's wise to identify ways that can help minimize your future taxable income. That way, when Social Security gets added into the mix, you're not hit with a large tax bill.

  • WHAT IF: Your loved one dies unexpectedly
    Butterfly sitting on hand reaching out

    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?

Meeting with a financial professional to talk tax-efficient strategy

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.

Gain Insight & Uncover Tax-Smart Opportunities

Prepare for your future by understanding how your financial strategy impacts your taxes. Plus, learn how the SECURE Act may affect your plan. We'll guide you through Thrivent's What-If Tax Calculator and help you determine your next steps.

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