Tax Reform & Your Finances
Implications of the new tax law
If you're feeling confused about the tax laws that went into effect in 2018, you're not alone. The recent reform may have ripple effects on many aspects of your life especially your finances, including:
- Retirement savings, like whether you're better off contributing to a traditional IRA or Roth IRA.
- College planning, such as new rules for 529 plans.
- Charitable giving, particularly with shifts in claiming itemized deductions.
While Thrivent Financial representatives cannot provide specific tax advice, they can partner with you and your tax professional to help give you a well-rounded understanding of what the tax changes may mean for you.
Tax change to-dos
There are a few things you can do now to help you gain some more clarity around this topic.
- Talk with your Thrivent Financial representative and other professionals before taking any major action with your finances.
- Get tips from your tax advisor to get the most out of your income, investments and savings.
- Revisit your financial strategy or let Thrivent help you create one that's aligned to your situation, values and goals.
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