Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.
Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products only allow you to defer paying them until retirement — when you may be in a lower tax bracket.
Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10 percent additional federal tax.
Your investment advisor is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. You should consult a legal or tax professional on any such matters.
This website may contain concepts that have tax, accounting and legal implications. This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters. Individuals also are advised to verify that the host of this website is qualified to provide tax advice. Neither GFPC nor GFIS is so qualified and, as such, does not endorse, review or supervise the website host in connection with any tax advice. If you base a decision on information contained on this website, you will be solely responsible for that decision.
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