Should You Defer Taxes or Keep Your Money and Never Pay Tax Again?
Wealth Talks · Jesse McFie
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Show Notes
Deferral has been called "magic" 🎩 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform.
Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because "everyone is doing it" doesn't automatically make deferring your taxes the best thing to do.
Right now, Congress is contemplating changes to deferral/distribution rules such as the "SECURE" Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it's worth considering the possible outcomes while there's still time to make some changes before you actually need the money.
Don't gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy.
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