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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
Too many people underestimate the effect of taxes on their retirement income. But with proper planning, there may be ways to help reduce your tax exposure.
1. Taxable. Examples include credit union or bank savings accounts and brokerage accounts. Gains and income are taxable in the current year. Long-term gains and dividends are taxed at lower rates.
2. Tax-deferred. These include traditional IRAs, 401(k)s and 403(b)s. In these accounts, income and capital gains are generally deferred until you take money out. Withdrawal amounts get taxed as ordinary income and if taken before age 59½ an additional 10% tax penalty may apply.*
3. Tax-free. You can build up your tax-free bucket by contributing to Roth accounts or by converting traditional IRA assets into Roth assets. You’ll pay income taxes on the balance you convert, but growth in your Roth account is tax-free from that point.
Your financial and tax professionals may be able to help you to structure your retirement income, potentially reducing tax exposure while preserving your Social Security benefits.
*The CARES Act suspended the 10% early withdrawal penalty for 2020.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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