Stacking deductions in one year and then taking the standard deduction in subsequent years may let you benefit from tax savings that you would have otherwise not been eligible for.
The term “fiduciary” is something to be familiar with if you are planning to work with a financial advisor.
It’s hard to provide a one-size-fits-all approach to saving. With the waterfall approach to saving, you can allocate funds to the most tax and wealth efficient locations as you increase your ability to save.
At some point in your life, it is likely that you will be subject to a required minimum distribution. A tax-efficient RMD distribution strategy can make your money go a lot further.
It's a common misconception that saving tax today is always the best way to grow wealth. Your main objective should be to pay the least amount of total taxes possible throughout your life.
The most important benefit of asset location is that you will be strengthening your tax situation for retirement through higher proportional growth of tax-advantaged assets versus tax-deferred assets.
You don't need to wait until retirement to worry about taxes - and with proper planning, you can reap tax benefits that will make your nest egg go a lot further.
Health Savings Accounts can be the ultimate tax savings tool as they offer triple tax savings if used properly.