Who takes the largest percentage of your hard-earned money, year in and year out? Is it your spouse, your kids, or someone else?
It’s your Uncle Sam, of course!
Think about the dollar or percentage amount you pay each year. Add it up over the years, and it’s a massive number. When you combine your Federal Tax Rate, State Income Tax rate (if applicable) and Social Security/Medicare taxes, it’s a wow!
When you stop working, you no longer pay Social Security/Medicare taxes, however typically your deductions are minimal… making Uncle Sam a “Retirement Enjoyment Stealer.” Imagine having to pay 25%, 35% or more out of each and every retirement dollar!
How do you place more money in your wallet and reduce Uncle Sam’s share? Planning, of course!
Our 2021 blogs will feature rules, tips and strategies for YOUR TAX PLANNING.
To get started, please view and download our 2021 Key Financial Data that provides an abundance of great information to have you start thinking about your tax planning.