Do you have a forward-looking plan that minimizes the effect of inflation + stealth taxes on your retirement? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to [ Ссылка ].
It's no secret that inflation ran hot in 2021. From Dec. '20 to Dec '21, the 12-month change in inflation was 7.0%.
The highest rate we've seen in decades.
Inflation has many implications within the economy and ultimately your finances.
Taxes are a significant area that is affected greatly by high inflation.
Certain parts of the tax code adjust to inflation while others don't. For the parts of the tax code that don't adjust to inflation, taxpayers will see themselves slowly drift into higher and higher tax liabilities.
This kind of bracket creep is called a stealth tax or a hidden tax.
For instance, one of the key differences that took place in 2018 was the switch from adjusting taxes with CPI to adjusting taxes with Chained CPI. This is a seemingly small change that historically has adjusted brackets at approximately a 0.25% slower rate.
A big deal in any given year? No. Throughout your retirement? Potentially a very big deal.
In this presentation we discuss all parts of the tax code and how higher inflation moving forward affects your tax situation.
Want the punchline? It's not exactly pretty.
Learn retirement tax strategies to avoid inflation spiking your tax bill in retirement by watching additional videos on the Safeguard Wealth Management youtube channel.
#RetirementTaxes #Inflation #StealthTaxes
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Always remember, "You Don't Need More Money; You Need a Better Plan"
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Safeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at [ Ссылка ]
