There’s something about summer that stirs up that little travel bug within our Minnesotan hearts. Whatever your preference – cabin weekend, road trip, or flight to the coast – ‘tis the season to pack up and go!
Of course, summertime travel around here means one thing: construction. Even a route you’ve traveled a thousand times over may require a detour. Suddenly, traffic’s backed up and you’re searching for another way.
As any good traveler knows, flexibility is your friend. You adjust. And sometimes, if you’re lucky, you’re onto a better adventure than the one you’d originally planned. Maybe that’s a scenic overpass, the best burger joint in town, or The Biggest Ball of Twine.
It’s always smart to have a Plan B to accompany your Plan A.
The same principle applies to your retirement planning; especially right now, as a new tax bill winds its way through the legislature. While things are still being added and removed, Trump’s proposed legislation would make some significant portions of the 2017 Tax Cuts and Jobs Act permanent. Things like the larger standard deduction, lower tax brackets, and higher gift and estate tax exemptions could be here to stay.
For retirees in particular, that could mean some welcome tax relief, especially when it comes to Social Security benefits.
However, as you may have seen this week, negotiations are still underway, and details will change. So, while we’re hopeful about what’s ahead, we just don’t know how next year’s tax situation will shake out. Your finances are going to need a Plan B to accompany your Plan A.
At Secured Retirement, we’re already working with clients to model both possibilities. What if the tax cuts are extended? What if they’re not? What if your taxable income shifts? What if your deductions change? We’ll walk you through each scenario and help you build a plan that holds up either way.
Tax strategies are about timing, flexibility, and positioning your assets to weather the unknowns.
Let’s make sure you’re set for the road ahead – whatever detours may come. Call us: 952-460-3290.
CUP OF JOE
From Joe Lucey, Founder of Secured Retirement
There’s something about sitting down with a steaming cup of coffee that always kicks my day into high gear. And it’s not just because of the caffeine it sends coursing through my veins.
Throughout my career, some of my biggest revelations have come to me in conversation with my mentor over a cup of joe. Good conversation and personal connection can pick you up in a special way. It’s that feeling that I’m hoping to bring to you with my series, your Cup of Joe.
