Tips to Minimize Taxes on 401k Withdrawals: A Quick Guide! #taxstrategies #401kwithdrawals #retirementplanning
Traditional 401(k)s are ✅ excellent vehicles for retirement savings. Contributions and employer contributions are tax-free (if your company offers them). You don't pay taxes on your money as it 🪴 grows, so your contributions compound faster. The catch is that traditional 401(k) retirement withdrawals (technically, distributions) are taxed as ordinary income. As a result, when you withdraw your savings, you will be hit with a tax bill. 🤔 So, how do you avoid paying taxes on a 401(k) distribution? We posed this question to our in-house tax expert, Josh Bennett, and here is what he had to say about it. Don't hesitate to get in touch with us if you have any questions about your 401(k)! If you're interested in an INVESTMENT ADVISORY OR FINANCIAL PLANNING RELATIONSHIP - please consider VINCERE WEALTH MANAGEMENT. Schedule a time to talk with a #VincereWealth Advisor ↙️ Calendly: Let’s Connect! 😃 Vincere Wealth Management Social Platforms: Website: Linke