Retirement Income Reality Check
Published Friday, November 22, 2019 at: 7:00 AM EST
With stocks closing today near an all-time record high, a good chance of an increase in Federal tax rates in 2021, and the deadline for end-of-year tax tactics closing in, this is a reminder to run a reality check on your retirement income plan.
The $1 trillion federal deficit, the soaring U.S. debt level to pay for entitlement, and changing political fortunes make it much more likely that income taxes will head higher.
Managing your tax bracket now — with the growing likelihood of a hike in federal income tax brackets — can lower your tax bill not just this year but next year, as well. This is especially timely for business owners with an interest in a pass-through entity, like an LLC, S corp, or a sole proprietorship.
The possibility of higher tax rates, along with the stock market's recent highs, presents an opportunity for individuals with a concentrated position in a single stock. With the end of the year approaching, this is a good time to consider taking a long-term taxable gain to lower your risk of something going wrong with that company or industry.
The Standard & Poor's 500, after closing at a record high on Monday of 3,122.03, closed the week at 3,110.29.
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial or tax advice without consulting a professional about your personal situation. Tax laws are subject to change. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. No one can predict the future of the stock market or any investment, and past performance is never a guarantee of your future results.
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
2021
-
The Bad And Good Financial News This Week
-
Stocks Set New High Closing Price Amid Turbulence
-
Stocks Gained +16% in 2020; Wall Street Expects +7.6% In 2021
2020
-
Holiday-Shortened Week Ends With Stocks Little Changed, Despite D.C. Drama
-
The Financial Economic Situation Now
-
Bull Market Has Broadened
-
Why Did Stocks Close At A Record-High After Disappointing Jobs Report?
-
Americans Sit On A Mountain Of Cash Amid Pandemic
-
For High-Income Earners And Families, Failing To Plan Is A High-Stakes Gamble
-
Stocks Break Record, But Smart Money Is Focused On Taxes
-
Wall Street Reacts To D.C With A 7% Weekly Gain
-
On Election Eve, Here's The Economic Outlook
-
Sizing Up Economic Prospects
-
Two Good Economic Surprises
-
October Surprise May Be The Economy
2019
2018
2017
2016
2015
EDUCATIONAL WORKSHOPS
2021 SCHEDULE
INVESTING: WHAT TO EXPECT IN 2021
Saturday, January 23, 2021
9:00 a.m. – 11:00 a.m.
Zoom Webinar
(Zoom link to be emailed upon RSVP to info@kondowealthadvisors.com)