Scott Winstead

Taxes in 2021

When a new administration comes in, taxes always seem to come in focus because things can change and have an impact on your retirement.

In our latest podcast, Angela and I lay a foundation for what we’ll cover this month and specifically go over where taxes stand today in 2021. We also hit the 3 different tax categories to think through and permanent life insurance (yes this actually relates to taxes).

Here’s the 3 different tax categories to think through when dealing with your money:

  • Taxed forever (the accounts you didn’t pay any money on when money went in – but you do when you withdraw it).
  • Being taxed sometimes (accounts that are non-qualified accounts, think of a brokerage account when you buy or sell a particular stock).
  • Taxed never (think of a ROTH or a ROTH 401k)

There’s also another product out there that grows where you don’t pay taxes, have you heard of permanent life insurance? Most people think of life insurance as something they don’t need because their kids are grown, the house is payed off and they think, what would I need life insurance for? This is actually one of only 2 places where you can grow your money and pay no taxes. 

Click here to listen to our podcast, “3 Tax Buckets.”

P.S. Who would have thought that Gamestop would have hit headlines like it did recently? 

Neither the firm nor it’s representatives offer tax advice. Please consult with a qualified tax professional regarding your individual situation.

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