‚Äčtax savings through tax deductions

The most common form of tax deduction is contributing to, or starting a retirement plan but we must also remember that we will lose anywhere from 15%-39% of our retirement income during retirement depending on our tax bracket.

Getting the tax deduction attributable to your contribution to your retirement plan saves taxes on ordinary income. What about the taxes attributable to retirement income? 

One of the strategies we utilize at Goldwater Financial Group is to use an insurance indexing strategy to discount the taxes imposed on retirement

plan withdrawals. Why use an insurance indexing strategy??

  • Because of tax free cash value growth tied to an index such as the S&P 500 Index.
  • Because of the tax advantaged way money is withdrawn from life insurance.
  • Because of policy guarantees that guarantee never losing money based on negative market performance (although policy fees are deducted whether the market is up or down).
  • Because most of the time, insurance fees are much lower than the taxes we pay.

Whether you're a business entity, a business owner or an employee of a firm, you can save taxes on income by creating a tax deduction.

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