In the Video above, Scott Farnsworth, Central Florida's Tax-Free Retirement Expert answers a frequently asked question: What kinds of people can you help to retire tax-free?
"It's interesting that tax free retirement planning is helpful to people of all ages. One of the obvious groups are those who are in their twenties and thirties. They're just starting to accumulate. The more money I can get them to divert away from 401K's and IRA's, and instead put in TRA's and Roth is going to pay off hugely when they get ready to retire. All that earnings, all those savings won't be subject to what will then be very huge tax bills. People who are in their forties and fifties are getting serious about retirement. They can see it's not just somewhere in the way distant future, but it's coming close at hand. They have more dollars to invest, because they have more earnings typically. They get a lot out of my tax free retirement planning. We start to think seriously about when social security should happen. How to make social security tax free. We try to divert as many dollars as possible away from taxable accounts into TRA's and Roth IRA's.
As people are on the cusp of retirement, they're getting very serious. In fact, some of them are nervous. It's not too late, because retirement doesn't happen in five years. It's going to be a twenty, twenty-five, or thirty year experience. The sooner we can get to them and move those assets out of taxability and into tax free status, the better their retirement will be. It's not too late even if you're 60 or 65 to use these strategies. In fact, we may do our best work for people who are right on the cusp of retirement."
What kinds of people can you help to retire tax-free?