Tax day has come and gone. Whether tax planning is among your specialized services or not, you should at least be discussing the impact taxes will have on your clients’ retirement income. The tax-planning conversation can also be a useful prospecting tool. The question is, are you leveraging this opportunity?
You are already aware of the role taxes play in the financial products and solutions you recommend to your clients. Your clients are probably clued into this as well, but are they aware of the potential storm brewing that could dramatically change the way taxes will impact their retirement plan?
The Perfect Storm
Factors that could impact your clients’ taxes include:
- The expiration of provisions in the Tax Cuts & Jobs Act of 2017. Provisions set to end in 2026 include:
- Increased base exemption for estates
- Individual tax bracket changes
- Higher standard deductions for individuals
- Increased child tax credit
- Increased exemption amount and phase-out for the alternative minimum tax
- Record-setting federal debt
- Tax uncertainty surrounding the upcoming election
The end result could mean looming tax increases and financial murkiness. Again, now is the time to start having these conversations.
Planning Opportunities and Resources
Retirees and near-retirees continue to grapple with a complex tax landscape, which can result in unnecessary financial burdens and potential losses. In the current environment, staying ahead of tax implications is more crucial than ever – and proactive planning can help mitigate risks and maximize returns for retirees and those nearing retirement.
IAMS’ 2024 Macro Tax Planning Kit offers invaluable resources to initiate these essential conversations with your clients. By addressing tax concerns and adapting strategies to the current environment, you can empower your clients to achieve their long-term financial goals with confidence.
The kit includes:
- Factfinders, presentations, questionnaires, and checklists
- An Inflation Reduction Act tax implications guide
- A consumer-facing Smart Wealth Accumulation (IUL) guide
- Updated tax tables
- Turnkey prospecting letters and social media posts
- A 1040 Guide and much more
Click below to request your complimentary 2024 Macro Tax Planning Kit today.
