Forecasting
Taxes
Taxes
This is the term for predictions about future tax trends and their impact on finances.
What is tax forecasting?
This type of retirement account allows for tax-free withdrawals under certain conditions.
What is a Roth IRA?
This type of IRA offers tax-deferred growth, with taxes paid on withdrawals.
What is a Traditional IRA?
This type of retirement account is known for tax-free growth and withdrawals.
What is a Roth IRA?
This type of life insurance policy can be used as part of a retirement strategy.
What is a Whole Life Insurance policy?
This act passed in 1935 was a key element in changing the US tax landscape
What is the Social Security Act?
This is a common strategy for saving for retirement, involving regular contributions to a specific account type.
What is contributing to a 401(k) or IRA?
The IRS sets this age at which you must start taking Required Minimum Distributions from your IRA.
What is 70 1/2 years old?
Contributions to this account are made with after-tax dollars.
What is a Roth account?
This feature of some life insurance policies allows for tax-free access to cash value.
What is a loan provision?
This government position, held by David Walker, is crucial for understanding the fiscal state of the US.
What is the Comptroller General of the United States?
This concept refers to the risk of higher taxes in the future affecting retirement savings.
What is tax-rate risk?
This rule allows individuals over a certain age to make additional contributions to their IRAs.
What is the catch-up contribution?
This feature of a Roth IRA allows for tax-free withdrawals after a certain age and period.
What is the five-year rule?
This type of life insurance offers flexible premiums and an adjustable death benefit.
What is Universal Life Insurance?
This concept explains the tax costs of Social Security and Medicare as future obligations.
What is the present value of future obligations?
This strategy involves converting traditional IRAs to Roth IRAs to benefit from future tax-free withdrawals.
What is a Roth Conversion?
This IRS form is used to report distributions from IRAs.
What is Form 1099-R?
This term refers to moving assets from a Traditional IRA to a Roth IRA.
What is a Roth conversion?
This term refers to the component of a life insurance policy that can accumulate cash value.
What is the savings component?
This mathematical concept is used by the government to express the cost of programs like Social Security.
What is the present value?
This term describes the situation where increasing tax rates significantly diminish the value of retirement savings.
What is the double compounding effect?
This strategy involves managing IRA withdrawals to stay within a specific tax bracket.
What is strategic withdrawal planning?
This is the impact on Social Security taxation when having substantial income from a Roth account.
What is minimal to no impact?
This strategy involves using life insurance as a vehicle for passing wealth tax-free to beneficiaries.
What is estate planning with life insurance?