Did you get a tax refund this year or did you owe? Many people believe that if you get a refund, you did it right, and if you pay, you did it wrong.

 

On this episode of The Retirement Solution, Financial Advisor Jon Hicks explains why this may be the wrong way to think about it.

 

Getting a refund is not necessarily an indication that you did everything right as you may have overpaid on your taxes throughout the year. On the other hand, if you end up owing money when you file your return, it doesn't necessarily mean you did anything wrong either. It simply means that you didn't pay enough taxes throughout the year to cover your liability.

 

The dynamic with taxes in retirement can be different as well.  Depending on your retirement income sources and tax planning strategies, you may end up owing taxes or receiving a refund.

 

Jon highlights 3 options you may have to increase your tax efficiency and how he works to educate his clients on the benefits of a “long game” tax plan, particularly for their retirement savings and legacy plan.

 

Do you have a plan for not just today’s tax rate, but the taxes over the course of your retirement and within your wealth transfer plan? Jon Hicks and his team at J Hagan Capital can help you find options that you may have for greater tax efficiency.

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