Retiring with the Tax SuperSheet™
Before you implement a retirement planning strategy, you should first know how your tax liability will be affected. Traditional plans often leave that to a tax planner, and when does a tax planner get this information? After the strategy has been implemented and the taxes are due!
The Tax SuperSheet™ gives us a complete tax picture by calculating the tax liability under several different scenarios. Doing this allows us to implement the strategy with the greatest overall benefit to the client.
For instance, imagine you are within a few years of retirement but still have a substantial mortgage. You might be considering paying it off now, but are also wondering if you should continue making payments for the benefit of mortgage interest deduction through retirement. With the Tax SuperSheet™, a copy of your latest tax return, and your disclosure of all aspects of your current financial situation, we can provide you with the best solution. In many cases it is beneficial to pay off the mortgage when you can afford it (pre-retirement) and not have to worry about monthly payments through retirement. On the other hand, if you are itemizing your return and are above the standard deduction, it might be beneficial to continue making mortgage payments. These types of recommendations can only be made on a case by case basis, and can only be made accurately with the Tax SuperSheet™.