By Retiree Income, Special for USDR
The industry experts at Retiree Income know that tax changes, like President Trump’s newly proposed tax policy, can be frightening for Americans in or approaching retirement. They employed their innovative retirement income planning software to help Americans evaluate the implications of potential changes to the tax code proposed by President Trump.
Their interactive calculator called “The Trump Tax Test” allows Americans to enter in some simple details about their current retirement savings situation to receive a personalized report summarizing the impact of President Trump’s proposed tax changes on their individual situation. The calculator is available to the public here: www.IncomeStrategy.com/Trump
“It’s critical for Americans to assess how changes to the tax code, like President Trump’s new proposal, will impact their retirement,” said William Meyer, CEO, Retiree Income. “Taxes matter more in retirement than any other phase of life. The newly proposed tax changes represent a great opportunity for Americans to create a retirement income withdrawal strategy that can make their money last longer.”
Retiree Income founders William Reichenstein, PhD, and William Meyer, CEO, built their retirement income planning tool around their research published in The Financial Analysts Journal, which demonstrates that conventional wisdom, used by all major financial services firms, is not the most tax-efficient. Conventional wisdom suggests that an investor should withdraw retirement funds from one account at a time moving to the next one after the previous is exhausted, starting with tax-deferred accounts and moving to tax-exempt accounts.
Their research demonstrates the most tax-efficient strategies take into account progressive tax rates, consider drawing from multiple accounts concurrently and use Roth conversions – all while taking advantage of years when the investor has lower marginal tax rates. The research shows that using these unconventional strategies can add years of portfolio longevity compared with a conventional strategy.
About Retiree Income
Retiree Income was founded on the belief that there is a better way to serve retirees or people getting ready to retire—one that is smarter and more personalized. The company produces retirement income planning software for both financial professionals and consumers.
About William Meyer
Throughout his career, William Meyer has looked for new ways to deliver higher quality advice to people in retirement. He has a unique combination of experiences in leading the design and launch of innovative client centric services and products, as well as leveraging technology in service offerings.
Early in Bill’s career, he learned financial planning techniques for the affluent, and has strived to apply those insights to all households regardless of wealth. He has a track record of successfully developing products and services in executive leadership roles at H&R Block, Advisor Software and Charles Schwab.
About William Reichenstein, PhD, CFA
Dr. William Reichenstein, CFA, holds the Pat and Thomas R. Powers Chair in Investment Management at Baylor University. His recent work concentrates on the interaction between investments and taxes. He is the author of In the Presence of Taxes: Applications of After-Tax Asset Valuations (FPA Press, 2008), and coauthored with William Jennings Integrating Investments & the Tax Code (John Wiley & Sons (2003).
SOURCE Retiree Income