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5 Ways to Collect Tax-free Retirement Income‼️

Minimizing taxes in retirement is one way to ensure your #retirementincome lasts

And that you aren't unnecessarily giving away your hard-earned savings

But where can you pull #taxfreeincome from in retirement?!

✅ Roth IRAs & Roth 401ks

These are the traditional #retirement accounts that are all completely tax-free in retirement

Any dollars that you accumulate in these buckets can be used for #taxfree income in retirement

✅ Roth Conversions

If your income was too high for Roth Contributions...

You can still utilize a Roth Conversion in retirement‼️

This means you CHOOSE to pay taxes today on a conversion (ideally at a low tax rate)

And then those dollars AND all of the growth will be tax-free from there on out...

Even as part of a #taxfreewealthtransfer

✅ Cash Value Life Insurance

Life insurance isn't the sexiest retirement vehicle...

BUT, if you've accumulated a significant amount inside of a #lifeinsurance contract it's very valuable

Not only is it valuable for creating a legacy...

You can take loans against your death benefit completely tax-free…

AND, you don't have to pay them back 😏

✅ Tax-free Social Security Dollars

Social Security is ALWAYS a source of tax-free income

I know what you're thinking....No, it's not

But 15% of #socialsecurity will always be collected tax-free

Because it won't be considered income

If you utilize Roth IRAs and Cash Value Life Insurance

You can ensure that 100% of your Social Security is collected tax-free

✅ Distributions Offset by Deductions

Even if you have money inside of a taxable account... you can still withdraw tax-free

Any taxable income you have in retirement is offset by deductions you have

So if you have $35,000 of tax deductions, you can take $35,000 of taxable income tax-free

This one of the reasons delaying social security can make sense as well

It gives you a larger threshold to withdraw taxable money out tax-free

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