CEO of Rosenthal Wealth Management says potential tax law changes may necessitate revised retirement planning
MANASSAS, Va., Nov. 18, 2021 (GLOBE NEWSWIRE) — As Congress continues its negotiations regarding changes to numerous pieces of tax laws, Rosenthal Wealth Management CEO Larry Rosenthal is advising retirees that their plans for managing Retirement income may need to be reviewed to ensure that cash-saving adjustments are identified and ready to be implemented once final tax law changes are enacted.
“It seems entirely likely that significant changes will be made to many sections of the tax laws, including income tax, tax brackets, standard deductions, IRAs, and estate and gift taxation. Savvy fund managers will prepare by identifying potential tax-efficient options as early as possible,” Rosenthal said.
“Some people will pay more tax in retirement than when they were working, depending on how they generate that income. If they generate it from pension plans, then the type of plan becomes critical in determining how much and at what rate they are taxed,” he said.
Decisions about when to withdraw from Social Security are also important tax issues. Any penalties for early withdrawal must be taken into account. Additionally, Social Security withdrawals must be effectively aligned with withdrawals from other sources of income to minimize the tax burden, Rosenthal said.
Pre-tax investments such as traditional IRAs and 401Ks may also be affected by changes in tax laws. These investments benefit from tax-deferred growth with deferred taxes until distributions are made.
Rosenthal also recommends that fund managers pay attention to after-tax investment impacts, including the widely used Roth IRA. These investments provide tax-free and penalty-free withdrawal in certain circumstances for those who qualify.
A highly sought-after financial advisor, Rosenthal has appeared regularly on Fox Business News and has been quoted in The Wall Street Journal, CNNMoney, US News and World Report, CNBC’s The Nightly Business Report, The Washington Post, USA Today, Money, Bloomberg , The Chicago Tribune, The Fiscal Times, Kiplinger’s Retirement Report, Consumer Report’s Money Advisor, The Washington Times, Financial Planning, Financial Advisor and others.
Rosenthal has been providing financial advice for approximately three decades. It currently has offices in Mclean, Manassas, Stafford Virginia and Baltimore, Maryland. In addition, he is co-author of the book “Financial Success in the year 2000 and Beyond”.
Rosenthal is also the host of “Making Money Sense,” a radio show that airs every Saturday morning on DC’s WAVA from 9:00 a.m. to 10:00 a.m. since 2004 and is now simulcast nationally via satellite on SiriusXM channel 131.
Investment Advisor Representative(s) providing securities and advisory services through Cetera Advisor Networks LLC, Member FINRA/SIPC, Dealer/Dealer and Registered Investment Advisor. Cetera is under separate ownership from any other named entity.
Rosenthal Wealth Management Group is not a subsidiary of or controlled by Cetera.
Press contact: Robert Johns, 703-955-6622
This content was posted through the press release distribution service on Newswire.com.
