VANCOUVER, Wash., July 31, 2013 /PRNewswire/ — Having spent 39 years in his career, Danny Harlow knows better than most that "nothing is certain but death and taxes." And he believes it is inevitable that taxes will increase. While many retirement planners tout the benefits of various products and investment vehicles to protect retirement funds, Harlow believes the true test of a retirement portfolio is how it well it will perform under the heavy onslaught of the government.
The Fiscal Cliff issues that concerned financial analysts throughout 2012 are far from solved. In January 2013, President Obama signed off on the first major tax increase since the early 1990s, boosting the top marginal rate to 39.6 percent on Americans with income over $400,000. High earners are set to pay 20 percent on income from capital gains and dividends while qualifying for fewer deductions. Harlow believes we aren't just staring down a cliff – if we look up, we'll see something that looks more like the Grand Canyon.
"Taxes are going to rise for everyone, because somehow we have to pay our way out of this deficit and it's going to affect every American," he says. Danny Harlow is President of the NW Tax & Wealth Advisory Group, Inc., a comprehensive financial and tax planning firm with offices in Vancouver, Washington, and Clackamas, Oregon. As a preservation and income specialist, he has more than a few ideas on how retirees can avoid going over the edge.
Harlow's strategies for ensuring lifetime incomes for his retired and retiring clients hinge on what is taxable and what isn't.
"What's really important for people to consider is how to get their money out of the taxable arena," he says. There are only a few ways to do that entirely, one being the Roth IRA – which allows its holder to take money out income tax-free. When a client recently asked Harlow about investing in gold, he replied, "It's a good investment, but I wouldn't put much into it now, since it's at an all-time high. I'll tell you what's better than gold: tax-free money in the future. When taxes increase and you have a tax-free income stream, you'll be very, very happy." Developing plans to make his clients "very, very happy" is Harlow's specialty.
Read more at http://nwtaxadvisors.com/retirement-strategies/retirement-strategies-to-beat-the-fiscal-cliff/
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