Phil Cannella proves time and time
again that it really is possible to live out your golden years comfortably, receiving a steady income that allows you to maintain the lifestyle you are used to without handing over a large part of it to the IRS.
The problem is that living without taxes during your retirement years requires specialized strategies that are only known about by retirement specialists.
Phil Cannella’s Steps to Living Tax-Free During Retirement:
1) Team up with a retirement specialist.
2) Convert your retirement accounts into tax-free accounts to rid them of tax-infestation.
3) Enjoy a tax-free retirement.
If your financial advisor is telling you there is no way around the Required Minimum Distributions (RMD) that start at age 70½, you are not dealing with a retirement specialist. That one mistake, as Phil Cannella points out, could mean you will have to take money from your accounts whether you need it or not, pay the taxes on the distributions and potentially increase your tax bracket.
When you convert your tax-infested retirement accounts into tax-free accounts, no RMDs are imposed upon you. It’s one more reason why Phil Cannella suggests time and time again that retirees need to work with a specialist and not a general financial advisor.