Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.
Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products only allow you to defer paying them until retirement — when you may be in a lower tax bracket.
Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10 percent additional federal tax.
Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.
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Stephen M. McNamara is a registered representative of and offers securities and advisory services through Lincoln Financial Securities Corporation, Member SIPC. Lincoln Financial Securities Corporation is a member of the Lincoln Financial Group which is the marketing name for Lincoln National Corporation and its affiliates. Please do not request securities transactions via email as they can not be accepted in that manner.
The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.
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