đȘŁOctober is Financial Planning MonthđȘŁ
Understanding how your đ” money is taxed can make a HUGE difference in your financial journey.
Letâs break down the 3ïžâŁ tax buckets:
đȘŁ Taxable (Taxed Now):
Think bank savings, stocks, bonds, and mutual funds. You pay taxes on these as you earn. đž
đȘŁ Tax Deferred (Taxed Later):
401(k)s, Traditional IRAs, and annuities fit here. Pay taxes when you withdrawâperfect for long-term growth! âł
đȘŁ Tax-Free (Never Taxed Again):
Roth IRAs, municipal bonds, and life insurance with cash value (IUL) provide opportunities for tax-free growth! đ”
Planning where your money goes means planning for a better future. Letâs set up a strategy that works best for YOU! đ€âš
hughesfamilyfinancial@gmail.com
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