In one of the funnier moments in the film Goodfellas, Henry Hill (the late Ray Liotta) explains how Paulie, the local Mafia boss, “protects” a local business.
If the business owner ever has any problems with the operation of his business, he calls Paulie.
And Paulie gets it done.
But if the business owner has any problems that adversely affect cash flow, Paulie doesn’t care.
In the immortal words of Henry Hill, Paulie says “screw you, pay me” (he actually uses another word, but I prefer to keep this blog family-friendly).
That’s a lotta dough.
When you really think about it, our country is strong because we have always been strong people working, saving, and yes, paying taxes.
And that includes you.
As Americans we have always celebrated the industrious individual.
We generally still believe you deserve to be rewarded for your hard work.
You’ve invested years into building a good life for you and your family.
At this point in your life, you want to make sure those efforts aren’t wasted.
The IRS is no different than Paulie when it comes to taxing retirement accounts.
The vast majority of money in retirement accounts today is tax-deferred (meaning the taxes have yet to be paid).
And just like with Paulie and the business owners he protects, you better follow the rules or you will suffer the penalties and consequences.
And no “do-overs”, capeesh?
At Agewise Financial we stay on top of the latest tax law changes for retirement accounts, and the best way to minimize taxes during the distribution years of retirement.
Don’t get me wrong – we should all pay the taxes we owe, but we don’t get any patriotic rewards for paying extra to the IRS.
We have a historic and short window of opportunity now to put a plan in place before tax rates skyrocket.