4 Reasons to Plan Now to Prepare for Tax Season & Successful Retirement

Are you or a loved one planning to retire soon? If you or someone you know are in the market for retiring and potentially making a move to senior living, you should know that planning now can have big gains for the future, especially during tax season! 

“Retirement living can be expensive, leaving many seniors afraid of the lifestyle they’ll be able to afford,” says Jeanie Tini, Marketing Director at The Estates at Carpenters, a Life Plan Community in Lakeland, Florida. “They certainly know what kind of lifestyle they’d like, but they aren’t sure it’ll be within their reach. Fortunately, with planning, preparation and a little kick start thanks to tax season, your retirement can be successful!”

Just like everything we do at The Estates, we don’t compromise on quality health care, but that doesn’t mean you need to overpay for your piece of the retirement pie! With our Type A Lifecare contract, you can add even more value to your everyday life while decreasing the costs that eat into your retirement pie.

Plan Now to Maximize Your Tax Benefits and Retirement Savings

Tax time is the perfect time to make retirement savings a priority according to Horace Mann. Below are a few reasons why. 

  1. You can reduce your taxable income by participating in your employer-sponsored retirement plans. Contributions are made on a pretax basis according to the article, so you’ll pay less in taxes overall and you won’t be taxed on those contributions until they are withdrawn. Your company may also allow Roth contributions, meaning they are made on an after-tax basis but still provide the opportunity for them to be tax-free if you are over age 59 and a half.
  2. IRA contributions may be tax-deductible. If your income is below IRS limits, or you don’t have a plan through work, your contributions may be tax deductible, reducing your liability and helping you to save more for your retirement. 
  3. You may enjoy some tax credits. According to the article, the Retirement Savings Contributions Credit can help to lower your income tax bill while contributing to a retirement account if you meet specific income limits.
  4. Roth IRA withdrawals can be tax-free. The article states that if you have started a Roth IRA or are thinking about it, you should know that while contributions are made on an after tax basis, the earnings in a Roth IRA can be tax-free if you have the Roth IRA account for five years and are over age 59 and a half. It also states that “both of these opportunities have tax rules regarding eligibility, contribution amounts and taxation of distributions.”

These benefits can not only help you to save on income taxes to ensure you can save as much as possible, but with a return you can also put more back! Before taking advantage of one of these plans, it’s important to talk to your tax consultant before making any changes.

Don’t Compromise on Your Retirement

Have questions about the cost of living at a Life Plan Community? We can help! Learn more about the true cost of staying in your home and compare it all that's included in the uncompromised senior living experience at The Estates at Carpenters.

Experience What It Means to Have True Peace of Mind

With the security and peace of mind of Lifecare, it’s no surprise why The Estates at Carpenters is the right choice for a perfectly planned retirement lifestyle. Schedule a tour and discover the uncompromised retirement lifestyle you deserve. Schedule your visit today! 

About The Estates at Carpenters

The Estates at Carpenters is a Life Plan Community offering worry-free independent living, assisted living and high-quality skilled nursing care and rehabilitation. For over 30 years, The Estates has provided older adults in the area with an active, engaging lifestyle filled with abundant choices and the amenities and services that make life easier. A lifestyle designed to keep older adults healthy and well today – and tomorrow.

For more information on The Estates or to RSVP to an upcoming event, contact Jeanie at 863-279-4503 or visit our website