Samuel Dixon discusses maximizing your legacy: tax-efficient planning for future generations.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-samuel-dixon-rfc-co-founder-of-oxford-advisory-group/
Taxes in retirement are a crucial aspect that is often overlooked but can have a significant impact on wealth preservation. In a podcast episode featuring Samuel Dixon, the co-founder of Oxford Advisory Group, it was emphasized that many individuals tend to neglect taxes in retirement without realizing the potential wealth that could be lost each year due to tax implications. Samuel stressed the importance of considering taxes with the end goal in mind – understanding the desired lifestyle in retirement and how much income can be retained after taxes.
One key strategy discussed in the episode was Roth conversions. By strategically converting funds from tax-deferred accounts to tax-free Roth accounts, individuals can potentially reduce their tax burden in retirement. This approach allows for tax-free growth and tax-free withdrawals in the future, providing a significant advantage in wealth preservation.
Moreover, Samuel pointed out the misconception that individuals often believe their tax bracket will decrease in retirement. However, factors like required minimum distributions can actually cause tax brackets to increase, especially in later years of retirement. By planning ahead and considering tax-efficient strategies, individuals can mitigate the impact of taxes on their retirement savings and ensure better wealth preservation for themselves and their beneficiaries.
Overall, the episode highlighted the importance of not overlooking taxes in retirement planning. By proactively addressing tax implications, individuals can better preserve their wealth, optimize their retirement income, and leave a lasting financial legacy for future generations.
Samuel shared: “There are all different ways funds can be taxed in retirement. Especially middle-class people get hit with tax-deferred monies, which is ordinary income.”
About Samuel Dixon
As a managing partner of Oxford Advisory Group, Samuel J. Dixon is focused on retirement planning, taxation in retirement, and Estate Planning for retirees, executives, and small-business owners. He routinely teaches educational classes on Estate Planning, taxes in retirement, and developing a plan aimed at steady and reliable retirement.
Samuel, with his experience as an RFC, also contributes to articles that are featured in financial publications such as NASDAQ, Benzinga, MSN, and Newsbreak.
Samuel has passed the Series 65 securities exam and also holds his insurance licenses in Florida and South Carolina. Samuel graduated from the College of Business at Florida State University with a degree in risk management and insurance with a focus on financial planning and wealth management.
Samuel and his wife, Katie, are raising their three children, Clark, Callan, and Elowen. Samuel also enjoys coaching Clark in sports. He teaches youth at his church and enjoys boating on Lake Butler with his family.
Learn More: https://oxfordadvisorygroup.com/
Oxford Wealth Group, LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. Oxford Wealth Group, LLC a financial services firm that utilizes insurance and investment products. Insurance products and services are offered and sold through Oxford Advisory Group. Oxford Wealth Group, LLC and Oxford Advisory Group are affiliated but separate entities.