If You Wait Too Long It\u2019s Costly! - The Wealth Guardians<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thewealthguardians.com\/if-you-wait-too-long-its-costly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If You Wait Too Long It\u2019s Costly! - The Wealth Guardians\" \/>\n<meta property=\"og:description\" content=\"If you have a substantial amount of money in your company\u2019s retirement plan, one of the more dreaded taxes you may face is the 15% excise tax. 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{"id":2429,"date":"2021-10-27T15:10:35","date_gmt":"2021-10-27T19:10:35","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=2429"},"modified":"2021-10-27T15:10:35","modified_gmt":"2021-10-27T19:10:35","slug":"if-you-wait-too-long-its-costly","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/if-you-wait-too-long-its-costly\/","title":{"rendered":"If You Wait Too Long It\u2019s Costly!"},"content":{"rendered":"

<\/p> $\"\"$ If you have a substantial amount of money in your company\u2019s retirement plan, one of the more dreaded taxes you may face is the 15% excise tax. The 15% tax is generally imposed on those receiving annual or lump-sum distributions in excess<\/em> of the following amounts:\n

\n
an annual distribution in excess of $150,000<\/li>\n
a lump-sum distribution in excess of $750,000<\/li>\n<\/ul>\n
You can receive a distribution of up to $150,000 and a lump-sum distribution of up to $750,000 in the same year, without triggering the excise tax.<\/p>\n
If you are subject to the excise tax, there is good news: You don\u2019t have to wait until you retire to begin to offset the tax. Incidentally, there is no way to escape the excise tax if you wait too long. The key is to start withdrawals earlier than age 70\u00bd when mandatory distribution requirements commence.<\/p>\n
The law allows withdrawals starting at age 59\u00bd without the 10% early withdrawal penalty\u2013even if you are still employed. Early withdrawals after age 59\u00bd can help keep the account balance under the 15% excise tax cap, even with annual tax-deferred earnings on the remaining balance.<\/p>\n
While people approaching retirement often like \u201caccess\u201d to assets, those that are still working will have a continuing salary until they retire and may not need any additional current spendable income. However, it may be advantageous to take additional income in order to avoid the potential 15% tax trap. You might consider the following suggestions:<\/p>\n
\n
Start drawing on earnings after age 59\u00bd and use discretionary income generated by such early withdrawals to make annual gifts to family or charities, until retirement.<\/li>\n
If you and your spouse are in good health at age 70\u00bd, annuitize your account balance, rather than making required minimum withdrawals of an ever-increasing percentage subject to tax.<\/li>\n<\/ol>\n
The annuity satisfies the minimum withdrawal requirements and substitutes security and simplicity for a problem in years to come. With a lifetime annuity, neither you nor your spouse will ever exhaust the account balance, no matter how long you live.<\/p>\n
Because there are many<\/em> exclusions to the 15% excise tax, check with your accountant to determine if you qualify for one of the exclusions. Early planning can offer the potential of minimizing the government\u2019s share of your retirement benefits.<\/p>\n
The Wealth Guardians are here to collaboratively help you overcome any barriers you may have when it comes to planning for your retirement. Our Custom Retirement Paycheck Plan<\/strong><\/em><\/span><\/a> shows how to protect your retirement from the risks of unexpected market swings, tax changes, and health care expenses using a mathematically tested strategy to create lifetime income allowing you to stop worrying about outliving your money and get on with enjoying the rest of your life.<\/p>\n
Let us show you in black and white a custom retirement income plan that is comprehensive, individualized and based on strategies that balance growth with downside protection. Get your Custom Retirement Paycheck Plan<\/strong><\/em><\/span><\/a> now!<\/p>\n
$\"\"$ <\/a><\/p>\n
\n
>Click here to learn more about this FREE report<\/em><\/strong><\/span><\/a><\/p>\n<\/blockquote>\n
Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409. Or, click here to request a no-cost, no-obligation meeting<\/strong><\/em><\/span><\/a>.<\/p>\n
\n
[SOURCES & ADDITIONAL DISCLOSURES]<\/strong><\/p>\n
Copyright \u00a9 2015 Liberty Publishing, Inc. All rights reserved. Distributed by Financial Media Exchange.<\/em><\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"
If you have a substantial amount of money in your company\u2019s retirement plan, one of the more dreaded taxes you may face is the 15% excise tax. 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