Tax Planning Services in Grayslake, IL & Kenosha, WI
You’ve Built Your Retirement Savings. Now Make Informed Tax Decisions for Them.
It’s more like: How will I protect what I’ve earned throughout my retirement?
MLN Wealth & Tax Planning helps families, small businesses, and retirees in Grayslake, IL, Kenosha, WI and surrounding communities evaluate the tax consequences of retirement withdrawals, Roth conversions, investment decisions, charitable giving and other financial choices before those decisions are made.
Retirement Can Change Your Tax Picture Quickly
During your working years, taxes may have been relatively predictable. Retirement can introduce a very different mix of income.
You may be drawing from an IRA or 401(k), receiving Social Security, realizing investment gains, considering a Roth conversion or deciding when and how much to withdraw from tax-deferred accounts.
Each decision can affect the others. That is where tax planning becomes crucial.
Make taxes part of the plan, not a surprise after the fact.
Tax preparation records the past. Tax planning helps you shape what happens next.
Depending on your circumstances, tax planning may include evaluating:
IRA, 401(k) and other retirement withdrawals
Roth conversion strategies
Social Security and other retirement income
Investment sales and capital gains
Charitable giving
Business income
Estate-related financial decisions
Significant changes to income or assets
The objective is not simply to reduce one year’s tax bill. It is to consider taxes as part of your larger retirement and financial plan.
FREE CONSULTATION
LET’S GET STARTED!
Call this (844) 801-1860 or Fill out this form to schedule your free, no obligation consultation!
COORDINATED FINANCIAL GUIDANCE
A Large Retirement Account Is Not the Same as Spendable Retirement Income
If much of your retirement savings sit in tax-deferred accounts, the balance on the statement does not tell the whole story.
Taxes can influence how much of that money ultimately becomes available to spend, leave to family or use toward other financial goals.
When you withdraw money, which accounts you draw from, whether a Roth conversion makes sense, and how investment gains interact with other income can all matter.
MLN helps clients look at those decisions together rather than treating taxes as a once-a-year event.
Why Families Turn to MLN
Michael Niemczyk has spent more than 25 years building a team of professionals focused on retirement, investment, tax and estate planning.
He is the author of “Will You Run Out of Money Before You Run Out of Life?™” and has served on advisory boards responsible for training more than 2,000 advisors.
Michael has also been heard as a financial professional on WBBM, WGN, WKRS and WLIP, and has been featured in Financial Advisor Magazine, Northwestern University School of Journalism and Wall Street Select.
His commitment to financial education extends into the classroom. Michael teaches financial education to adults 50+ through University Center of Lake County, Harper College and University of Wisconsin-Parkside, in addition to educational programs offered to companies and organizations.
That education-first approach is central to how MLN works with people preparing for and living in retirement.
Questions?
Tax Planning FAQs
What is the difference between tax planning and tax preparation?
Tax preparation records and reports financial activity that has already happened. Tax planning looks ahead and evaluates whether decisions made during the year could affect future taxes.
When should I start tax planning for retirement?
Ideally, before major financial decisions are made. Retirement withdrawals, Roth conversions, investment sales and other changes can have tax consequences that may be difficult or impossible to alter after year-end.
Why does tax planning matter if I have money in an IRA or 401(k)?
Traditional retirement accounts generally contain money that has not yet been taxed. How and when those funds are withdrawn can affect your taxable income and broader retirement plan.
Is tax planning only about reducing taxes?
Not just that. A lower current-year tax bill is not always the only objective. MLN looks at taxes in the context of retirement income, investments and other long-term financial decisions.
Before Another Tax Year Passes, Make Your Plans Now
The best time to discover the tax impact of a financial decision is often before you make it.
Tell MLN a little about your situation and learn how tax planning can fit into your retirement strategy.
