Estimated read time: 6-7 minutes
"There's one money move we recommend for nearly every client that comes through our doors," Tyson Thacker, a Utah financial advisor says. "And if you haven't taken advantage of it yet, 2024 may be one of your last great opportunities."
Financial advisors Tyson Thacker and Ryan Thacker are the CEO and president of B.O.S.S. Retirement Solutions, a financial advisory firm with 6 locations throughout the Wasatch Front.
They've helped thousands of families plan for a successful retirement who have a broad range of wealth, with savings anywhere from $200,000 up to several million dollars.
"It doesn't matter how much money someone has saved for retirement, when we share this one money move with them, virtually everyone sees the opportunity immediately. It's universal across the board. And it's because it just makes so much sense."
Our job is to help every client make the most out of every dollar they've saved for retirement.
–Ryan Thacker, B.O.S.S. Retirement Solutions
So what is this critical move you can make with your money today? And why is now such an important time to consider it for yourself?
"It's critical you make smart investment choices," Tyson Thacker says. "Investing your hard-earned money carries risk — especially in more speculative investment opportunities. And when you're trying to reach for bigger gains, it typically comes with bigger risk, right? And this is where so many people make costly mistakes."
The Thackers emphasize that many investors have lost a lot of money in the last few years, chasing investments they thought would make them rich. Examples include investing heavily in Bitcoin and other cryptocurrencies, or chasing investment gains in volatile stocks.
"Everyone wants to get a great return on their money," Ryan Thacker adds. "But you have to be very careful and consider the risk. This is especially important if you're in, or nearing retirement. And that's because you don't have as much runway to make up for any potential losses."
That's exactly what makes this particular money move so appealing, they argue. Because it could have a profound impact on your retirement savings — with little to no risk.
"But here's what's really interesting," Tyson Thacker says, "Virtually nobody is talking about this opportunity right now - not everyday investors or even other financial advisors. It's flying under the radar. Yet it's one of the easiest, safest and most reliable ways to grow your retirement savings."
"Based on a number of factors," Ryan Thacker says, "A $100,000 retirement account could easily add tens of thousands of dollars with this one move. If you have several hundred thousand dollars or more saved in a retirement account, this could make a six-figure difference."
"No matter your account size," Tyson Thacker adds, "this opportunity nearly always comes out net positive, which is why this is universally appealing."
So what is this money move the Thackers highly suggest that could significantly grow your retirement savings?
It's taking advantage of retirement tax planning strategies.
"Taking advantage of these tax planning strategies could pay massive annual dividends for the rest of your life," Ryan Thacker reveals. "Many people don't realize it, but if you have $500,000 in a traditional IRA or 401K, you could end up owing hundreds of thousands of dollars in taxes when you withdraw this money in retirement."
"This is just one example," Tyson Thacker says, "but converting your traditional IRA or 401K into a Roth will trigger a tax bill on your account's current value today. BUT… it could slash your future tax bills by as much as hundreds of thousands of dollars. You don't even have to raid your rainy day fund to do it. In many cases, you could pay the taxes directly from that account, and still come out far ahead by the time you're taking withdrawals."
Traditional IRAs and 401Ks are considered 'pre-tax' accounts, where you pay taxes only when you withdraw this money in retirement. But with a Roth account, you pay taxes before the money goes into the account. Then all of this money is 'tax-free,' and you don't have to pay taxes ever again – no matter how much the account grows in value.
"A Roth conversion is just one of many strategies that could significantly reduce your taxes," Ryan Thacker adds. "But the important thing is to find the best strategies for your specific situation."
This is one of the easiest, safest and most reliable ways to grow your retirement savings right now.
–Tyson Thacker, B.O.S.S. Retirement Solutions
Why is 2024 such a good time to take advantage of these retirement tax strategies?
"Most people don't realize this, but our federal tax rates are at 40-year lows. Certain tax cuts are set to expire next year," Tyson Thacker warns. "This means that if you want to take advantage of these low tax rates, your window of opportunity could be closing soon. Why not take advantage of this while taxes are essentially 'on sale' right now."
"This one money move could mean tens of thousands if not hundreds of thousands of dollars in savings. So, it's an incredibly attractive opportunity that could yield a far better return than your best investment," Ryan Thacker reminds.
The Thackers' company, B.O.S.S. Retirement Solutions, offers a mix of strategies to help you significantly reduce your future tax bills. Many of these tax-planning strategies you would never get from a conversation with most CPAs, who specialize in filing your taxes.
B.O.S.S. Retirement Solutions offers a free, customized Retirement Tax-Savings Analysis that shows you exactly how much money you could save.
During this quick appointment, they will get some basic information to understand your current situation. Based on what you provide, they determine the strategies best-suited to your specific situation to minimize the taxes you'll pay. Then they'll sit down and freely share these strategies with you, so you can see exactly what your savings could be.
While other financial advisors charge hundreds of dollars for similar services, B.O.S.S. Retirement Solutions offers this service for free, even if you're not a client yet.
To schedule your free, no-obligation B.O.S.S. Retirement Tax-Savings Analysis, call (801) 990-5055, or click here.
All advisors at B.O.S.S. Retirement Solutions are held to a fiduciary standard. This means each advisor is legally required to put your financial needs before their own.
Tyson Thacker and Ryan Thacker are the CEO and president of B.O.S.S. Retirement Solutions. They are a five-time winner of Utah's Best of State Award and have six offices located throughout the Wasatch Front.
This is for illustrative purposes only, results may vary. Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services. BOSS submitted applications and fees to be considered for Best of Utah. Award results were independently determined by each organizations' criteria and the information BOSS provided. BOSS received Utah Best of State award in 2019, 2020, 2021, 2022, and 2023.
