Covisum Blog

The U.S. tax landscape is changing. Last week, the Tax Cuts and Jobs Act was passed into law. It is clear that there is a need for members of the general public to understand the changes and how those changes impact their personal situations. Financial advisors are faced with a choice – either take proactive steps to first become educated on the new laws, and then identify specific opportunities for their clients, or risk losing clients to other proactive advisors who choose the first path. Join Joe Elsasser, CFP® and president of Covisum as he discusses the hot topic of taxes and retirement for the Society of Financial Service Professionals on January 24 at 11 a.m. Central.

Advisors can now answer clients' biggest question in the New Year: "How will the new tax law affect me?" Advisors and financial institutions rely on us to help them guide their clients to make the best financial decisions. Advisors who are struggling to quantify all the implications of the new 500-page Tax Cuts and Jobs Act can gain insight into unseen opportunity to add dollars to a retirement plan with the newly updated Tax Clarity tool. Advisors can now confidently perform tax simulations for 2017 and 2018, showing their clients reports with dollar comparison estimates based on various tax strategies and scenario planning.

The Tax Cuts and Jobs Act represents a relatively significant tax cut for most middle-income retirees, but the bill did nothing to change the interactions between different income sources in retirement, which means that retirees will need to pay close attention to which accounts they withdraw from at which points in time.