The traditional idea of retirement in the United States leans on the “three-legged stool” metaphor, whereby the typical American expects to rely on pension income, Social Security benefits and private savings to fund their post-work lifestyle.
But the reality for most people looks a lot different, with pensions largely falling by the wayside and big questions looming about the long-term future of Social Security.
For many, adequate preparation for retirement requires private investment accounts working to accumulate wealth through direct investment in the stock market. Unlike 401(k) plans and individual retirement accounts, private brokerage accounts do not generally receive favorable tax treatment. This requires a more proactive approach to portfolio management.
According to a new report published by the Colcom Group, a consulting and accounting firm, taxpayers with substantial stock holdings have many opportunities to engage in strategic planning to optimize their tax positions — especially near year-end.
See the accompanying slideshow for eight year-end stock strategies that can benefit long-term retirement savers.
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