Best Financial Advisors in Herriman, UT

"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." "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." "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 Thacker’s highly suggest that could significantly grow your retirement savings? It's taking advantage of retirement tax planning strategies. Traditional IR As and 401 Ks 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."...