I’d like to continue the series on strategies for folks who get laid off before they are ready to retire.
Look for low income planning opportunities: Being out of work and having a lower income may actually present excellent tax planning opportunities for investors. Some strategies to consider, after consulting your tax advisors, include converting a Traditional IRA to a Roth IRA, exercising stocks options, maximizing IRA distributions, and selling appreciated stock. Each one of these decisions requires careful consideration of other aspects of your financial life, but being aware of potential opportunities, instead of just focusing on the obvious negatives associated with a job loss, can lead to meaningful tax savings.
You can WATCH the full video here.