Grand Rapids Business Journal Guest Column, Pending Changes to Tax Code

Thanks to the Grand Rapids Business Journal for including our own Phil Mitchell's guest column on pending changes to the tax code that would impact retirement planning.

"The new administration is considering tax reform that would exclude tax deductibility for 401(k) and other retirement vehicles. These reforms would involve crafting a more simplistic tax code that would likely lead to fewer options available to consumers. We understand why this benefit is on the chopping block: according to the U.S. government’s 2017 budget, the windfall to the government of excluding this tax benefit runs to the tune of $1.5 trillion over the next 10 years.

However, as we have communicated to our clients over the years, the ability to lower or manage your income with tax deductions through your 401(k), 403(b) and IRA is substantial.

So how might this impact the average American?"