There are many different ways that people in and around Seneca, SC, may see an increase in the amount they have in the bank. For many individuals, increasing income is a factor of moving up the corporate ladder or moving into a more lucrative career.
There are other sudden and perhaps less expected sources of money. Individuals may inherit a sum of money or a large asset such as a home or an art collection. It is also possible for an individual to receive a large bonus or a windfall from the sale of an asset. Although less common, people from Seneca, SC, may also buy the right ticket and find themselves a winner of the lottery.
Before doing anything with the money, talking to Matthew Dixon, a highly experienced financial advisor, can help you avoid the common mistakes and pitfalls many people make when they have a substantial amount of extra money.
Consider Tax Issues
Investing in your retirement and maximizing all investments that reduce taxable income is important, particularly with a large infusion of cash. While there is no inheritance tax in South Carolina, this can become complicated if the person leaving you the money lived out of the state. Putting aside the money from these assets until you have a lower income is just one of the advantages Matthew Dixon may suggest based on your specific financial situation.
Lottery winnings are taxable by the state and the federal government if they are over a specific amount. Helping to save as much of the winnings as possible for your retirement requires a clear understanding of laws and regulations.
Experts such as Matthew Dixon can work with you to save on taxes on the increased income, winnings, or inheritance through wise investments in your retirement planning options.
