We are currently living in a period of historically low taxes, but that doesn’t mean it will remain that way in the future. In fact, there is a bit of a growing consensus within the financial advising and wealth management industries that taxes will most likely have to go up a some point. Now, when that point is where taxes might (or will) be raised is anybody’s guess. A lot of that will come down to politics and who controls Congress and how much of a majority they have. If the Democrats expand their majority, there’s a good chance that taxes will go up. Whereas if Republicans regain control during the mid-term elections in 2022, it’s pretty safe to say that taxes will remain as they are. What does that all mean to you? Well, if you are years away from retirement, it may mean uncertainty regarding your tax status as well as how much you may be paying in taxes when you actually do retire. You will want to think about whether maybe retirement should be lived out in places with lower taxes or if there are steps you will want to take to lower your tax burden. If you are currently in retirement or are very close to it, then you will want to keep an eye on things are you move through retirement. If taxes do go up, do you have plans to lower your tax burden? What are those plans or steps? I’m not saying you have to have a definite plan, but it doesn’t hurt to have a chat with a certified financial planner or wealth manager regarding your thoughts and what you can do in regards to certain tax situations.