{"id":813,"date":"2018-10-24T19:26:00","date_gmt":"2018-10-24T19:26:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=813"},"modified":"2023-06-22T21:50:45","modified_gmt":"2023-06-22T21:50:45","slug":"tax-deferred-accounts-mean-money-saved","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/tax-deferred-accounts-mean-money-saved\/","title":{"rendered":"Do Tax Deferred Investments Save You Money?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"813\" class=\"elementor elementor-813\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a021ac5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a021ac5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ae773f\" data-id=\"8ae773f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53d9ef8 elementor-widget elementor-widget-text-editor\" data-id=\"53d9ef8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Tax season is upon us. But before you pull out that old box of receipts and get to work, you might want to look into whether tax deferral could save you money, in addition to buying a little extra time. Tax deferred accounts allows you to not pay taxes on your gains in an investment until you withdraw the money. The most common form of a tax deferred investment is an Individual Retirement Account (IRA) or a deferred annuity.<\/p><h2>How Do Tax Deferred Investments Work?<\/h2><p>Let\u2019s say you put money away for your retirement in\u00a0<a href=\"https:\/\/finance.yahoo.com\/news\/multi-guaranteed-annuity-myga-161453804.html\">a type of deferred annuity called a multi-year guaranteed annuity (MYGA)<\/a>. A MYGA functions much like a\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-a-cd-certificate-of-deposit\/\">Certificate of Deposit (CD)<\/a>, in that it grows your money at a specified interest rate for a period of time. Because the MYGA is classified as non-qualified retirement instruments, you will not pay taxes on the growth of your money until you withdraw it for your retirement. And because most people fall into a lower tax bracket when they retire and stop receiving their primary income, withdrawing money from an annuity after retirement may allow them to save significantly on their taxes. In contrast, a certificate of deposit would pay interest to you every year, but it is also taxed on a yearly basis, whether you withdraw the money or not. That means you pay the IRS annually on the interest that the CD pays you, leading to higher taxes over time. Now let\u2019s take a look at how tax deferral works by examining two key scenarios.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-12bcd87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12bcd87\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d4a08f7\" data-id=\"d4a08f7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-887523c elementor-widget elementor-widget-template\" data-id=\"887523c\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f4b1d8d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f4b1d8d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eef866a\" data-id=\"eef866a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc3beb3 elementor-widget elementor-widget-text-editor\" data-id=\"fc3beb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2>Tax Deferral Scenario 1:\u00a0 Tax Rate Stays Constant<\/h2><p>John is 55 years old. For the next 10 years he puts $100,000 into a CD and $100,000 into a MYGA deferred annuity that grows tax deferred. They both grow his money at the same yearly rate of 2.65%. John\u2019s current tax rate is 38% and we assume it stays at the same rate even after 10 years.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dc02373 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dc02373\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2964e51\" data-id=\"2964e51\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51b1dbd elementor-widget elementor-widget-image\" data-id=\"51b1dbd\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"422\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesFlat.png\" class=\"attachment-large size-large wp-image-816\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesFlat.png 930w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesFlat-300x198.png 300w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesFlat-768x506.png 768w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c755a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4c755a2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-40ec485\" data-id=\"40ec485\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ecff6df elementor-widget elementor-widget-text-editor\" data-id=\"ecff6df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Let\u2019s look at what would happen with\u00a0both a CD and MYGA deferred annuity. During this ten years, John\u2019s tax rate remains constant at 38%. Over the course of those ten years, his CD\u2019s value would increase from $100,000 to about $129,000 (total growth of $29,000), with him paying roughly $11,000 in taxes over the course of his term. This would bring the net value of his CD to about $118,000 at the end of the 10 years. Because John\u2019s tax rate remained constant, the value of his MYGA deferred annuity would end up the same ($118,000) as his CD, with John paying the full $11,000 in taxes at the end of his term, rather than over the course of the full ten years. In this scenario, both the CD and the annuity have the same value; the taxes are just paid differently.<\/p><h2>Tax Deferral Scenario 2:\u00a0 Tax Rate Drops<\/h2><p>Scenario 2 is the same as scenario 1 except that we assume John\u2019s tax rate drops to 15% in year 10 when he retires.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ecab982 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ecab982\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fee3da0\" data-id=\"fee3da0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-14a1c1c elementor-widget elementor-widget-image\" data-id=\"14a1c1c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"420\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesDrop.png\" class=\"attachment-large size-large wp-image-817\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesDrop.png 933w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesDrop-300x197.png 300w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/TaxDeferred_TaxesDrop-768x505.png 768w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-869daea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"869daea\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a169432\" data-id=\"a169432\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bd7b80a elementor-widget elementor-widget-text-editor\" data-id=\"bd7b80a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In this scenario, the MYGA deferred annuity would generate about $6,000 more than the CD. That\u2019s because with the CD John would have been paying a steady 38% in years 1-9, and 15% in year 10, totaling $10,600 in taxes over time. With his MYGA deferred annuity, he only pays taxes in year ten. This mean he will be taxed on the total growth of $100,000 to $129,000 at the 15% rate, resulting in a tax bill of $4,500. Clearly, an annuity was useful here as it saved him over $6,000.\u00a0It can be complicated to figure out whether tax deferral saves you money. However, as we saw above, making the right decision can lead to a greater return on your investment and a more secure financial future. If you are currently in a high tax bracket, but expect to be in a lower tax bracket in the future, this can be a smart way to increase your post-tax returns.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-da51486 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"da51486\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87cc641\" data-id=\"87cc641\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-189eba1 elementor-widget elementor-widget-template\" data-id=\"189eba1\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Tax season is upon us. But before you pull out that old box of receipts and get to work, you might want to look into whether tax deferral could save you money, in addition to buying a little extra time. Tax deferred accounts allows you to not pay taxes on your gains in an investment [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":814,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do Tax Deferred Investments Save You Money? - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"Tax deferral can be a complicated subject, but figuring it out can lead to greater investment returns and a more secure future...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplywise.com\/blog\/tax-deferred-accounts-mean-money-saved\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do Tax Deferred Investments Save You Money? 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