Most retirees are shocked by how much of their hard-earned savings goes straight to taxes—are you prepared?
Discover the strategies that can help you keep more of your money in retirement and avoid the most common tax pitfalls.
In this episode, April Schoen reveals how smart tax planning can dramatically impact your future income and financial freedom after you stop working.
You’ll discover…
Why many retirees end up in higher tax brackets than they ever expected
The “three buckets” framework for easily understanding your tax exposure
How your mix of assets can make or break your income in retirement
The hidden risk of required minimum distributions—and how to prepare for them
A simple shift that could save you thousands in taxes and Medicare premiums
Mentioned in this episode:
Transcript:
April Schoen: Hello, and welcome. My name is April Schoen, and I'm glad you're here today, because today we're going to be talking about taxes in retirement and some strategies of how you can keep more of your money in your pocket. Because if you're planning for retirement, it doesn't matter if your income is going to be is going to be coming from a pension and Social Security or if it's going to be coming mostly from, say, a 401k or a profit-sharing plan.
This session is going to be for you, because here's the thing, most people's retirement income is going to be largely taxable by default, and that can come as a big surprise when you realize how much you've worked for and how much is going to be going straight to the IRS. Now my goal today is to keep this simple, so that you walk away knowing exactly why, first of all, why this matters so much, how this can have a big impact on you, how you can structure your income so that more of it stays in your pocket, not just Washington's.
I've been in the financial services industry now for a little over 15 years, and I specialize in helping people get ready for that next chapter called retirement. I work with a lot of people in the Florida Retirement System and high-income earning professionals who have built a lot of their savings in pre-tax retirement accounts, like 401Ks, 403Bs, profit profit-sharing plans. And over the years, I've seen a pattern where people may do a great job of saving, but almost no one has a plan for taxes once the paycheck stops.
And that's where we're going to fix today. I had a meeting earlier this week with a doctor, and she asked me a question, which was, hey, April, what is your favorite financial product for clients? Which I thought was kind of an interesting question to ask. And, you know, I thought about it for a minute, and I said, well, that question, that answer, really depends on the client and who I'm meeting with.
What may be appropriate for you at this stage in your life, when you're about 10 years from retirement, isn't going to be appropriate for someone who's in their 30s and 40s and earlier in their career. So what I told her was that by and large, though, meeting with all my clients, and whether they're about to walk out the door or they're still a few years away from retirement, my favorite thing to do is tax planning.
And she kind of laughed, and she's like, that's the first time I've ever heard that, because I don't think it sounds very fun and exciting. But you're going to see, as we get into this today, that this is really where you can have a big impact on what your future income is going to look like in retirement, but not only just like your future income, but also, you know, being able to have access to money along the way before you even get there.
Because really having this structure and having this balance between different types of investment accounts and retirement accounts is going to make a big difference for you again, not just in retirement, but as you go along. So, I want to start with, why does this matter so much?
Well, if you've got you know, different income sources, let's say a pension, Social Security, retirement accounts, you know, your income in retirement is going to probably be higher than you think it's going to be. Because what are we told? We're told that our income in retirement is going to be lower, that we're going to be in a lower tax bracket in retirement. But I can tell you firsthand from working with hundreds and hundreds of clients that that's not what I see.
I do not see, by and large, my clients are not in lower income brackets in retirement. Let's think about this for a second. If you have a pension, it's all taxable. If you have Social Security, it's mostly taxable. Income coming from deferred comp, 403Bs, 401Ks, DROP accounts, profit sharing plans, it's all taxable. And when you reach your 70s, you're going to have required minimum distributions, which is when the IRS makes you take money out, whether you need it or you want it.
I talk about RMDs every week with clients, and this means that it's very easy for you to end up in a higher tax bracket in retirement than you might expect once you start stacking all of these incomes together. And that higher income means more taxes, and it can also trigger you to have higher Medicare premiums through something called IRMA, which is a Medicare surcharge. Basically means the more money you make, the more you pay for Medicare.
So those are all things we have to be careful of. But the good news is, is that when you understand the system, you understand the rules of the game, you can diversify your accounts quickly, right away, and you can actually create more spendable income in retirement with the same gross income. And isn't that what we want?
When clients tell me, hey, I'm going to be in a lower tax bracket in retirement, a lot of them think it's because their income is going to be less. I'm like, is that really what you want? This time in your life, when you now have the time freedom to do the things that you want to do? You want to have less income coming in? No, that's not what we want. If anything, we want to have more spendable income in retirement, to be able to go and enjoy those things, right?
To be able to go on those trips, to be able to lean into those hobbies, and have the money and the flexibility and the freedom to live the life that we want. And so that is what we're going to unpack today. And so I promise today I'm going to keep this clear and straightforward. It's going to be worth your time. I'm going to go through three types of retirement accounts in plain English so you know exactly what they are.
I'm going to show you a simple framework that I use with clients to help make sense of where your money is sitting today. And we're gonna talk about how to mix these accounts together strategically so that you can actually reduce taxes over time and increase your after-tax income when you retire. Doesn't that sound good? I'm gonna show you an example of two people with the exact same income, how they can end up with very different results after taxes.
And finally, I'm going to show you how you can apply this to your own situation by scheduling a 30-minute complimentary focus session where we'll build what I call your after-tax income map. So you're going to leave today with both the why and the how. Does that sound good? Let's dive in and get started today. So let's start with these three buckets of money.
When I sit down with clients, one of the first things that we look at together is, where is your money actually at? Before we can talk about taxes, we need to understand what types of accounts you already have on your balance sheet and how those accounts are going to be taxed. Now don't worry, I'm not going to throw a bunch of tax jargon at you.
I'm going to show you a very simple way to think about this, a framework that I call the three buckets of money. And once you see this, you're instantly going to understand why most people pay more in taxes than they have to, and how you can start structuring things differently. So let's get into these three buckets. The first bucket is what I call as tax-deferred. And this is where most people have the majority of their retirement savings. These are accounts like a 401k, a 403b, a profit-sharing plan.
And here's how these plans work. You don't pay taxes on the money you put in today. So you put in money today, tax deferred, you're getting that deduction upfront. It's going to grow, tax deferred, so you're not paying any taxes while it's growing, which that sounds good, right? But the catch is, is that when you retire and you start pulling money out of this account, every single dollar is taxed at your highest marginal rate. I'm gonna say that again.
Every dollar is taxed at your highest marginal rate. I can't tell you how many clients that I have a conversation about them taking money out of their IRA, their retirement account, and they ask me, is there any way I can avoid the taxes. And the answer is no. Once it's in there, there's nothing that we can do about that tax, except maybe doing what's called a Roth conversion, which we'll get into later.
But you know, of course, at that point, I'm talking about clients taking money out, right? So at that point, it's too late for us to do any planning. So let's think about this for a second. If you needed to take out $80,000, take out $80,000 from this bucket. It actually doesn't even matter what you need to take out. I talked to a client the other day, and she'd like to take out $10,000. Guess what? It's all taxable. All taxable at our highest marginal rate.
But if you did need to take out $80,000 from this bucket, you're going to have to withdraw 100,000, 110, 120,000 just to cover the taxes, depending on what your other income streams are. And once you hit your 70s and the IRS steps in with required minimum distributions, this means you must, they're called required, you must start pulling this money out, even if you don't need it. This is why a lot of people end up being surprised by their tax bill.
Because they may have done a great job saving, but everything is in one fully taxable bucket. And what I find is that when it's in that taxable bucket, it's almost locked in prison because that tax is now going to hinder you from wanting to take the money out. It's that psychological side of it. I've got the money here, but I don't want to touch it, because I'm going to have to pay all this tax.
And then the issue with these accounts, too, kind of, going back to the RMDs, is, you know, even when you're in retirement, you're still going to want to have assets that are continuing to grow on your balance sheet, because you need to help offset inflation. And you can't always do that, or you actually can't do that with this bucket, because of those required minimum distributions. You're going to be forced to pull a portion out every single year.
And so now that account's not going to be as easily set up for more growth. So we really want to be careful here how much we're going to end up having in this tax-deferred bucket when we get to retirement. The second bucket is tax-favored. Now this includes things like Roth IRAs, Roth 401Ks, properly structured cash value life insurance policies.
And with these, you pay the taxes up front, so I pay the tax today, and then I'm contributing to the plan, but then money grows tax-free, so I'm not paying any taxes while it's growing, and I can take it out tax-free in retirement. And here's why this matters, because when all of your income isn't coming from taxable sources, you now have control. You can pull money from this bucket without increasing your taxable income.
That's going to help you stay in a lower tax bracket. It's going to help you avoid those Medicare surcharges I talked about. It's going to help you keep more of what you earned. And this is going to give you more confidence in retirement, because you're not worried about every withdrawal pushing you into a higher bracket. It's kind of like having a financial pressure release valve. And these are great assets to have grow for your future.
You know, due to that tax-free growth, you can take it out tax-free, there are no required minimum distributions right now on these types of accounts, so you're not going to be forced to take any money out. You can let it grow for as long as you want. So this can really become your tax-free inflation hedge. I recently met with a couple who they've been retired for a few years, and they're looking to buy a new car, and they're excited about their new car, and, you know, they've got the money to do it, but, like most people, they're just not sure of how to do it.
What's the best way to pay for the car? Should they finance it? Well, interest rates are kind of high today than what they've been. Should they take cash? Should they pull money from their IRAs? Their Roth IRAs, they've got a lot of choices and options. So we looked at all their options and how each one's going to impact their taxes, their Medicare premiums.
We looked at their investments and how they're doing, and together, we decided to use funds from their Roth IRA. And this one decision saved them about $12,000 in taxes, and it kept them below that Medicare IRMA threshold. Because if they had taken all of that out of their IRA, it not only would they have been paying more in taxes, but it was going to push them over that threshold.
So they're so happy and thrilled not just about the new car, but about knowing, hey, we're making a smart financial move. Because it feels good to be able to make this big purchase without worrying about what is my tax bill going to be later? What's the impact of this going to be on me? And then the third bucket is taxable, or sometimes I call them taxed as you go, because these are non-retirement accounts.
So I want you to think brokerage accounts, CDs, mutual funds, and stocks. They're just, it's not a it's a non retirement account. So this one gets taxed as you go. So this is an account you put money in today that you've already paid taxes on, and then you're usually going to get a 1099 at the end of every year where you pay taxes on interest, dividends, realized capital gains. Now people often overlook this bucket because it doesn't sound great, like I don't want to have to pay taxes every year.
So a few things on that. One, on these types of accounts, we really want to make sure that we're being tax efficient. I've had several of these conversations in the last few weeks with clients who are looking to, they have some additional savings. You know, one of my clients, she is a university professor, she's doing a great job saving in her retirement accounts, but we're looking to do some diversification and save elsewhere on her balance sheet.
And so one of the things that we talked about was, is, I was like, hey, we whatever we do here, we have to make sure it's very tax efficient, because she's already in high income brackets currently with her current income. And so we really want to make sure that whatever we put this in is going to be tax-efficient. Because, again, it's not always how much we earn, it's how much are we going to keep.
And then another one of my clients, they're over 73, they're taking out their required minimum distributions. And we talked about, hey, they have to pull this money out, but they don't really need it for income, so we're reinvesting it back on their balance sheet. But the same thing here, we talked about tax efficiency of where those assets are going.
So like I said, sometimes this bucket can get overlooked, but here's the actual advantages of these accounts too, especially for someone who is not retired yet. Because you can access this money at any time. There are no age restrictions, there are no early withdrawal penalties, there are no RMDs. There are no income limits. This bucket actually gives you a lot of flexibility and control.
And then when you do go to take money out, it's going to be partially taxable, because there's a portion of this account that you've already paid taxes on. So that's going to come back to you without taxes, and then you'll just pay taxes on the growth or earnings. So having money in this bucket gives you liquidity and flexibility on your way to retirement, and then it's going to give you that same liquidity and flexibility when you are in retirement, because now you have another bucket where you can control how much income you have coming in and then how much you're going to be paying in taxes.
Another thing on these accounts is these assets, as long as they're structured properly, will usually pass to your beneficiaries with very little tax due, because they get a step-up in cost basis. So when we start thinking about legacy planning and beneficiaries and how all those are going to impact our beneficiaries, this is an account we want to take into consideration, and also those tax-favored assets as well.
So those three buckets are tax-deferred, tax-favored, and taxable. And here's a key takeaway. Most people I meet with have almost everything in that first bucket, which is fully taxable. And when that's the case, you're really setting yourself up for a tax storm in retirement. So if that is you, I would recommend that you schedule a time for us to do that 30-minute call, that 30-minute focus session, so we can look at where your assets are today, and then start talking about how you can start making shifts to have more balance across these three types of accounts.
Because when you spread your savings across all three buckets, you get more control back. You get to decide, then in retirement, which buckets to pull from. You know, that's going to depend on what's happening in your income. That's going to depend on what are the tax rates? You know, there's a lot of concern right now that tax rates are going to go up in the future. That we're still in these like lower-income tax brackets for the next few years, but then what's going to happen?
So this is a great planning time, great planning opportunity for you to take advantage of these lower-income bracket years to prepare for if and when we have higher taxes in the future. Because that flexibility, or being able to take advantage of these opportunities now, could literally save you 1000s of dollars and create 1000s of dollars more in spendable income every year for your retirement.
So I recently worked with a couple. They both work for the state. They have pensions, Social Security, deferred comp accounts. They're in DROP, and we found that, you know, almost all of their income is going to be taxable. But then we added in some of those tax-favored savings. We gave them a way to, like, pull income in the future without bumping into some higher brackets, and that is going to save them about 6000 a year in taxes that they're going to be able to use for travel.
So this money that they're going to save on taxes in the future, we're earmarking that right now for their travel fund. So that's really the impact of being able to be strategic. So now that you've gone through and we think about these three buckets, I do want to talk a little bit about the impact of taxes, because I want to show you a simple side-by-side example.
So it's getting like same income, but we're taking money from different places, and so this is where you can see how the impact of taxes and the impact of having tax diversification really helps you. Because understanding taxes isn't really the math, right? It's not the numbers. It's about how much of your income you actually get to keep and spend.
You can have two people. I can have two clients in the exact same income situation, the exact same total savings, but if they're using their buckets differently, one could end up with 1000s more in spendable income every single year. So let's look at this example. So let's say a couple needed an extra $100,000 on top of their other income they have coming in, maybe from a pension or Social Security, and this is money that they need to live their life comfortably in retirement.
So we're going to look at Scenario A, where all of their income comes from tax-deferred accounts. Things like a 401k, DROP, traditional IRAs, profit sharing plans. So when they withdraw that 100,000, every dollar is taxable. And if they're in the 32% tax bracket, that means 32% goes to taxes right off the top. And that's going to leave them with 68,000 to spend. So they took out 100,000, 32,000 went to taxes.
They've now got 68,000 to spend. So let's look at a different structure and say, hey, can we increase that spendable income? So Scenario B, same $100,000 total income, but now it's coming from different buckets. So let's say half 50,000 is still coming from that same tax-deferred bucket, like a 401k, but the other half is going to come from more tax-favored sources. This could be a Roth account. This could be properly structured, cash value life insurance, it doesn't matter, as long as it's coming from that tax-favored asset.
Well, the first 50,000 is still taxable, but the second 50,000 as long as it's structured properly, comes out tax-free. So now, instead of paying 32,000 in taxes, they're paying 16,000 in taxes. It cuts their tax bill in half, and now they have $84,000 to spend instead of 68. And that $16,000 difference in after-tax income, that's coming in every single year. And here's where that light bulb usually goes off because people realize it's not just about how much you have saved, it's about how much you keep and how that difference is gonna compound over time.
Over a 20-year retirement, that $16,000 a year gap adds up to more than 300,000 in extra spendable income. That's going to make a big difference for you in retirement. I worked with a physician recently who had built everything in those pre-tax retirement accounts, especially in some profit-sharing plans.
And once we took a look at everything, and then we rebalanced his mix, not only was he able to save on taxes in retirement, but he was actually able to also avoid an entire IRMA tier, which was going to save him again, not just on taxes, but on those Medicare premiums, and gave him more flexibility and control as he was getting closer to retirement. Because we weren't quite sure the exact age he wants to retire.
So this is going to also give him that flexibility to retire early if he wants to. So it can definitely make an impact for you. So when we take a look at these different tax buckets and how to structure your investments, your retirement accounts, what does this really mean for you? You know, it's not just about lowering your tax bill, although that's nice. It's about giving yourself options.
It's flexibility to pull income from the right bucket at the right time, depending on tax laws, depending on market conditions. It gives you control over how much of your income is going to trigger taxes, and it gives you confidence knowing you can maintain your lifestyle without worrying about tax surprises every year. I have a client who, when we first started working together, she was about to retire from a large telecom company, and she had several income sources. A pension.
I know those aren't as common anymore, but she had a pension, Social Security. She had a sizable 401k. Most of her assets were in that tax-deferred bucket. But she did have a Roth IRA, and she had a taxable investment account. And when we first met, she wanted to know she's like, April, I have all these assets, but like, how do I put this together in the best way possible for me to have the income that I need, the income that I want in retirement, but to do it in the most efficient way possible.
So we built a plan that balanced her income, balanced her withdrawals across all three buckets. You know, we pulled a portion from her tax-deferred accounts so that we pulled enough to stay within her current tax bracket, so we weren't pushing her up. We also then started drawing money from her taxable accounts and her Roth accounts so that she could reach her income goals.
And the result of that, she met her income goals that she wanted, that she needed for retirement without paying more in taxes than she had to. And then, because we started drawing strategically down from her 401k earlier on, this is going to reduce her future required minimum distributions at 73. So that's going to actually save her in taxes later as well, because we're not just letting all of that 401k compound and grow to 73.
We're actually being strategic. We're being tactical about how much we're pulling out and when to levelize that income, to levelize that tax bill over her retirement. And so that's a great example of how the right structure, not just investment performance. You know, not just how do my accounts do, but the right structure can make a big difference in how much you keep in retirement. Now, I know that this can sound like a lot.
Which accounts, which buckets, how much do I pull from each? And so that's why I offer a complimentary 30-minute focus session. And in that session, we're going to look at your current accounts. You know, where do they fall among those three buckets? And we will start creating what I call as your after-tax income map. This is going to show you how to structure withdrawals in retirement so you can increase your spendable income and stay ahead of tax changes.
So by now, you can see how powerful it is when your income comes from this mix of sources, instead of everything just sitting in a fully taxable bucket. But the question is, what does this look like for you? So this is where that after-tax income map comes in. It's a simple, one-page visual that's going to show you.
We're first going to look at, hey, what do you currently have in each tax bucket? How much are you contributing between now and retirement, and how's it going to grow over time? So, where's your money sitting today, and how's it going to grow before retirement? And then we can start looking at what is your income going to be? What's your tax picture going to look like?
And then we can start looking at, what if you made changes? What small changes, tweaks could you make to increase your spendable income or reduce future taxes? And this is customized to you, so you know whether your income is coming from a pension and Social Security or it's coming from 401Ks, profit-sharing plans, investments, we can look at your options there.
So one of my clients, she's a physical therapist, and she's done a great job of saving. She's currently putting money into her simple IRA. She's got an employer match. She's maxing out her Roth. She's investing in a taxable account on top of that. And when we were reviewing everything together recently, we noticed that most of her long-term savings is in that tax-deferred bucket.
And again, that's great for lowering taxes now, but it can create a problem later, when every dollar that comes out is fully taxable. So instead of just focusing on hey, where's your money today, we modeled what her savings would look like over the next 10 years before retirement. So if she keeps saving the same way she is today, here's what this could look like, or here's what this would look like in 10 years.
And then what if she starts to make some small changes? And this really gave her a chance to see the long-term impact of her decisions today. Where I put money in today, how is that going to look like, what is that going to look like for me 10, 15, 20 years from now? And based on that model, we adjusted how she was contributing. We reduced how much is going into the simple IRA, and increased what's going into her taxable investments.
And with that change, she's going to have a much better balance between tax-deferred, tax-favored, and taxable buckets when she retires. She loved seeing this side by side, kind of before and after. We were kind of co-creating the plan, because we were making these tweaks in real time, and she could see directly how that was going to look in 10 years from now. And she's like, oh, I understand where my money's going and how it's working for me.
You know, she was no longer just like saving on autopilot, because a lot of us do that. We're like, oh, I'm gonna max out my retirement account at work, because that's what I've heard I should do. That's what I've been told I should do. And sometimes we're just doing a lot of that on autopilot without really thinking about the impact.
And for her, she wants to be intentional. We've been working on this for years. She wants to be strategic. She wants to be intentional with her planning. And you know now she knows, hey, I'm doing the right things, and we're gonna revisit this every year. You know, it's not a set it and forget it. It's not like, okay, we're gonna put this plan in place and just do this for the next 10 years. No, you have to look at it and you have to adjust it as income change, savings changes, tax law changes.
So you do have to make tweaks and adjustments as you go. But that's what we do in that focus session, where we look at your mix of accounts and how they're going to grow over time. I can't emphasize that enough. It's not just what do I have today, but it's, we've got to be able to fast forward you and see what this is all going to look like for you 10, 15, 20 years from now.
And then we can start to play what if. What if we made these small shifts today, how is that going to have an impact for you later? And so that's the clarity that we work on with our clients. And you know, in that 30-minute focus session, we're going to look at where's your money today, and what are some adjustments, what are some opportunities that could set you up for more control later?
So this is a great chance to get clarity on where you are now, like identify where taxes might be quietly working against you or not so quietly working against you in some cases. You can see how you can make adjustments even before you get to retirement. Now, if you're closer to retirement, just know there are some things we can do too. This isn't all for someone who's 10 to 15 years out.
There are plenty of things that we can do, even as you get closer. But the important thing is to start. You know, I will say that is the earlier that you start, the better, especially on tax planning. Because sometimes I do meet with clients that they get to retirement, and they first when we start working together, and they do have all their money in that tax-deferred bucket.
And it's not that we can't do anything, it's just we can't be as strategic and tactical with it, because we don't have as much time to stretch things out. So it is important that the earlier you start, the better. And a lot of people tell me that like just seeing that map for the first time, really feels like that light bulb moment, they can finally understand where their money lives and how it can work more efficiently for them.
So if you'd like to see what your after-tax income map looks like, you can scan the QR code on your screen, or you can go directly to my website, which is curryschoenfinancial.com to book a call. There's a link. You'll be able to go right to my calendar, and you can pick a time that works for you. And during that call, we're going to go through your numbers. I'll show you, like your personal map, and we'll see if it makes sense to continue working together.
Even if you decide not to, even if we get through a conversation and we decide it doesn't make sense for us to continue working together in some capacity, you're going to leave with clarity and usually a few $1,000 worth of tax insights that you can take back to your CPA. Now I know this topic can feel overwhelming, especially when you're balancing everything else, so that's why I like to keep it simple, focused.
Hey, one step at a time. What is my next best step for me to take action? And this is a great first step is to carve out 30 minutes for this call, so we can show you exactly where you stand and how you can start keeping more of what you've worked hard to earn. Now, if you go to my calendar and it's a hard time finding a time that works for you, send me an email, send my team, and we'll try to accommodate you as best we can.
You know, here we are getting to the end of the year. This is a very busy time for me, and so I don't have as much as availability now as I normally do throughout the year. So like I said, if you go and you can't find something, email me, reach out to the team, and we will do our best to find a day and time that's gonna work for both of us.
So I just want to say thanks for joining me today. You know, if you just learned like one little idea that can help you keep more of your money, then it was time well spent, and then again, you know you can schedule your call by going to our website, which is curryschoenfinancial.com.
You can call our office, 850-562-3000, and if you still have questions you want to talk through something specific, feel free to send me an email. My team and I, we read every message, but I hope today helped you see that with a few smart moves, you can take control of your taxes, your income, and your future. Thanks again for being here today. I look forward to seeing you all in the next one. Bye now.
Voiceover: Guardian, its subsidiaries, agents and employees do not provide tax, legal or accounting advice. Consult your tax, legal or accounting professional regarding your individual situation. Qualified withdrawals from a Roth account are income tax free. Tax laws are always subject to change.
This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation or to otherwise act in a fiduciary capacity. If you'd like additional information about our services, visit our website at curryschoenfinancial.com, or you can call our office at 850-562-3000. Again, that number is 850-562-3000. This podcast is for informational purposes only. Guest speakers and their firms are not affiliated with or endorsed by Park Avenue Securities, Guardian, or North Florida Financial, and opinions stated are their own. April and John are registered representatives and financial advisors of Park Avenue Securities LLC. Address 1700 Summit Lake Drive, Suite 200, Tallahassee, Florida, 32317. Phone number 850-562-9075. Securities, products, and advisory services offered through Park Avenue Securities, member of FINRA and SIPC. April is a financial representative of The Guardian Life Insurance Company of America, New York, New York. Park Avenue Securities is a wholly-owned subsidiary of Guardian. North Florida Financial is not an affiliate or subsidiary of Park Avenue Securities or Guardian.
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