How To Save on Taxes in Retirement

How To Save on Taxes in Retirement

How To Save on Taxes in Retirement

If it’s time to retire and you haven’t started already to plan for taxes then you need to get started now. Even if retirement is still a ways off, you should always be thinking ahead. In any case, one of the most common question people have regarding retirement is how do I lower my tax bill? There are several things you can do that will help you keep your tax bill down after you retire.

One of your best bets is to open a Roth IRA. While these retirement accounts are created with after tax money, they also grow tax-free. Yes, you will have less expendable income when you deposit after-tax money into a Roth, but you won’t have to pay taxes on the gains you make when it comes time to withdraw the money. Another option is to simply convert some of your traditional IRA savings into a Roth IRA.

With all retirement accounts, at some point you will have to start taking money out, which is your required minimal distribution. However, if you don’t really need that money you can save on taxes by simply donating it to a good cause. In fact, you can donate up to $100,000 every year from a traditional IRA to charity.

You should also pay close attention to where you invest your money and make sure that you are putting it into the right kind of account. Having your income in the right place can help reduce your tax bill.

Lastly, although not an option for every taxpayer, you could move to a state with a lower tax rate. Florida, Texas and Nevada are some of the best options for those looking for a lower overall tax bill in retirement. However, there are many expenses to consider in retirement other than just your tax bill, so make this decision wisely, based on all the relevant factors.

http://time.com/money/4398857/retirement-taxes-lower/

 

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

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In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

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