How Will Taxes Affect Your Success in Retirement?
Are you at that point in your career where the number of years you’ve already worked greatly outnumber the years you have left to put in? If retirement is just around the corner for you, or even still out on the horizon a bit, you should be using this time to get ready for taxes. Taxes in retirement can suck a lot of money from your monthly income so making smart moves now can make a huge difference.
The last thing you want to do is run out of money in retirement. So keep these tips in mind to make sure you have plenty to get by. For starters, you need to know which bracket you fall in. If you move up the tax bracket ladder it could cost you because the portion of your social security check that is subject to taxes could go up. Therefore, if you can lower your income bracket by adding more to a retirement account or by prepaying some deductible expenses that is a good idea.
Another way to combat taxes in retirement is to make strategic withdrawals between the years you retire and the time you have to start withdrawing a minimum amount at age 70 and ½. Choosing the proper balance between taxable accounts and tax-deferred accounts is also crucial to saving on taxes in retirement.
You can learn more about saving on taxes in retirement by contacting GROCO today. Just call 1-877-CPA-2006 or click here.
http://www.usatoday.com/story/money/personalfinance/2016/05/28/cnbc-retirement-savings-taxes/85047974/
America Taking Money From Its New Citizens?
America Taking Money From Its New Citizens? According to various government reports, there are literally trillions of dollars being hidden in offshore accounts by Americans who don’t want to pay their fair share of taxes. Of course, everyone should have to pay his or her fair share to Uncle Sam, but no one should be…
Where Can You Find the World’s Best Tax Havens?
Where Can You Find the World’s Best Tax Havens? What’s your next vacation location: the Caribbean Tahiti, Bermuda, Belize, the Virgin Islands, or perhaps the Cayman Islands? These are all great choices and many of the world’s wealthiest individuals not only get to travel to these exotic locations on a regular basis, but many of…
Enjoy Them While They Last: End of Bush Tax Cuts Could Throw U.S. into Deeper Recession
Enjoy Them While They Last: End of Bush Tax Cuts Could Throw U.S. into Deeper Recession A few Senate Democrats recently made noise over ending the Bush Tax Cuts in January 2011 given the country’s economic prospects. Although many people have predicted that the end of the Bush Tax Cuts is a foregone conclusion, a…
Trusts for Children
Trusts for Children There is a new message that the very wealthy are delivering to their children, a message heard more and more often. And it is a message that could just as well be delivered to the children of parents with somewhat more humble accumulations of assets. To state it bluntly, the message is:…