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/
Partnerships for Strategic Conservation – Barry Gold
Barry Gold Outlines a Bold Vision for Conservation and Sustainable Development Africa is on the brink of a transformation—one that will define the future of the continent and, ultimately, the planet. With its population projected to double from 1.3 billion today to 2.2 billion by 2050 and reach nearly 4 billion by 2100, the demand…
Restoring Gorongosa National Park
Greg Carr’s Mission to Restore Gorongosa National Park: A Story of Conservation and Community Greg Carr’s journey from a successful technology entrepreneur to a dedicated philanthropist restoring Mozambique’s Gorongosa National Park is nothing short of remarkable. What began as a search for a meaningful way to give back has evolved into one of the most…
The Ownership Revolution: How ESOPs Can Strengthen the Middle Class
The Ownership Revolution: How ESOPs Can Strengthen the Middle Class For decades, the American middle class has been the foundation of economic stability, embodying the aspirations of millions. Yet, as Chester Woolley eloquently highlighted in his recent speech, this once-thriving segment of society is in decline. “The middle class seems to be shrinking. It doesn’t…
Dr. Stel Nikolakakis on The Power of Vision Therapy
Unlocking Potential: The Power of Vision Therapy Vision therapy is emerging as a transformative tool for individuals with learning disabilities, ADHD, concussions, and even high-performance athletes. Dr. Stel Nikolakakis, an optometrist and a pioneer in neuro-visual training, discovered the profound impact of vision therapy through a deeply personal experience—his son’s diagnosis with cerebral palsy. His…