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/
Building a Jewelry Company | Stephen Silver
About Stephen Silver Stephen Silver Fine Jewelry is considered one of the United States’ premier jewelry houses. Founder, Stephen Silver, is a gemologist, artist, and philanthropist. Toronto born, Stephen moved to the San Francisco Bay Area as a teenager. Intrigued by science and minerals from a young age, Silver studied geology at San Diego…
Rising from Rubble to Build an Empire | Jerry Brenholtz
About Jerry Brenholtz Jerry Brenholz co-founded ATR International, Inc. in 1988. He has been instrumental in developing ATR into an important provider of contract staffing for Information Technology. In his current role, he is responsible for establishing a corporate-wide vision and defining strategic direction. Prior to ATR, Jerry held various technical positions with General…
Serial Entrepreneur | Aldo Carrascoso
About Aldo Carrascoso Aldo Carrascosois the Founder and COO / CTO of Veem, a company that utilizes Blockchain to allow individuals to make cross border payments in local currencies. The company was conceptualized by Aldo when learned that individuals making cross border payments were having to pay up to 25% of the transfer amount…
Turning Tragedy into Positive Experiences | Gerald Carroll
About Gerald Carroll Gerald Carroll is a partner with Burnham Brown law firm in their Oakland office. He specializes in Construction and Professional Liability Law. Prior to coming to Burnham Brown, Jerry along with his partner ran their own law practice, Hartman and Carroll for 20 years. Jerry graduated with honors in English from…