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/
Luxury Lifestyle Logistics | Jennifer Laurence
About Jennifer Laurence Jennifer is the founder and President of Luxury Lifestyle Logistics. She is a consummate hospitality professional who has loved domesticity for as long as she can remember. Early in her college career, she discovered the world of professional home management and private service through an estate management internship and knew she…
The State of Silicon Valley | Russell Hancock
About Russell Hancock Russell Hancock is President & CEO of Joint Venture Silicon Valley, a position he has held since 2003. In this role Dr. Hancock is best described variously: as a civic leader, community gatherer, institution builder, social entrepreneur, and outspoken advocate for regionalism. Since taking the helm of Joint Venture he has quadrupled…
Learning to Live Abroad | Keith Van Sickle
About Keith Van Sickle Keith grew up in Alameda, California, the son of public school teachers. He got his first taste of overseas life while spending a college term in England and later backpacked around the world for six months. Grateful for the scholarships that helped him pay for college, in 1987 he started…
Becoming Part of the Solution | Troy Downing
About Troy Downing Troy is a strong supporter of smaller government, the 2nd Amendment, and economic prosperity for all through lower taxes. An avid outdoorsman and huntsman, Troy firmly believes that we need true political outsiders in Washington to stand up for Montana against the federal government whenever necessary. Troy started as a Research Scientist,…