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/
Back to The Roots | Nikhil Arora
About Nikhil Arora Nikhil Arora co-founded Back to the Roots (Oakland, CA) in 2009 as a senior at UC Berkeley and gave up a potential career in consulting to become an urban mushroom farmer. Nikhil oversees the marketing and product development half of the business and along with his co-founder, Alejandro Velez, has led…
Creating a Better World | Steve Persanti
About Steve Persanti Steve Piersanti is president and publisher of Berrett-Koehler Publishers, Inc., a leading independent publisher of progressive books on current affairs, personal growth, and business and management. Berrett-Koehler pursues its mission of “Creating a World That Works for All” by publishing groundbreaking books that promote positive change at all levels – individual,…
Becoming Involved | Raj Salwan
About Raj Salwan Raj Salwan is a City Councilmember, successful small business owner, husband and proud father. He has given back to the community by serving on boards and volunteering for organizations dedicated to helping seniors, children, workers and employers. Councilmember Salwan has focused his time on the City Council to recruit new businesses…
Our Legacy | Morey Greenstein
About Morey Greenstein Morey Greenstein is the Founding Partner of Greenstein, Rogoff, Olsen & Co., LLP. The firm began in 1964 as a sole proprietorship and was among the first accounting practices in the new city of Fremont, California. In 1980, Morey opened a second office in Palo Alto to serve his growing client…