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/
The Success Behind Steiner Sports | Brandon Steiner
About Brandon Steiner Brandon Steiner is grew up in Brooklyn, New York, where he began working at a young age to help provide enough food for the family. Despite his economic situation in life he went on to create a Steiner Sports, a $50 million sports marketing and memorabilia company. Brandon’s success can be…
Charles Vogl – The Art of Community
About Charles Vogl An author and executive consultant, Charles Vogl helps leaders in technology, finance, media, government, and social good organizations become more effective in creating meaningful change. Using principles drawn from more than 3000 years of community and spiritual tradition, he teaches others how to inspire powerful connections in critical relationships, in order…
IoT and Embedded Systems | Rajesh Subramaniam
About Rajesh Subramaniam As Founder and CEO, Rajesh has led embedUR systems through a decade of profitability and successive growth averaging 35% per year, and has built a loyal customer base among F500 Network and Telecom equipment providers. With a Masters in Electrical Engineering from University of Arkansas, Fayetteville and an unrelenting determination, Rajesh rose…
Unlocking The Ivory Tower | Eric Ball
About Eric Ball Eric Ball is a technology finance professional, investor, and board member. He currently serves as General Partner for Impact Venture Capital, which has made several technology investments. He also chairs the Audit Committee at Glu Mobile, a publicly-traded leader in 3D freemium mobile gaming. Until May 2016, Eric was Chief Financial…