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/
How Are the Ultra Wealthy Spending Their Money?
How Are the Ultra Wealthy Spending Their Money? If you were extremely wealthy what would you spend your money on? Chances are if you’re reading this, then you don’t have to dream about being extremely wealthy; you already have plenty of money at your disposal. So what comes to mind? What are people like you…
Top Tips to Stay Productive
Top Tips to Stay Productive No matter what a person’s career entails he or she wants to be productive. When you are the most productive you can be that’s when you typically reach your greatest levels of success. Productivity can be measured in many different ways, but typically when you’re productive you get required tasks…
Estate Planning for the Wealthy
Estate Planning for the Wealthy When was the last time you looked at your estate plan? If you can’t answer that question, either because it’s been so long that you can’t remember or because you still don’t have an estate plan in place, then you have some work to do. With the New Year almost…
Top 5 Ways to Get Out of Debt
Top 5 Ways to Get Out of Debt Another New Year is upon us and many people like to use this time to evaluate their life, including their financial well-being. It’s also a time to make resolutions or goals. One common goal at this time of year is to finally get out of debt. Debt…