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 to Pull True Leadership From Within
How to Pull True Leadership From Within Are you a natural born leader? The truth is no one is born a leader. Yes, many people do have innate leadership qualities about them. But they still have to learn how to use those qualities and attributes to become a great leader. So how do you learn…
The Rise of Big Data and What it Means for Today’s Leaders
The Rise of Big Data and What it Means for Today’s Leaders In 2016, we interviewed Shane Greenstein, author of How the Internet Became Commercial. As he laid out his arguments, it became evident that the big data revolution was imminent. The professor noted that the internet contributed significantly to data collection in the business…
Why Do Some Leaders Fail?
Why Do Some Leaders Fail? Why are some leaders more successful than others? Why is it that some leaders are able to reach the pinnacle of success, while others end up on the scrap heap of leaders gone wrong? There is no secret to success. Some people figure out leadership and others don’t. But why…
Corporate America Is Buying Back Stocks at Record-Setting Pace
Corporate America Is Buying Back Stocks at Record-Setting Pace If you don’t follow the stock market closely then you may have missed an ongoing trend this year. Corporate America is buying back stocks at a massive rate. In fact, these buybacks are happening at a record-setting pace. So how big are the numbers, exactly? They’re…