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/
Hottest Inventions of 2017
Hottest Inventions of 2017 Wow, believe it or not 2017 is almost over. How can that be possible? Where does the time go? We’re now less than two months away from 2018. That means a new batch of innovative gadgets will soon be making their debut at trade shows and retailers all over the country.…
Add These Historical U.S. Sites to Your Bucket List
Add These Historical U.S. Sites to Your Bucket List Are you a history buff? There are so many places in the country to see if you want to experience some of the things that helped make this country what it is today. Of course, there are many well known sites that would make any history…
How to Build Emotional Intelligence
How to Build Emotional Intelligence IQ vs. EQ and how that affects you Throughout childhood teachers are quick to pick out students who are “high performers” and have a high IQ. With society giving such a larger emphasis on IQ, it is inferred that only those who have a high IQ will be successful financially…
Leadership Through Crucial Conversations
Leadership Through Crucial Conversations Think of a time where you had a difficult conversation with someone, the kind where emotions are strong, and the stakes are high. It could be on a variety of topics: negotiating a raise at work, having to fire an employee, or even how to tell your spouse that you don’t…