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/
End-of-Year Tax Tips to Protect Your Investments
End-of-Year Tax Tips to Protect Your Investments As the year gets closer to ending you may have already started thinking about your taxes. How will they play out this year? There’s no doubt this will be a tax year like no other, with all the changes taking place thanks to the Tax Cut and Jobs…
Is Your Toxic Culture Repairable?
Is Your Toxic Culture Repairable? How is the mood at your workplace? Do people enjoy coming to work? Is there a feeling of unity and teamwork? Or, would you rather spend all day at the dentist instead of another day in the office with “those people?” The work environment plays a huge role in how…
How to Use Your Home Equity to Boost Retirement Income
How to Use Your Home Equity to Boost Retirement Income If you’ve lived in your home for many years, or you live in an area that’s experienced a surge in home values then you most likely have a substantial amount of equity built up in your home. Home equity is good to have no matter…
Top Tips for Charitable Giving Under New Tax Law
Top Tips for Charitable Giving Under New Tax Law One of the best ways to save on taxes, no matter which earnings class you’re in, is to donate money to charity. This has been a long-standing way to not only do good, but to also lower your tax bill. However, thanks to the Tax Cut…