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/
Here’s What Successful People Do Differently
Here’s What Successful People Do Differently Think about some of the most successful people you know. What makes them stand out? How did they become successful? What things do they do differently than most people? It takes hard work and the right attitude to become successful. And most successful people share very similar characteristics. So…
Alternative to Deleting Facebook
Facebook is getting a lot of criticism. Last week Apple CEO Tim Cook slam’s Facebook that it wouldn’t be in the situation because it cares about privacy. Facebook is also getting heat from congress over the last presidential election and the spreading of fake news.While some users are calling to delete their Facebook account, there are other options. According to Mark Zuckerburg, Facebook is taking actions to prevent companies from getting your information and ensuring these types of things
How to Maintain the Most Important Ingredient for Leadership
Remember those battery commercials featuring the Energizer Bunny? He just kept going, and going, and going. Yes, it’s true. That Bunny might have been a little annoying, but the message was clear. Energy is important and you never want to run out of it. So what about energy in the business world? How important is energy to an organization’s success? The truth is it’s vital.Energy Breeds SuccessHave you ever worked for a company that was low on energy? Going to work was probably a drag. There is
Beware of Cryptocurrency Frauds
Does it seem like a new cryptocurrency is born each day? Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading