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/
Tax Season Starts Next Week – Are You Ready?
It’s almost here. That glorious time of year known and loved by millions as “tax season.” Of course, the reality is that most taxpayers don’t look forward to this time of year – unless they’re expecting a large return – but even those that fall into this category still don’t look forward to the…
Could Some Wealthy Taxpayers Pay More Taxes With Trump?
Are you ready for some new tax policies under President-Elect Donald Trump? Ready or not, there are likely going to be big changes to the nation’s tax system when Trump takes office this month. All the talk since the election began has been about Trump’s tax cuts helping the rich get richer. While it’s…
Will Latest Group Lottery Winner Be Affected by Taxes?
There is nothing quite like winning the lottery. In almost all cases lotto winners go from rags to riches overnight. There is definitely a thrill and exhilaration that comes with becoming an instant multi-millionaire. Who wouldn’t want to win the lottery? Hold that thought. Winning the lottery comes with several possible catches that could…
At Least One Top Hedge Fund Manager Favors Trump’s Tax Plan
The tax questions continue to grow as the country waits for President-Elect Donald Trump to be sworn in, in just a few more days. Of course, there is much debate as to whether or not Trump’s tax policies will help or hurt our country and it’s overall economy. The nation is as divided over…