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/
Nick Nanton – Emmy Nominated Filmmaker
As a winner of 22 Emmy Awards, Movie Producer Nick Nanton has a great understanding of the arts and how to captivate the audience. His secret for doing such amazing work is surrounding himself with experts and allowing them to do their jobs. Listen to this American Dreams Episode to learn how he was able…
Gareb Shamus – Bringing NFTs to Super Heroes
Gareb Shamus Biography Gareb Shamus is a serial entrepreneur, visionary, and cultural catalyst who has influenced over a billion people through his businesses, communities, and relationships in the Superhero and character franchise worlds. As the founder and publisher of Wizard magazine, Shamus created the comic book industry’s most influential voice and grew Comic Con…
Heidi Kuhn–Founder of Roots of Peace
Heidi Kuhn–Founder of Roots of Peace Transcript: Alan Welcome to today’s show. Can you share a little about your background with us? Introduction of Heidi Kuhn, see bio below Heidi When one looks back on the tapestry of our life, you know, it is those seeds that we have in common rather than…
Three Reasons the Fed is Lying About Inflation
Why would the US federal government purposely underreport or flat out lie about the current rate of US inflation? Below are three specific reasons given during a recent interview of Robert Zuccaro, CFA, Founder & CIO of Golden Eagle Strategies. He actually cautioned about inflation last February in an earlier interview, and published his findings…