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/
Tara Renze – How to Truly Be Yourself
How can you Become the Best you? Book author, Tara Renze, describes her journey in writing a best selling book on how to become the person you were meant to be. Listen as she tells her story of chasing her dreams and achieving them. Transcript of Tara Renze Interview, How to Truly be Yourself, by…
Eric Ball – General Partner for Impact Venture Capital
Venture capital is a tricky game to play, but Eric Ball has it down to a science with Impact Venture Capital. Since starting the firm, he has been able to assist many successful startups as they venture into the world of business and technology development. Learn how he has found success living the American Dream…
Porter Ellett – Coaches Football with One Arm
His Dream of coaching football caused him to take a much different path in life than he originally intended to take. In this episode of American Dreams, Porter Ellett shares his story of how he came to coach the Kansas City Chiefs. Listen to his inspirational story as he shares how individuals influenced the path…
Ukraine Citizens Pay Zero Tax
The Ukraine government has declared that no Russian tanks or military equipment captured by citizens need to be declared as income for tax purposes. Most countries have a long historical relationship between war and taxing its citizens. War & taxes in the US Here in the US, individual federal income-taxes were originally only required when…