Many People Think That Retiring Means Lower Taxes, But That’s Not Always True
Taxes in Retirement: How to Minimize Your Tax Bill
According to Kiplinger, Many American think that when they retire, they won’t have to pay as much in taxes. But that’s not always true. The government still wants its share of the money you’ve saved. In fact, there are special rules that can affect how much you have to pay in taxes.
You can save on taxes by using a special kind of transfer called a QCD. This lets you give some money to a charity or church without paying taxes on it. Another way to save is to move some of your money from a tax-deferred account to a Roth IRA. This can help you avoid paying taxes on your money when you withdraw it in retirement.
Retire Smarter: How to Minimize Taxes, Maximize Your Savings, and Secure Your Financial Future with Expert Tax Planning Strategies (PHOTO: GOOGLE)
Preparing for the Future: Why Tax Planning is Crucial in Retirement
It’s important to think about taxes now because the rules might change soon. The government has said that some tax rules will go back to the way they were before 2017 in 2026. This means that your taxes might go up. That’s why it’s a good idea to work with a financial expert who can help you plan for the future and make sure you’re not surprised by higher taxes.
