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7 ways to lower your tax bill in retirement. 1. Go with a Roth IRA or Roth 401 (k) Workers can save with pre-tax IRAs and 401 (k)s, letting them avoid taxes on their contributions and growing ...
The post 5 Tax Strategies for Your Retirement Income appeared first on SmartReads by SmartAsset. But ignoring the tax consequences of your retirement income can take a bite out of your nest egg.
April 9, 2024 at 10:15 AM. NEW YORK (AP) — Coming up with the best tax strategy in retirement can be much trickier than it seems, and tax pros agree it's a time when people need to be especially ...
6. Move to a Tax-Friendly State. Some states have lower or no state income taxes, which can significantly impact your overall tax burden in retirement. If feasible, consider relocating to a tax ...
A Roth IRA uses after-tax income – meaning no tax break today – but you’ll enjoy tax-free growth on your money and tax-free withdrawals in retirement. The maximum contribution in 2023 for an ...
Continue reading → The post 5 Ways to Reduce Tax Liability in Retirement appeared first on SmartAsset Blog. Focusing on limiting your tax liability can be especially valuable.
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