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The post 5 Tax Strategies for Your Retirement Income appeared first on SmartReads by SmartAsset. Retirement planning can be complicated. But ignoring the tax consequences of your retirement income ...
Retirement planning involves estimating the amount of money you’ll need in retirement and saving and investing in order to achieve that goal. Many people don’t start thinking about retirement ...
Dave Yeske, a certified financial planner and managing director at the wealth management firm Yeske Buie, calculates that if you’re 55 and can put away $14,400 a year plus delay your retirement ...
You can make contributions with after-tax dollars and then withdraw the money in retirement tax-free. Other retirement savings accounts include Simple IRAs , SEP IRAs and Solo 401(k)s .
2. Understand Your Tax Bracket. Understanding your tax bracket is crucial for retirement planning. You can minimize your tax liability by managing your taxable income to stay within a lower tax ...
3. Invest Into an IRA Every Year. An Individual Retirement Account, or IRA, is an essential component of a comprehensive retirement strategy. This type of savings account, specifically designed ...
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