How to plan ahead and reach your retirement goals.
These days, thanks to medical and technological advancements, people are seeing an increase in quality of life that will take them well beyond their 60s. A longer life brings great possibilities, but there also are challenges to balance the desire to live a life that is both long and financially secure. Obstacles like increasing health care expenses and maintaining lifestyles and independence will appear as retirees navigate through retirement.
Whether you’re planning to work another decade or wrapping up your career in the near future, anyone looking toward retirement should not overlook the impact taxes can have upon their retirement. Brad Gotto, owner/advisor of , has found when talking taxes with retirees that many are unprepared for the impact Uncle Sam can have on their wallet as they reach the golden years. He says:
Retirees get to the stage of retirement where complexity goes through the roof. Now it’s not, ‘Here’s your paycheck every month and we’re going to automatically withhold taxes based on your rate of income.’ When you receive a paycheck, they take care of it for you. But when you get to retirement, you have this massive pile of money, and it’s on you to figure out how to pay your tax bill. It’s a daunting thought process.
The good news is a few careful planning strategies can make a big difference in the overall amount of money that stays in retirees’ pockets during their retirement years.The first part in planning for taxes in retirement is understanding the account options available and the tax advantages each provides. Here is the breakdown: Contributions to Roth accounts are made with after-tax dollars. Examples include Roth 401s and IRAs.
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