Are you looking for ways to avoid taxes on retirement and Social Security income? There are many retirement tax strategies you should be aware of. You may even be looking for how to avoid taxes on withdrawals from your 401k or other investment accounts.
It’s tempting to look for an IRS loophole to reduce taxable income in retirement. We’re not going to talk about hacks or questionable loopholes, but we will outline some legal and proven methods to reduce your taxes in retirement.
This post was last updated on December 29, 2022, to reflect all updated information and best serve your needs.
Interested in keeping your medical costs low in retirement? Failing to plan out key details could cost you if you’re not careful. Income Related Monthly Adjustment Amounts (IRMAA) for your Medicare Part B and Part D premiums are a prime example.
Deciding on when to draw Social Security based on only one or two factors could be a huge mistake. As you approach retirement, your financial life doesn’t necessarily become less complicated. In some ways it gets even more complex.
It may seem like making the right decision is pretty straightforward. However, once you include all the different income, tax, and lifestyle variables, it isn’t that easy. At NextGen Wealth, we help guide you through these decisions in a deliberate and methodical approach.
Retiring early might sound nice, but not if you’re forced into it! If you are forced to retire sooner than you planned, you’ll need to prepare yourself for your next chapter a bit abruptly. You may not have saved as much money as you had hoped, or this may mean smaller dreams for you.
Regardless of what forced you to retire early, there are steps you can take to improve your financial position. Let’s talk about what you need to consider if you find yourself in this situation.
This post was last updated on December 30, 2022, to reflect all updated information and best serve your needs.
Deciding when to draw social security benefits is one of the most important decisions you will make as a retiree. Careful consideration of your specific situation and goals is a must. Don’t wait until you’re eligible to make these important decisions.