Income Taxes in Retirement: How to Reduce Your Taxable Burden Down the Road

Taxes are an inevitable part of life, whether you’re still working or you’re retired. When you enter retirement, your funds may be more limited, and you don’t want to get a surprise tax bill when you have less financial flexibility. That’s why you need to plan ahead for taxes in retirement. Taxes work differently depending on your retirement income. There are five main types you may take in once you have retired: Pensions Annuity distributions 401(k)s or IRAs Investment income Social Security benefits Here are some ways you can reduce your tax burden no matter where your retirement income is coming from. Make Roth Conversions When you turn 70 and a half, you will have to start taking require

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