If you're retired or about to retire, think carefully about your tax strategy
Time:2024-05-08 00:41:27 Source:sportViews(143)
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 careful to look at their entire financial picture before deciding on things like 401(k) withdrawal amounts and timing, or when to begin taking Social Security.
“It’s the biggest change in life other than death. Don’t be so quick about deciding when to take Social Security benefits or 401 benefits. Talk to a tax professional before you make these decisions to avoid surprises. It may save you a lot in tax dollars,” says Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals.
Withdrawing a large amount to do something like pay off a mortgage could result in a dramatic increase in what percentage of your Social Security benefits will be taxed, for example.
Previous:Vietnam celebrates 70 years since Dien Bien Phu battle that ended French colonial rule
Next:What are tactical nuclear weapons and why did Russia order drills?
You may also like
- Bank Holiday washout! Met Office issues nine
- Shangrao Increases Efforts to Build Harmonious Communities
- Federation Helps Women Understand Law
- China Makes Remarkable Progress in Education in 2022
- REVEALED: Michelin Guide names its first
- Organizations Work Together to Protect Women, Children's Rights, Interests
- Ordos Protects Women Employees' Rights
- Guangzhou Increases Efforts to Help Women Protect Rights, Interests
- I have the largest penis in Britain