If you're retired or about to retire, think carefully about your tax strategy
Time:2024-05-22 10:28:17 Source:politicsViews(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:'IF' movie review: John Krasinski’s film hits a box office nerve with $35 million debut
Next:Progressive prosecutor in Portland, Oregon, seeks to fend off tough
You may also like
- Politically motivated crimes in Germany reached their highest level in 2023 since tracking began
- William Strickland, a longtime civil rights activist, scholar and friend of Malcom X, has died
- 5 found dead in Oklahoma home, including 2 children, police say
- Spanish women among top Laureus winners and Djokovic is world sportsman of the year
- At least 6 Egyptian women die after vehicle slides off ferry and plunges into Nile River
- Jac Caglianone's 9
- Canadian family receives wrong body after father died on Cuban vacation
- Sleeping bags at the ready... MPs and peers dig in for late
- Kansas takes control in the ninth and beats Kansas State in the opener of the Big 12 Tournament