If you're retired or about to retire, think carefully about your tax strategy
Time:2024-05-21 21:31:05 Source:healthViews(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:Liverpool confirms Arne Slot as Jurgen Klopp's replacement
Next:Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
You may also like
- Key evidence in the 'burking' murder trial was 'hidden' from defence lawyers
- The Simpsons producer apologizes to fans for killing off long
- Joey Ortiz homers, drives in 4 runs, including winner in the 11th inning, as Brewers top Yankees 7
- Hamas is reviewing an Israeli proposal for a cease
- What's next for Iran after death of its president in crash?
- Class of 2024 reflects on college years marked by COVID
- Patrick Bailey hits walk
- DR MICHAEL MOSLEY: The simple drug
- How Robert F. Kennedy Jr. could make the first debate stage