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.
Related articles:
Related suggestion:
Xi Stresses Implementing Guiding Principles of Key Party Congress in Armed ForcesProcuratorate, Federation Protect Rural Women's Land RightsXi Awards Friendship Medal to Vietnam's Communist Party ChiefWorld Insights: ChinaMan Who Respects CultureExhibition Held to Promote Family Education, Family TraditionChina Focus: Report to 20th CPC National Congress — How It Was ShapedXinhua Headlines: How the CPC's New Central Leadership Was FormedXi Congratulates Lula da Silva on Election as Brazilian PresidentChina launches campaign to boost grain output
3.0774s , 6501.8359375 kb
Copyright © 2024 Powered by If you're retired or about to retire, think carefully about your tax strategy ,Global Gazetteer news portal