Don’t Let Unexpected Taxes Diminish Your Retirement Dreams
December 18, 2019 by Ken Heise
Good financial advisers spend a fair amount of time harping on the value of solid tax planning — even if their clients might not want to hear it.
No one likes to dwell on the idea that they’ll be handing over a large percentage of their nest egg to Uncle Sam every year in retirement. Yet, without a plan, that’s exactly what many people will do.
Often, that realization doesn’t hit home until retirees turn 70½ and must begin taking required minimum distributions (RMDs) from their tax-deferred retirement accounts. Or it might become a concern when they’re widowed and begin paying taxes as a single filer instead of a married couple filing jointly. But taxes are something you should be ready for from Day One — especially if you’re worried about running out of money or having to lower your lifestyle expectations in retirement.
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