If you're retired or about to retire, think carefully about your tax strategy
Time:2024-05-21 10:46:09 Source:entertainmentViews(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.
You may also like
- Jon Wysocki dead at 53: Staind drummer passes away
- Sudanese army says will help evacuate foreign nationals
- Asia's first deep water jacket Haiji
- U.S. Summit for Democracy fans flame of confrontation to tumultuate world
- Siblings trying to make US water polo teams for Paris Olympics
- China strong supporter of multilateral trading system, says WTO director
- Chinese women's national football team seeks head coach
- Commentary: Chinese consumer market full of opportunities for global brands
- Ohio judge to rule Monday on whether the state’s abortion ban stands