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Managing your taxes in retirement is important as ever. In retirement, you may have income from various sources, with each one having tax rules that might differ from others. One nasty tax surprise can reduce your fixed income in retirement without an easy way to make up the loss. However, understanding the rules can help minimize taxes.
You may also want to consider when to begin withdrawing money from a tax-free Roth IRA if you have one. You aren’t required to take minimum distributions from a Roth during your lifetime. Not so with a traditional IRA or 401(k) plan, which require minimum distributions by age 70 1/2. Failure to meet this deadline may result in a stiff penalty on the required amount not withdrawn. If you qualify by income, converting some or all of a traditional IRA to a Roth IRA in a down income year may also make sense.
When to begin drawing Social Security benefits is another question to answer. Taking them before full retirement age may reduce your benefit permanently, while the benefit permanently increases for every year of delayed payments up to age 70. And if you continue to work, you can still contribute to an IRA or 401(k) plan. Talk to your financial professional to learn more.
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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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