Nearing Retirement? Here are 3 Financial Lessons for Retirees
Certified Financial Planner Tony Drake says it is important for people to educate themselves as they plan for retirement, lest they make one of three big mistakes. Maintaining the same or a similar standard of living requires planning, preferably a written income plan. He reminds folks that distributions from retirement accounts like traditional IRAs or 401(k)s are taxable income and often bump people into a higher bracket. Social Security benefits, too, become taxable for many retirees, as the thresholds for where tax kicks in have not been adjusted for inflation since 1993. Full Kiplinger article here.