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Retirement and Taxes: An Uncertainty - finance.yahoo.com
Passage of the recent “One Big Beautiful Bill Act” brought with it some much-welcomed tax relief for seniors, specifically with extension of the TCJA rates from 2017 and, of course, the “bonus deduction” intended to offset (for some) the effect of income taxes on benefits. Remember, though, that some of these OBBBA enhancements are temporary and will sunset after the 2028 tax year.
What about after that? A post by GoBanking Rates’ Gabrielle Olya offers conjecture on the impact that future tax rates could have on individuals’ retirement financial planning. Quoting businessman, real estate investor Grant Cardone, Ms. Olya reports “Everybody assumes their retirement account’s going to handle them, but they don’t know what their tax [burden will be] when they’re 73 years old.” The point here is to build tax-advantaged retirement revenue streams that would allow you to overcome unexpected changes in taxation during later years. Check out the article here.
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