Taxes in Retirement
Living on a fixed income in retirement means that you may have to be more conscious of getting the most out of your money. Regarding taxes, there are many ways you can do this. For instance, it is possible to strategically work out what tax bracket you will fall in to by moving your money around different accounts in order to control how much of your income is taxable. Doing so successfully requires intimate knowledge of how both federal and your state taxes function with your Social Security Benefits. Other ways to reduce taxes are through various deductions such as medical and charitable deductions. It may be worth consulting a financial expert to see what options are available and will best help you as everyone’s situation will be unique to them. For more information on this subject, visit this article by Tara Siegel Bernard with the NY Times.
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