It’s no longer what you make once you become a retiree because now, you are no longer receiving a paycheck, you are living on your retirement savings. Social security can give you some added means of financial support, but you will need savings as well to live on. You can start a Roth IRA, which will allow you to put more money away for your retirement and it is a tax free savings, you can withdraw the money without paying any taxes on it.
Key Takeaways:
- You won’t want to rely on social security, you will want to have investments and savings.
- A roth IRA is something that you will want to have because of the lack of taxes you will have to pay.
- We are in a favorable tax environment right now, but this won’t last forever.
“The bad news is that you may be paying too much in taxes now or set to in the future; the good news is that there could be tax planning strategies to help you keep more. Here are a few examples that may help you insulate yourself from taxes in retirement.”
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