Retirement and Tax-Wise Strategies


Pay Less Taxes During Your Retirement

You’ve spent years building your nest egg. You’ve invested in brokerage accounts, 401-k’s and Roth Accounts.  At retirement,  how do you know  which account  to draw money from first? If your withdrawals bump you into a higher tax bracket, you might have to pay higher taxes on your hard-earned money.  

And what about social security?  Social security has been a reliable source of income for many people. But what happens if you don’t need social security at retirement because you have other income?  Did you know that you can optimize a strategy that can help you make the most of your social security benefits? You might consider delaying the receipt of benefits until 70 years old when your monthly benefit will be higher and there won’t be taxes on this money now that is being withdrawn. It might make sense to draw down on other assets first and then tap into social security later.  

Tax wise strategies might sound complicated, but there is a solution; tax-efficient, customized distribution strategies that will protect your money.  Paying attention to tax strategies for your retirement income is important, but there’s no one-size-fits all plan. At BetterWealth for Women, we will create smart strategies that will coordinate distributions between taxable, tax-deferred and Roth accounts where you can keep more of the money you worked so hard to save. Talk with us today and we will help you find the best solution for maximizing your retirement savings.

Get Your Financial Plan On Track Today

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