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“This allows for you to take money out of your retirement account tax-free and possibly satisfy some of the RMD (required minimum distribution) requirements for those over 70.5.” Split That ...
Invest Through Tax-Advantaged Retirement Accounts. Putting your money in tax-advantaged retirement accounts, like an IRA, 401(k) or Roth accounts, can minimize your tax burden while maximizing ...
5. Watch your debt. You might not have as much debt in retirement, but it doesn’t disappear for everyone. Think about ongoing debts you manage, whether it’s credit cards, outstanding bills or ...
Create a Tax Strategy. Just because you stop working doesn’t mean you stop having to pay taxes (sadly). Furthermore, retirees with a traditional IRA or 401(k) face required minimum distributions ...
It almost always makes sense to max out your contributions to get the biggest benefit from your retirement account. In 2024, you can contribute up to $23,000 a year in your 401(k).
Planning for retirement can be a complicated process, full of in's and out's along the way, well before you work your last day on the job. During that time, chances are you are saving and adding to...