3 Common Mistakes in Retirement Planning – and How to Fix Them | personal finances

3 Common Mistakes in Retirement Planning – and How to Fix Them |  personal finances

To avoid a financial crunch later in life, read up on taxes in retirement and work with an accountant or financial advisor to see what strategies you can employ to keep your IRS burden to a minimum. You may want to move some of your savings from a traditional retirement plan to a Roth account, for example, to get yourself into a lower tax bracket as a senior. First of all, retirement plan withdrawals count as taxable income if you don’t have a Roth savings plan. Also, Social Security benefits can be taxable, depending on your total income. And then there are pension payments — if you’re fortunate enough to have some to look forward to, you should expect to pay taxes on them as well.

A lot of people figure their taxes will go down in retirement, or that they won’t need to pay the IRS any money at all. But that’s far from true.

The News Highlights

  • 3 Common Mistakes in Retirement Planning – and How to Fix Them | personal finances
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Qualcomm’s Next Flagship SoC to Be Snapdragon 898; Cortex-X2 Speeds to Reach 3.00+ GHz
Qualcomm’s Next Flagship SoC to Be Snapdragon 898; Cortex-X2 Speeds to Reach 3.00+ GHz
Snapdragon 898 May Also Feature a Different CPU Cluster Than What We Are Used to Seeing Popular tipster Ice Universe mentioned the new flagship SoC name on ...
Biden Announces New Steps to Combat Covid Pandemic
Biden Announces New Steps to Combat Covid Pandemic
The Centers for Disease Control and Prevention also issued new guidance Tuesday recommending indoor mask use in areas with high transmission rates after new ...
Crypto Companies Will Report Transactions Over $10,000 To IRS Under Proposed Tax Pressure To Help Fund US Infrastructure Plan |  Currency News |  Financial and  News News
Crypto Companies Will Report Transactions Over $10,000 To IRS Under Proposed Tax Pressure To Help Fund US Infrastructure Plan | Currency News | Financial and News News
Both sides of the aisle have been pushing for new crypto-tax measures after trading in cryptocurrencies took off over the past year. The price of the biggest ...
IMF’s Georgieva and Zelensky will speak over the phone. 28th of July
IMF’s Georgieva and Zelensky will speak over the phone. 28th of July
“Today I’m having a conversation with the Managing Director of the International Monetary Fund, Ms. Kristalina Georgieva, at 18:00, I believe, I’m having a ...
Unbound: Worlds Apart Comes to Nintendo Switch
Unbound: Worlds Apart Comes to Nintendo Switch
You’ll play as Soli (the little red mage) who teleports into a strange and savage new place, with the power to open portals which change the very nature of ...
Aiken hospital limits visitation amid rising virus |  local health news
Aiken hospital limits visitation amid rising virus | local health news
A patient at the end of their life is permitted two visitors and a clergyman. Exceptions may be made on a case-by-case basis. In the intensive care and ...
New Mexico reports 5 new deaths, 329 additional cases of COVID-19
New Mexico reports 5 new deaths, 329 additional cases of COVID-19
As of Wednesday, there are 196,723 COVID-19 cases designated as having recovered by the NMDOH. The state reported that 133 individuals are currently being ...
Guide To Using Multiple WhatsApp Accounts On Desktop
WhatsApp is apparently working on an iOS-to-Android conversation history transfer feature
Screenshots shared by WABetaInfo show a new “Move chats to Android” option in WhatsApp’s iOS app. A second screenshot shows a screen prompting users to keep ...
Was Macron’s phone a snooper’s target? The French are looking into it
Was Macron’s phone a snooper’s target? The French are looking into it
ASSOCIATED PRESS / July 28, 2021 France’s defense minister wants to learn from her Israeli counterpart what, if anything, Israel knew about the clients of ...
Telegram’s New Beta Version Brings New Features
Telegram’s New Beta Version Brings New Features
The new Telegram beta brings new video speed controls Watching videos isn’t the most important part of a messaging app, but it still helps to have more ...
Show next
Compsmag - Latest News from tech, business and health
Logo