3. Engineer your income. If you’re retired and haven’t yet reached age 70 1/2 (the year in which you’re required to start tapping your retirement assets) consider the impact turning 70 1/2 will have on your tax bracket. If you’re in a lower bracket today and expect it to rise as a result of future required distributions, consider your accelerating income now. Take a distribution from your IRA now to leverage today’s lower brackets.
Five Year-End Tax-Cutting Strategies
December 16, 2013
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