In This Video:
Will your taxes be higher or lower in retirement? Well, a lot of it depends on where you’ve been saving your money.
Things to Consider:
If you’re like a lot of other Americans, you’ve probably been putting a majority of your savings into tax-deferred accounts like the 401k, 403b, 457, and the IRA. If so, you might be in a for a big tax surprise in retirement, and it’s likely not going to be one you enjoy.
In this video, we’ll help you get a better idea of how you can determine whether your taxes will be higher or lower in retirement. We’ll also tell you why paying attention to these savings contributions now could potentially help you save thousands of dollars later on. Whether you’re still working or already retired, we’ll share some ways you can improve your tax situation.
Here’s what we cover in this financial video:
0:00 – Intro
1:26 – Required minimum distributions
2:20 – Hypothetical #1: $1 million saved in tax-deferred accounts
4:03 – Why RMDs aren’t just a flat number in retirement
5:18 – Compare the items to determine future taxes
7:07 – Strategies to help you offset higher taxes
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