Will You Be in a Lower Tax Bracket in Retirement?
Manage episode 357968274 series 3428540
Does retirement increase or decrease the amount of taxes you have to pay? You might think that once you begin retirement, your tax bill will tend to go up at first, since people normally have much (if not most) of their retirement funds in a company retirement plan (401k, 403b, etc.) - all of which are taxable upon withdrawal at ordinary income rates.
But is this really the case? Should retirees simply resign themselves to giving up a big chunk of their retirement savings to Uncle Sam? In this week’s episode of Managing Your Financial Future, podcast host Johnny Dean and “Professor” Rick Plum, CFP® talk about why you may actually owe less in taxes than you thought you would when you retire.
179 epizódok