Retirees: remember these year-end tax deadlines
Retirement Tip of the Week: As we approach the new year, look for tax-advantageous strategies to cut your tax bill next year, or at least save you money in the long run.
There’s no right answer for which account is best, but general guidelines suggest people in lower tax brackets contribute to a Roth, especially if they expect to be in a higher tax bracket at retirement, and those who are in their peak earning years should go with a traditional, if they expect their income to be lower at the time they take a withdrawal.
Having an idea of what your income and expenses are for the current and future year is also just good general financial planning practice. With that information, retirees can decide if they should take Social Security early, or if they can afford to delay it, as well as feel more secure in their finances when the economic environment around them could be a bit scary, as it has been for many Americans this year.
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