3 most forgotten must-dos for retirees paid Impact_Partner
You’ve spent the last 45 years of your life working and saving to get to this point: retirement! As you’re closing in on those last few months of your job, you may dream of sleeping in, staying up late, and never dreading a Monday again. After all, this is the real American dream. You’ve done everything right and followed all of the financial rules.
Dividing your accounts into various “buckets” can help you prepare for the volatility that has returned. You can have a fixed bucket that is protected from market loss and can be used to provide income for 10 years, should the markets stay down, and another bucket of equities to capture those potential gains from the markets during a positive run.Next to debt, taxes and health care costs are some of the largest drains on retirement savings.
Roth conversions can be a great tool to convert taxable funds into nontaxable funds and potentially save you thousands of dollars in unnecessary taxes during retirement. Additionally, converting traditional IRA money into a Roth can potentially help you avoid excess taxes on your Social Security income, as determined by the provisional income calculation.This lesser-known equation is used to determine how much of your Social Security income can be taxed and has caught many retirees by surprise.
There is no easy answer for this, but working with a financial professional can help you navigate the products and strategies that may work best for your needs.It’s easy to get caught up in your new retirement lifestyle and miss some of these important tips for retirees. Making these small adjustments to your current retirement plan can help you gain the confidence to enjoy the retirement you’ve always dreamed of.
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