-- The recently released guide is part of a series of retirement planning articles from the firm, designed to help citizens manage income during the golden years and enjoy a financially secure future.
More information can be found at https://assets.net/how-to-avoid-paying-taxes-on-retirement-income-expert-advice
Coming at a time when the number of Americans approaching retirement age is set to reach an all-time peak, the 2023 report covers several key methods to reduce or eliminate taxes on retirement income, including relocation and making strategic withdrawals from investment accounts.
Statistics from the Center for Retirement Research show that, for some retirees, income taxes in the post-work phase of life can be over 10%, and in the case of high-income individuals or households, this figure can reach up to 23%. The guide to retirement income taxes from Assets helps seniors understand how taxation in retirement does not need to be static; rather, it is flexible and can be negotiated. “Retirement should be a time of ultimate relaxation and financial stability, but unfortunately, this isn’t always the case,” says a company spokesperson. “While many retirees feel overwhelmed with managing their retirement income, the good news is that it’s possible to minimize the tax burden significantly during retirement.”
For readers who may be open to relocation in their later years, the guide covers the ways that retirement income taxation regulations vary from state to state, with some states opting to forego income tax entirely, while others offer tax-friendly laws for retirement accounts.
The report also covers the topic of strategic withdrawals, offering tips for how to manage required minimum distributions (RMDs) in the most tax-beneficial manner, taking factors such as age, overall balance, and annual income levels into account.
Additionally, readers will find advice regarding how to choose tax-free investments, in which retirement savings can be moved into bonds as a way of reducing risk and preserving resources, while enjoying tax exemptions for municipal bonds and treasury bonds.
For interested parties, the Assets team of financial advisors is available to discuss retirement planning strategies and answer any tax-related questions.
More information can be found at https://assets.net
Contact Info:
Name: Scott Hall
Email: Send Email
Organization: Assets
Address: 60 W 23rd St Suite 638, New York, NY 10010, United States
Website: https://assets.net/
Release ID: 89108695