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Predicting Your Retirement Tax Bracket

Barry Kornfeld

Barry M. Kornfeld has worked over two-and-a-half decades as a financial advisor based in Boca Raton, Florida, helping seniors create safe and predictable retirement incomes. Through his firm First Financial Tax Group, Barry Kornfeld’s approach to retirement planning starts with saving as much money as possible on one's tax bill.

A major factor when planning for retirement is predicting the tax rate you will have to pay on your retirement income. By understanding your expected income and then calculating the taxable portions, you can estimate your tax rate and plan accordingly.
Retirement income typically comes from one of the following sources: pensions, 401(k) plans, and IRAs (which are often tax-deferred until retirement), Roth IRA accounts, investment income, and social security income. One simple strategy to reduce your taxable income is to identify all the tax deductions you qualify for.
Staying in the lowest possible tax bracket by withdrawing from already-taxed sources, such as Roth or savings accounts, is another way to lower your tax bill. Multiple sources of income will increase your options, allowing you to limit taxable distributions.

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