It’s an unavoidable topic this time of year – taxes. However, there is more to tax season than just trying to file them. This is also a good time to think about your retirement – and come up with a plan that will have you paying the least amount of taxes when you start withdrawing from your retirement accounts.
Phil Huff, a partner with our sponsor Golden Reserve, appeared on “Live In The D” to share the most common tax blunders retirees are making these days.
“When it comes to retirement, the big thing about taxes is, in our IRA and 401Ks, we’ve spent our whole working career saving in these accounts and we’ve never paid the taxes,” said Huff. “In retirement, it’s time to pay it, but Uncle Sam controls all the rules. So, we want to have our own plan, not just follow Uncle Sam’s plan.”
Huff says there are a total of four things that cause retirees to run out of money.
To learn more about them, click the video player above.
You can learn more about Golden Reserve and how they can help your retirement by calling 313-888-8884 or by visiting www.getyourroadmap.com.