On the road to retirement one of the most overlooked expenses is taxes. Experts say many Americans will spend more on taxes than on any other single costs during their golden years and yet tax strategies often take a back seat. Anna Christine, a partner with Golden Reserve, a Detroit area Financial Retirement Planning Firm, stopped by “Live in the D” to give some helpful advice on tax strategies for those facing retirement.
“Waiting to take money out of your IRA or 401 k, because you’re scared of the tax,” she said is a big mistake retirees make.
She said there are also “tax traps” that catch retirees off guard. One of those mistakes is the “Widow’s Penalty” which she says happens when a spouse passes away.
Christine also said, paying the “single filing rate” is more expensive than the “married filing rate.” Christine added that these mistakes can costs people hundreds of thousands of dollars, but she said their firm is ready to help.
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To see the entire interview, click the video above.
Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: goldenreserve.com.