12 Steps to a Happy Retirement Follow these 12 steps to find fulfillment and retire happy. Rachel HartmanApril 15, 2025 Tax Day Poses New Dilemmas for Retirees You may find filing your taxes to be more complicated than when you worked full time. ...
Retirees can follow these simple guidelines to help manage their tax situation. Here's what you need to know about taxes in retirement.
For example, in 2025 (taxes filed in 2026), you may not be able to deduct your contributions if you’re covered by a retirement plan at work, you’re married and filing jointly, and your modified adjusted gross income was $146,000 or more. There are limits to how much you can put ...
Implementing strategies to reduce taxes can help you manage your income more successfully throughout your retirement years. Note: Bankrate’sBrian Bakeralso contributed to an update of this story. Cite us Share this article Close Nora Carol Photography/GettyImages; Illustration by Hunter Newton/Bankrat...
401(k) Rollover: Is an Annuity Right? Annuities offer protection, but your 401(k) already gives you tax advantages without the fees and complexity. Kate StalterApril 29, 2025 Create an Account Create a free account to save articles, sign up for newsletters and more. ...
Retirement tax planning: Additional options Small business owners or high income earners that have a steady income and want to reduce their taxes today can find big benefits by coupling a cash-balance plan with their 401(k) plan. A cash-balance, or CB plan, is basically a pension plan that...
avoid unnecessary taxes on your returns. Depending on your tax bracket and how much you trade, each trade can potentially create a "tax drag" that can reduce your after-tax returns by 1% to 3% annually.5Compounded over 30 years, overtrading could result in a lot of returns lost to taxes...
goals isn’t just about the amount you invest and the returns it generates. Reducing tax liabilities in your portfolio can also play a key role in helping you build wealth over the long run. As you review your income and portfolio, consider these steps to help reduce taxes on your ...
Taxes FAQs Is there a way to reduce taxable income? Does contributing to a 401(k) reduce your taxable income? What factors affect income tax? What is the tax filing deadline? Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies,...
Budgeting is another important factor when it comes to planning for retirement. Creating a plan to reduce spending can help you place more money into different retirement vehicles, such as an IRA or savings account.When it comes to cutting spending, consider expenses you may no longer need, ...