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If you’ve found yourself worrying more about your retirement planning over the last year, you’re not alone. Almost half (49%) of non-retired investors are “very nervous about spending down their nest egg in the current environment”, according to the 2022 Nationwide Advisor Authority survey.
A period of volatility entering retirement
The first step to getting taxes as low as possible – and maximizing savings – is to take advantage of tax-deferred accounts such as 401(k)s and IRAs. If you work for a company that provides a matching contribution to a 401(k) plan, make sure you contribute the amount necessary to get the match. A good rule of thumb is 15% of salary, but if you can afford it, contributing the maximum ($22,500 or $30,000 for those over 50) is a great way to boost savings while lowering your taxable income.
If you are below the maximum income level of $144,000... ...
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