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Creating a retirement paycheck that generates the income you need while keeping you in the lowest possible tax bracket isn’t as easy as it seems. All the planning you did while working – like saving retirement funds in tax-deferred accounts and diversifying by purchasing a second home, can turn into tax bombs as you move through retirement.
The consequences of higher income aren’t limited to a bigger tax bill – they can also include expensive Medicare surcharges.
What’s the solution?
There are some areas where multi-year tax planning can pay off.
Withdrawals from tax-deferred accounts are taxed at ordinary income rates. Later in retirement, when RMDs kick in at age 73, the years of compounding that have resulted in a hefty balance can mean a big tax bill. For a point of reference, AARP... ...
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