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Tax planning for retirement is different from the strategies you deploy to minimize taxes while working. You’ll be using your investments for income, and the way they are taxed is different depending on the type of account you hold assets in. In addition, at age 72, you’ll begin taking required minimum distributions from your tax-deferred accounts, and these amounts can quickly push you into higher tax brackets.
Does it matter? According to research done by Morningstar, tax planning can add up to 4% to retirement income.
Asset allocation is creating diversification in an investment portfolio by placing assets into several different asset classes that may perform differently given the same set of market circumstances. It helps to smooth volatility, which can potentially increase returns over time. The classic 60/40 portfolio that combines 60% equities and 40% bonds is an example of asset... ...
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