Whether you are retired or preparing for retirement, you may find the topic of taxes confusing and difficult to navigate. On this segment of Better Money Boston, Joel Johnson, CFP® and Pam Cross discuss different strategies to help minimize your tax bill in retirement.
Congress makes tax changes every year, some years more than others. Staying up-to-date on this information is important and may require the help of a financial professional.
You can use multiple tax buckets at the same time and move money easily from one bucket to another, with the exception of Bucket 4: Income Tax-Free to you and your estate.
There are four different places you can put your money where it can be taxed.
1.) Taxable Accounts
2.) Tax-Deferred Accounts
3.) Income Tax-Free to you but not your estate
4.) Income Tax-Free to you and your estate
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