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INSIDE THIS ISSUE
A Forward-Thinking July 4th
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The Art of Quiet Kindness Secrets to Spousal Stability
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One Man’s Very Strange Appetite Garlic Parmesan Shrimp
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Ways to Win the Retirement Race
a lengthy headstart will enable you to determine ways to make pretax funds work for you in tax-advantaged accounts.
Moves Beyond Today’s Money Secure Steps to a Safe Retirement
If you anticipate reaching a higher tax bracket in retirement, converting to a Roth IRA — in which you can grow post-tax funds toward your retirement and withdraw them tax-free after you reach 59.5 years old and have had the account for five years — may be a viable option to protect yourself and what you intend to provide to your heirs. However, prepare for the likelihood that putting too much money into a Roth conversion may lead you toward a higher tax bracket once retirement comes, so careful planning with professional assistance is advised. With taxes expected to rise in 2026 and beyond, it’s also prudent to work with a financial planner to implement strategies to reduce your financial obligations in retirement, including the amount taxed on your Social Security benefits. A Plan for Health Care Hurdles Unfortunately, reaching retirement age often means experiencing new health issues that could substantially impact your income. It is critical to consider how any changes to your retirement income may affect Medicare premiums or increase the chance of incurring penalties. Charting a financially secure future takes skill, focus, and tremendous care. What may work for someone else financially may not be the best solution for you. Consult a financial professional before implementing any plan that could drastically alter your comfort and security.
There’s often more to retirement planning than meets the eye, especially regarding taxes.
Although many people believe saving money for their golden years is the primary path to a secure retirement, tax planning and health care considerations play significant roles in the strength of one's later years and subsequent legacy. Here are two essential aspects of proper retirement and estate planning that many often overlook. The Right Financial Tune-Up Time Frame The most significant risk to successful estate and retirement planning is not starting the process early enough. To ensure the smoothest transition possible, experts recommend engaging in tax planning no later than five years before you intend to retire. Getting
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