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Pay Now or Pay Later: Reducing Taxes Should Be a Retirement Priority

October 11, 2019

From the Kiplinger website

Do you have a plan to help reduce income taxes in retirement?

That’s become one of my top questions for the pre-retirees who attend my financial planning classes or come to my office for help.

If they have to think about it, it means they likely don’t have a plan. And, unfortunately, that could cost them a lot of money down the road.

Financial professionals have been putting more emphasis on tax-efficient planning in recent years because the amount of money being saved in IRAs, 401(k)s and other qualified benefit plans has become so excessive. When we evaluate where people — baby boomers, especially — are putting their savings, we find people are retiring with almost all their assets in tax-deferred accounts. And it’s becoming problematic.

That’s because too many savers are finding out in retirement that they have been misinformed.

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