Thinking of retiring in 2017? It’s a major life transition that involves financial and social changes. New retirees have a myriad of decisions to make, including figuring out where their income will come from, what to do with their savings, when to sign up for Social Security and Medicare and ultimately when their last day of work is....
It’s Not What You Make, It’s What You Save
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Relating Retirement Savings to Taxes
Making the right decisions about your retirement savings can do wonders for your tax burden. That’s because retirement accounts come with tax advantages. How much you pay in federal income tax is based on your taxable income, which is your income minus any exemptions or deductions for which you qualify. The higher your taxable income, the higher the percentage of your income you may pay in taxes, depending on your income tax bracket....