Strategies to avoid tax traps from "summary" of The Power of Zero, Revised and Updated by David McKnight
To ensure your retirement savings are not eroded by unnecessary taxes, it is crucial to implement strategies that will help you navigate potential tax traps. One way to minimize tax liabilities is by diversifying your taxable, tax-deferred, and tax-free accounts. By spreading your savings across these different types of accounts, you can have more control over your tax burden in retirement.
Another effective strategy is to strategically withdraw funds from your various accounts in a tax-efficient manner. By carefully planning your withdrawals, you can minimize the amount of taxes you owe each year and potentially reduce your overall tax liability over time. For example, you may choose to withdraw funds from your taxable accou...
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