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Strategies to reduce tax liability from "summary" of The Power of Zero, Revised and Updated by David McKnight
One way to minimize the impact of taxes on your retirement is to strategically reduce your tax liability. By employing various strategies, you can potentially keep more of your hard-earned money in your pocket instead of handing it over to the government. One such strategy is to diversify your retirement savings across different types of accounts, such as Roth IRAs, traditional IRAs, and taxable brokerage accounts. Each of these account types has its own tax treatment, allowing you to draw on them strategically to minimize your tax burden. Another key strategy is to leverage opportunities to convert traditional retirement accounts to Roth accounts. By doing so, you can pay taxes on the converted amount now at a potentially lower rate, allowing your money to grow tax-free in the future. Thi...
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