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Utilize the 0% tax bracket from "summary" of The Power of Zero, Revised and Updated by David McKnight
To maximize your retirement income, it is crucial to take advantage of the 0% tax bracket. This concept allows you to withdraw money from your retirement accounts without paying any taxes on it. By strategically planning your withdrawals, you can keep your taxable income low and avoid unnecessary taxes. One way to utilize the 0% tax bracket is by taking advantage of your standard deduction. For example, in 2021, a married couple filing jointly can take a standard deduction of $25,100. This means that the first $25,100 of their income is not subject to any federal income tax. By structuring your withdrawals to stay within this threshold, you can effectively reduce your tax liabi...
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