4 Strategies to Cut Your Taxes in Retirement
Many people -- some with retirement plans already in place -- have no idea what their spending will look like in retirement.
Why is this important? Because if you don't know how much you're planning to spend in retirement, you don't know how much income you'll need to cover those expenses. And if you don't know those two key pieces of information, any retirement plan that you have isn't worth the paper it's printed on. It's impossible to aim if you don't know where the target is.
Fortunately, the answer to this question isn't complicated at all. In fact, it's simple if you aren't planning any lifestyle changes in retirement. If you are, it's a bit more challenging, but still easy to figure out with some simple math.
Beyond ensuring that your income is sufficient to meet your expenses over a potentially 35-year-long retirement, understanding your expenses and income can provide
