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Conrad Seastrunk, Florence Financial Advisor, Florence Financial Planner, Florence fee only financial planner,
Congratulations: You're retired.
That probably means no more regular paycheck, and
you may need to turn to your investments for income. But remember: The impact
of taxes is just as important to consider now as it was when saving for retirement.
The good news is that in retirement there may be more options to increase after-tax
income, especially when savings span multiple account types, such as
traditional retirement accounts, Roth accounts, and taxable savings like brokerage
or savings accounts. The not-so-good news is that choosing which accounts to
draw from and when can be a complicated decision.
"Many people are seeking ways to help reduce the taxes that they will pay over
the course of their retirement," says Andrey Lyalko, vice president of Fidelity
financial solutions. "Timing is critical. So, how and when you choose to withdraw
from various accounts—401(k)s, Roth accounts, and other accounts—can impact
your taxes in different ways."