By Scott Krase via Iris.xyz
Congratulations! You have spent a lifetime working, saving, and now you have arrived at your retirement. Now all you have to do is become a tax expert.
Preparing for paying fewer taxes in retirement is not easy. All of that tax differed growth from your traditional IRAs faces income tax. Yes, when you take a distribution, have a capital gain, or start your RMD (Required Minimum Distribution) they could potentially push you into a higher tax bracket. Not only that, but trimming your taxable income can help so you can avoid being bumped into a higher paying higher Medicare premiums for the year.
Higher Medicare premiums ranging from $49 to $268 per month, on top of the regular premium, start to kick in for individuals with modified adjusted gross income of more than $85,000 ($170,000 for married couple filing jointly).
Taxes in retirement can be very different from the taxes that you paid while you were working.
If you thought your tax situation would be easier in retirement you might be disappointed.
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