Taxes

Retirees face several unique challenges when managing their income, particularly when it comes to taxes. From understanding how taxes relate to Social Security and Medicare to determining when to tap taxable and tax-advantaged accounts, individuals must juggle a complicated mix of factors. Putting together a retirement-income strategy that strives to manage taxes is a complex task indeed. Investors may want to seek the help of a qualified tax or financial professional before making any final decisions

Here are some things to consider as you weigh potential tax moved between now and the end of the year. Some considerations include deferring income to next year, deductible charitable contributions, deductible retirement plan contributions, and tax-loss harvesting.

When your children are grown and leave home, you are released from being the financial “provider”...