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Be Tax Smart in Your 60s

March 11, 2024

As we near tax season, and you near retirement, you may already know that some of your retirement income will be taxed, but some of it won’t be. You’ll want to know the difference when estimating how much money you’ll receive in retirement.

For your 60s financial tip this month: Be tax smart.
Most people’s retirement income is drawn from a variety of sources, some of which are taxed more heavily than others. We can meet to discuss creating a tax-efficient withdrawal strategy, so you can keep more of your wealth this tax season 2024. Similarly, if you don’t plan to spend it all before you go, an estate planner can advise you on strategies to minimize the tax burden for your heirs.

Here’s a bonus health tip for your 60s:

Create good lighting. Your eyes need three times as much light when you’re 60 as they did when you were 20. Increase the daylight in your home by keeping windows clean and curtains pulled back. For reading or close work, use a direct light from a flexible table lamp, positioned so the light isn’t reflecting off the page and causing glare.

Here’s to a healthy and prosperous life!

For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.