Retirement Tax Strategies
Taxes eat up a lot of your income during your working years. Now the question is, what can we do to help reduce these taxes during retirement?
There are many tax deductions and credits available to people who save up for retirement. However, you could induce tax penalties if you don’t use these accounts precisely. In this episode, Criss Crombie will continue to send you tips on minimizing taxes on your retirement savings. Criss also navigates into two simple strategies to reduce taxes on the money you’ll use for retirement. Helping you realize a noticeable difference between not having and having a system along the way.
What You’ll Learn in This Episode:
[1:55] Drawing from your assets
[7:24] The No Tax Reduction Strategy
[8:12] What is provisional income?
[10:07] You don’t have to be a millionaire to take advantage of tax strategies.
[19:37] How to reduce your tax burden by making developments in your retirement plan.
Key quotes:
[6:28] “When we get into retirement, we automatically get into a lower tax bracket, and that’s a false strategy.” – Criss Crombie
[15:52] “ Now’s a good time to take advantage of tax strategies and roth conversions because it’s going to go the way up from here.” – Criss Crombie
[18:20] “Wouldn’t it be nice to live tax-free during retirement, live the lifestyle that you want, and leave tax-free assets for your kids and grandkids.” – Criss Crombie
