How to Keep Your Taxes Down in Retirement

While we all must pay our fair share of taxes, being tax efficient simply means not making simple mistakes that can cause you to pay an unnecessary amount.

Tax planning is important no matter what stage of life you're in, but the reality is that much more tax planning can be done after the paychecks have stopped than during your working years. Here are some simple rules and actionable steps you can take in retirement to keep your income taxes as low as possible, year in and year out.

Look at How Your Income Sources are Taxed

The first step of any retirement plan is to establish an after-tax income goal for yourself each month. Each person's budget