3 Retirement Wealth Protection Tactics
You're ready for retirement. You've successfully saved for decades, and now you and your spouse are prepared to ride off into the warm sunset of retirement. Plump tax-deferred retirement account balances are likely to translate into significant income each month.
Wait a minute! What about taxes?
If your wealth is largely confined to tax-deferred retirement accounts, you are likely to owe a significant amount of tax once you turn 72, the age at which you must begin to take required minimum distributions (RMDs). That means you aren't as rich as you think you are, a disquieting prospect given the uncertainty of future tax rates.
Fortunately, there are a number of proactive tactics you can employ not only to minimize the amount of taxes you pay in retirement, but to also ensure that as much of your estate as possible passes to your heirs. These include converting traditional retirement accounts into a Roth IRA, contributing additional money to a Roth IRA and contributing to a health savings accounts.
