Taxes in retirement. Yes, they exist! And there are things you can do to keep more of your money in the future. Follow these tips to optimize for lower taxes later. PennyGem’s Chloe Hurst has the story!
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00:00Taxes in retirement. Yes, they exist. And there are things you can do to keep more of
00:09your money in the future. According to Money Talks News, the average American pays roughly
00:14$10,500 a year in total income taxes, federal, state and local. Taxes are lower for older
00:22individuals primarily because most retirees have less taxable income, but they still exist.
00:29Follow these tips to optimize for lower taxes later.
00:32You can make your spending go further by utilizing a health savings account. The site reports,
00:38money you put in an HSA is deductible in 2023, up to $3,850 for individuals and $7,750 for
00:48families, plus the additional $1,000 catch-up for those over 55. Consider relocating for
00:55retirement and favor a tax-friendlier state. Whilst taxes are critical, having an overall
01:01financial plan should always take precedence. Consider using a retirement planner to assist
01:07you until you're forever.