Retirees with significant savings, like a $6 million nest egg, might face large tax liabilities despite expectations of lower taxes post-retirement. This is because substantial income can push them into higher tax brackets. Careful financial planning is necessary to draw money tax-efficiently. Maintaining savings in a Roth account can significantly help reduce tax burdens, potentially keeping withdrawal taxes near zero and offering strategic flexibility in managing retirement income and expenses. Financial advisors can provide tailored assistance to optimize retirement strategies.
If you keep your savings in a Roth account, you can potentially keep your taxes near zero in retirement.
It's a big myth that retirees automatically see their tax bills go down. Some people end up with more money in retirement than during their working years.
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