Strategize Now to Avoid a Nasty Tax Surprise in Retirement

If you did most of your retirement saving in 401(k)s and IRAs, unless you have a plan, you may end up paying a lot more in taxes than you bargained for.

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Americans worry a lot about saving enough money for a long and happy retirement. What they don’t seem to spend as much time figuring out is how to keep more of what they have managed to save while working so hard.

No one can prepare for every expense that might crop up in what could be a 20-, 30- or even 40-year retirement. No matter the timeline, you can always plan for taxes … and should. Whether your savings are mighty or meager, Uncle Sam is going to want his share and will take as much as you’re willing to hand over, so it’s up to you to be sure the amount is fair.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Gregory Ricks, Investment Adviser Representative
Founder and CEO, Gregory Ricks and Associates

Gregory Ricks, is the founder and CEO of Gregory Ricks & Associates and is a licensed insurance professional. He is also the founder of Total Wealth Authority, a team of outside financial, tax and estate planning professionals, and is the host of radio show Winning at Life on News Talk 99.5 WRNO (10 a.m. to 1 p.m. on Saturdays and 7 p.m. to 8 p.m. on weeknights).