Three Mistakes to Avoid in Retirement Tax Planning

Having a good tax plan can help keep you on top of what you need to do to maximize your savings for your golden years.

An older man sitting in front of his laptop puts his head in his hand as if he's made a mistake.
(Image credit: Getty Images)

If you want to be fully prepared for retirement, having a plan in place for your taxes before you get there is vital. Tax planning is an essential part of your retirement, and making it a priority is one of the best things you can do to reduce your tax liability and maximize your ability to put away more money for your golden years.

Tax planning takes into account many things, including your overall income, retirement contributions, tax deductions and tax credits. Without a good plan, many people make mistakes, including these three.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

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.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Tony Drake, CFP®, Investment Advisor Representative
Founder & CEO, Drake and Associates

Tony Drake is a CERTIFIED FINANCIAL PLANNER™ and the founder and CEO of Drake & Associates in Waukesha, Wis. Tony is an Investment Adviser Representative and has helped clients prepare for retirement for more than a decade. He hosts The Retirement Ready Radio Show on WTMJ Radio each week and is featured regularly on TV stations in Milwaukee. Tony is passionate about building strong relationships with his clients so he can help them build a strong plan for their retirement.