Kiplinger

When it comes to your investments, the capital gains tax applies to more accounts, transactions and profits than you might realize.

One of the elements of a strategic tax plan can include utilizing Roth IRAs, which offer tax-free qualified withdrawals. However, when you convert a pre-tax account is crucial, as each dollar converted is taxed as ordinary income.

All tax-deferred savings come along with a tax liability. Over time, contributions, employer matches and investment returns can create a snowball effect when it comes to the dues you owe Uncle Sam.

Knowing how much money you need to sustain a comfortable retirement begins with having a firm understanding of how much you spend, and there is a simple way to figure that out.

As recent Retire With Purpose podcast guest, Ryan Frederick, says, “Your DNA only accounts for about 30 percent of your longevity.” The rest draws down to lifestyle and your environment, which is why finding the “perfect place” in retirement is so important.

Many might believe the top regrets of today’s retirees include not saving enough or beginning to save earlier; However, while these are certainly valid qualms, our team finds - much like the author of this article - that the biggest mistakes go deeper.

Whether at or near retirement, there is a solid chance you’ve recently experienced some form of financial concern amidst surging inflation, geopolitical events and general uncertainty of where this economic climate might go next.

As one of the most inspiring mentors I look up to, Strategic Coach founder, Dan Sullivan, has a saying: “Our eyes only see and our ears only hear what our brain is looking for.” This advice can be applied to many areas of life, and that includes the process of creating a comprehensive retirement plan.

A big part of protecting your lifelong savings includes ensuring you have the correct property and casualty coverage.

One of the biggest fears amongst retirees is running out of money; throw in a stretch of soaring inflation, and you have a recipe for many to feel an elevated level of concern.

A share of your earnings has always gone to Uncle Sam, and unfortunately, you’ll find the same holds true when it comes to your retirement income.

Taxes can pose one of the biggest threats to your lifelong savings, especially if you’re not apprised of exactly how and when Uncle Sam claims his cuts.