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Tax Strategies to Help this April

Tax Strategies to Help this April

February 18, 2021
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Retirement Tax Strategies that Work for You

Taxes are a certainty of life, but that doesn’t mean you can’t find ways to reduce what you owe to the government, especially once you retire. Consider these strategies (both large and small) to help reduce your taxes every year. 

Choose the Right Investment Account

  • Keep yourself from being overly taxed while keeping up the principal of your account with the right type of account. 
  • Municipal stocks, dividend bonds, IRAs, and 401ks are all options for you to reduce the taxes applied to your investment income.

Withdrawal Options

  • Decide how you’re going to spend the funds you have in different accounts. 
  • Consider whether you’re withdrawing from taxable accounts, tax-deferred accounts, or tax-exempt accounts. 
  • And transfer money proportionate to your overall savings instead of draining one account before moving on to the next one. 

Move to a Tax-Friendly State

  • If you’re already planning to move during retirement, find states that have tax laws that are more beneficial for you.
  • Some states don’t have income tax, others don’t have sales tax, and some don’t tax your Social Security benefits. 

Delay Your Social Security Benefits

  • Defer your Social Security benefits for as long as you can, so you can also avoid the taxes that generally come with using your benefits. 


Contact the office if you have any questions about your strategy to reduce taxes as you move into your retirement years.


This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

Distributions from traditional IRAs and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59½, may be subject to an additional 10% IRS tax penalty.