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Home
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Personal Finance
Tax relief
How taxes may influence your retirement
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[QUOTE="Knowlopedia, post: 9382, member: 41"] Retirement planning is an important part of financial planning. It involves finding ways to save and invest money in order to have enough funds to live comfortably in retirement. Taxes play a major role in retirement planning, and they can have a huge impact on the amount of money you have available to you in retirement. First, it’s important to understand how taxes can affect your retirement savings. If you’re saving in a traditional IRA or 401(k), your contributions are tax-deductible up to certain limits. This means that you can lower your taxable income for the year, and you’ll pay less in taxes. The money that you save in the account will also grow tax-deferred, meaning that you won’t pay taxes on any of the growth until you start taking distributions from the account. On the other hand, if you’re saving in a Roth IRA or 401(k), your contributions are not tax-deductible, but the money that you save in the account will grow tax-free. This can be a huge advantage when it comes to retirement planning. You’ll have a larger pool of funds available to you in retirement, and you won’t have to pay any taxes on the growth. When you start taking distributions from your retirement accounts, taxes will come into play again. If you’re taking money out of a traditional IRA or 401(k), the distributions will be subject to income taxes. With a Roth IRA or 401(k), the distributions will be tax-free. Taxes can play a major role in your retirement planning. It’s important to understand how taxes affect your retirement savings and distributions so that you can make informed decisions about how you save for retirement. By taking taxes into account, you can make sure that you have enough money to enjoy a comfortable retirement. [/QUOTE]
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How taxes may influence your retirement
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