Most Americans are retired at the age of 67, only 38% of retirees report enough savings to live comfortably, and the entire retirement. With Uncle Sam's dream trip and a waterfront hotel, immersed - 15-25% of the average retiree income - to find ways to reduce the tax is a priority in the minds of baby boomers and the younger generation of praise.

When retired around different sources can be free to enter (but normal) if the retirement plan. Social Security, IRAs, pensions, 401 (k) plan and other plans to provide the financial cushion of old age. The consultant recommends at least a retired non-taxable sources of income. With a little bit of knowledge, advance planning, retirement and reduce taxes, a financial buffer the plusher very long way to go.

The retirees pay federal income tax up to 85% of Social Security benefits, whether part or all of the tax benefits is an important part of the retirement strategy know.

Similarly, pension income and IRA distribution can be fully or partially taxable or the tax-free account type. If the money is put into a pension, or IRA deferred tax, take out money when Uncle Sam to get their share. If some account of after-tax dollars, they may only be taxed part.

More control and knowledge of the retirees, they can save more.

Here are five tips to financial planners say, retirement and reduce taxes, more money, while enjoying:

No. 1. Take a taxable retirement distribution only when necessary. This taxable income will be spread over more than two years.

No. 2. Although they may be subject to state tax, distributions from the proceeds of municipal bonds not subject to federal income tax. Taxpayers can exclude up to $ 500,000 of capital gains from the sale of a principal residence.

No. 3. 401 (k) and traditional IRA plan, taxpayers must start at the age of 70 and a half to withdraw funds - a term called "required beginning date" - but the Roth IRA and Roth 401 (k) account is not subject to consider withdrawing the required start date rules allow retirement plan. Roth IRA are tax-free return of funds, unlike the Roth IRA has no income limits.

No. 4. Health Savings Account holders can withdraw the funds, past or present medical expenses, not tax law. The HSA can accommodate retiree funds and repay their retirement. The money can be other sources of income.

No. 5. Finally, the IRS has retired more than 65 years of age or tax credits. Income provisions, but the credit for the elderly "or" disabled "is just another way, if the retiree plan carefully, they can enjoy their efforts to establish.



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