Three Ways to Cut Your Tax Bill Before Retirement

Three Ways to Cut Your Tax Bill Before Retirement

A lot can change in your financial life as you approach retirement—and taxes play a big role.

Many Americans who are nearing retirement have a narrow window to take advantage of unique tax opportunities. Here are three tax-cutting moves to make before you embark on your golden years.

 Diversify your assets

If you’re close to retirement, do what you can to estimate how much money you’ll need your investments to generate in retirement. From there, you can reallocate assets to achieve that potential amount of retirement income. You’ll not only want to determine what types of vehicles to invest in, but also where to put those investments—whether in taxable or tax-advantaged accounts like traditional and Roth 401(k)s and IRAs.

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