from FREEDMAN FINANCIAL | March 18, 2016

Finding a Tax Strategy for Retirement

When the paycheck stops, minimizing your tax burden is important to many retirees.

You've been told for years that in retirement you'll spend less and pay less taxes. This is not always the case. But with some smart planning, it is possible to lessen the burden.

By having money in different account types with different tax implications you have the ability to manage how much of your income will be taxable in any given year. If all your retirement money is in a traditional IRA or 401(k), you don't have a lot of options. Anything you withdraw from those accounts is subject to federal taxes. If you have a Roth IRA or an investment account you give yourself other ways to generating income in retirement with perhaps less tax liability.

Be More Tax-Efficient in Retirement

A Baby Boomer's Biggest Regret?

Not Traveling Enough!

Young people, listen up, travel more now or you'll regret it!

In a recent survey of adults over 65, by far the biggest regret was not traveling more when they were younger. While there is no finite time you have to travel in your life, we'd all agree that as we get older it becomes more challenging.

Traveling can improve your health, and many say that it brings them great happiness. Find the time and the money at any stage of life to travel and experience the world!

Don't Regret Not Traveling Enough!

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Could You Downsize to a Tiny House?

Could you move yourself and your belongings into a house the size of the average bedroom?

The tiny house trend in most cases refers to housing options less than 400 square feet. While the idea of downsizing in retirement is certainly not a new one, the latest trend to go "micro" could be considered a little extreme. Tiny houses come in all shapes and in most instances they are completely customizable. Often built on wheels, tiny homes can be moved. Their portability makes them an attractive options to millennials and retirees alike as they look for new adventures. Where it's allowed by building codes, a tiny house may even be allowed on a family member's land. In addition to less costs, many feel that the move to a tiny house forces them to de-clutter their lives and their stuff!

Aging in Place, Tiny Style!

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