MoneyTipsA stable income is critical to a comfortable retirement – as is limiting the amount of that income that you give to Uncle Sam. Maximizing retirement income and minimizing taxes requires advance planning – as illustrated in these seven tips. Use a Roth IRABecause Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth IRA in a year where your adjusted gross income (AGI) is low, taking the tax hit while you'r...

Source: Daily Sun April 04, 2020 15:00 UTC