Taxes and retirement – what can you do to prepare?

 

When you are young you don’t always think about what is going to happen when you retire, or what you can do to prepare for retirement. You tend to start thinking about this issue as you grow older and wiser, and probably with each subsequent child. With three kids of my own I think about my financial future quite a bit.

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There are some pretty significant life changes between middle age and retirement. You might downsize your home, rack up expensive medical bills, or finally dip into savings to pay for a lavish travel adventure. Regardless of your circumstances, there are some things you can take into account to reduce tax liabilities and maximize your returns once you reach that milestone in your life, whether you are in the planning stage, or have already reached retirement. From reverse mortgages to Roth IRAs, AAG has some great tips on how to get your finances in order.

Teaching kids about finances while they are young is also a great idea. The Albuquerque Journal says, “Today’s kids are more likely to spend rather than save.” You can help steer kids in the right direction by starting them managing money early, setting goals, paying a modest allowance, making a budget, and using local resources to help kids learn more.

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So tell us….

How do you prepare for retirement? Are you already retired and need some tips on maximizing your taxes? Do you talk about money with your kids?

Jesica H

My name is Jesica and I'm happy to 'meet' you! I'm just living life and loving every minute of it! I try to not let things hold me down or hold me back, I just live! Here at The Mommy Bunch, I offer solid advice on all things parenting, household, and living life as a working mom.

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