With the election looming, taxes are front and center in lots of people's minds.
If you're planning for retirement, it's not as complicated as you might think. If you're contributing to a tax deferred account like a 401K, once you start spending that money, you'll start paying taxes on it. However, as you get older, your income tax bracket is bound to change, which could be a good thing.
For example, if you’re working 30 years, more than likely you’re in a higher tax bracket. As you go into retirement there are different tax write off’s that can help you go into a lesser tax bracket, which in turn you can be paying less.
Learn more from the financial experts at Finley Alexander Wealth Management here.