4 Reasons Why Your Taxes Might Be Higher In Retirement

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Many people worry that taxes will increase once they retire, but will that actually be the case? In this video, we break down 4 key reasons why your taxes might go up in retirement, and a few thoughts on how you can plan to manage it.

Key Takeaways:

**Successful Saving: Large withdrawals from pre-tax retirement accounts could push you into a higher tax bracket. Roth IRAs and taxable accounts can offer tax advantages.

**Required Minimum Distributions (RMDs): Mandatory withdrawals from your retirement accounts could cause you to pay more in taxes.

**Tax Rates Set to Increase: The Tax Cuts and Jobs Act will sunset at the of 2025.

**Government Debt: Could our current national debt lead to higher taxes to help reduce the deficit? Smart tax planning could help minimize the taxes you will have to pay, even if tax rates go up in the future.

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