taxes

5 ways to reduce taxes in retirement

Retirement » 5 Ways To Reduce Taxes In Retirement

5 ways to reduce taxes in retirement
5 ways to reduce taxes in retirement © Shi Yali/Shutterstock.com

Everyone would like to keep more of their money and put less in Uncle Sam's coffers, but retirees and those on fixed income have extra incentive to lessen their tax liability.

Once you've done the obvious work of ensuring you've taken all the deductions and credits to which you're entitled when you file your taxes, you can avail yourself of a number of strategies to help you reduce taxes in retirement.

Some strategies include hiring tax or investment professionals to help with the complex details, and investing in tax-efficient funds or tax-exempt bonds. One strategy entails hiring a moving truck destined for an income-tax-free state.

Read on for five ways you can reduce taxes in retirement.

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