With a limited amount of income, most retirees would prefer to keep their dollars rather than give them to Uncle Sam. Even those with an unlimited source of funds don’t want to pay more taxes than necessary. Luckily, there are some ways to decrease your tax burden.
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 5 ways you can reduce taxes in retirement.