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Married? Consider Taxes when Retirement Planning

Married? Consider Taxes when Retirement Planning. Depending on your situation, it’s possible that you might owe a “marriage penalty” on your tax bill. It’s not an actual penalty. But sometimes a married couple can end up owing more taxes together than if each were single — while some couples can owe less, a so-called “marriage bonus.”. You’ll also need to pay attention to RMDs, or required minimum distributions. These are the withdrawals that retirees must take from tax-deferred savings accounts in the year they turn 72. RMDs have the potential to increase your income, affecting how much tax you owe. Even if your 72nd birthday is far away, planning now can save you money. A good plan considers how you will handle withdrawals from all of your accounts, how those will coordinate with Social Security benefits and what the tax implications will be

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