SUNNYVALE, Calif. (11/26/13)--Tax filers will find that what they've done with their finances during 2013 will be important come April 2014. The implications can be significant for retirees and for those about to retire (Yahoo Finance Nov. 20).
Use these tax-saving strategies to protect your money now and to increase income throughout retirement:
Don't stop planning. Tax laws change every year and might affect you. Revisit your tax and financial-planning assumptions to make sure they are still accurate. For example, the old rule of thumb about how much you should withdraw from your retirement savings each year may no longer apply. After the financial crisis, 4% a year might be too much--3% might be a more sustainable amount.
Meet with a trusted financial adviser to make sure the decisions you make and the investments you hold are appropriate based on your risk tolerance, goals, and time frame. For related information, read "Four Key Steps to 'No Regrets' Retirement" and "Retirement: More to Prepare Than Finances" in the Home & Family Finance Resource Center.