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2023 Map to Tax Planning Success

If you stopped working, suffered investment losses, set up an estate plan, or switched to itemizing instead of claiming the standard deduction, your taxes would be a hassle in 2022. Your tax burden might increase or decrease for a variety of reasons, not to mention the impact of inflation on your earnings. If this sounds like you, consider diversifying your taxes when building your retirement plan.These 5 tax tips can be your map to tax efficiency for this year’s tax season.

Retirement and Inflation

If you’re nearing or in retirement, you need to protect yourself from the eroding effects of inflation, even if it never rises to the level it did during the 1970s. In this guide we’ll look at:
  • The Effects of Inflation in the Past
  • What We’re Seeing Now
  • The Federal Reserve Policy
  • Strategies to Help You Protect What You’ve Earned From Inflation

Important Birthdays Over 50

Before you begin planning your retirement, be sure to mark these important dates in your calendar. Starting at age 50, several birthdays – including “half-birthdays” – are critical to understand because they have implications regarding your retirement income.

Required Minimum Distributions (RMDs)

Before the Secure Act, no one could contribute to their traditional IRA after the age of 70 ½. This has been repealed and there is now no age limit on IRA contributions. So, as long as you earn income, you can contribute to an IRA. The guide plans to prepare you from your first RMD withdraw and beyond. When it comes to RMDs, planning is key.

Market Volatility In The New Age

Planning for retirement is never a “set it and forget it” activity: There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans of action. There’s no way to predict everything that will cause market downturns, but you can prepare yourself by having a solid financial plan in place.


Do you want more about spousal IRA’s?
5 Things You Can Do with an IRA That You Can’t with a 401k
Social Security QUICK Reference Guide for 2022
Should I Consider a ROTH Conversion?
2022 Social Security Benefits Guide
Key Financial Data For 2022

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A Strategic approach to investing can help you maximize your retirement income while minimizing your taxes.

With no financial incentives, Hilltop helps clients develop a goal-driven plan to do just that.

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