How can I retire without paying taxes?
In the Video above, Scott Farnsworth, Central Florida's Tax-Free Retirement Expert answers a frequently asked question: How can I retire without paying taxes?
"Retiring tax-free takes a little bit of planning. We know there are at least four categories of tax-free income that we want to take advantage of. We want to use a TRA or a tax-free retirement account for the bulk of your tax-free savings. We want to use Roth IRAs or 401(k)s whenever possible. We also want to see if we can't make your Social Security benefits tax-free. If they are, that's a huge opportunity to save a lot of money throughout your lifetime. Finally, at retirement, even though you may not have many other exemptions like mortgage interest or if you don't have any children to deduct, you still have a personal exemption and you still have a standard deductions. We want to use those four categories and try to slide all your retirement income through one of those slots."