NerdWallet: 7 ways to reduce taxes in retirement

This article is reprinted by permission from NerdWallet.

Whether your retirement is decades away or just around the corner — or you’re already living the dream — there are a few simple things you can do now to lower your taxes.

Taxes? In retirement? Yes and yes. A chunk of your Social Security benefits likely will be taxed. The money you take out of your traditional IRA and 401(k) will be taxed. And investments you have in a regular brokerage account may face taxes on capital gains and dividends.

The following ideas could save you big time — making your retirement years a little less stressful.

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