How do you lower your taxes?

There are several strategies you can use to lower your taxes over your life for retirement. Here are a few:

- Contribute to a tax-advantaged retirement account: Contributing to a tax-advantaged retirement account, such as a 401(k) or an IRA, allows you to lower your taxable income and defer taxes until you withdraw the money in retirement. You may also be eligible for a tax credit or deduction for your contributions.
- Maximize your Social Security benefits: Delaying your Social Security benefits until you reach full retirement age (or beyond) can increase the amount of your benefit and reduce the percentage of your benefits that are subject to income taxes.
- Manage your investment portfolio tax-efficiently: Holding investments that generate lower levels of taxable income, such as tax-efficient mutual funds or index funds, can help reduce your taxes over time. You can also consider holding assets in tax-advantaged accounts, such as a Roth IRA, to minimize the impact of taxes on your investment gains.
- Plan your withdrawals strategically: When you start withdrawing money from your retirement accounts, plan your withdrawals strategically to minimize the impact of taxes. For example, you may want to withdraw money from taxable accounts first, and wait to withdraw money from tax-advantaged accounts until later in retirement when you're in a lower tax bracket.
- Consider charitable giving: Charitable donations can be a tax-efficient way to reduce your taxable income. You can donate appreciated assets, such as stocks or real estate, to charity to avoid capital gains taxes and receive a tax deduction for the full market value of the asset.

It's important to consult with a financial advisor or tax professional to determine which strategies are best for your individual situation and to ensure that you're maximizing your tax savings over your lifetime.

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**Navigate Your Wealth makes content available as a service to its customers and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action.