Tax Time...Think About Your Retirement Accounts
This is a tough time of year for me....I get all my tax information in the mail, put it in a folder and then uh, start my tax procrastination. I dread sitting down to do my taxes! It's not going to get any easier. Think about our huge budget deficits, and the wave of boomers applying for Social Security and Medicare. Jonathan Clements of the WSJ provides some tax tips for retirement accounts.
• Always save enough in your 401(k) to get the full employer match.
• Hold bonds in a retirement account, thus deferring taxes on the interest.
• If you fear income taxes will rise, favor the Roth over a regular IRA.
Wise Owl