Is there a scarier word in the English language than ‘taxes’? Every April 15th it strikes fear in the hearts of millions of people. As the wife of an independent contractor, I tackle them each year with my stack of receipts. While we’re still a long way from retirement, every year is a step closer.
Having seen my retired, 60+ year old mother struggle with her taxes, it makes me wonder what a family without a 401k does at the retirement age. Mom has a pension, thank God, & a great accountant. But, what about those of us that don’t?
Fortunately, there’s a wealth of information available such as at www.aag.com. They’ve provided consumers with a fabulous infographic with 5 tips. Tax laws change every year so I will take all the help I can get!
Some of these points I hadn’t even considered. Diversifying income was one of them. I was pleased that they suggest turning to a tax professional after retirement. Personally, I felt better knowing that my mom’s taxes are done that way. I’ll definitely take their advice on that front. When we get to that point, I’ll turn to a tax specialist to help me.
Reverse mortgages are also mentioned. Before my dad passed, mom took this option. Not only did it relieve her stress when neither of them were working anymore, but according to AAG, it was a smart move! Most of us have seen the reverse mortgage commercials & it really can be a God-send to seniors. Just make sure that the company you or your family uses is credible! Do your homework & don’t pick the first one just because a celebrity endorses it.
Maximizing tax returns is obviously something that we all want & even need. Places such as AAG (American Advisors Group) are tremendous allies. I highly recommend visiting their site if you or a loved one is near retirement age. Government changes, setbacks, & laws affect us all & the more we know, the better we can protect ourselves.