What financial steps my father need to take before retirement?
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To minimize the taxes in retirement, you have to do very calculative thinking.
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If your father is still working, tell him to contribute more to traditional IRAs and 401(k)s (both are retirement plans that offer tax benefits); this will reduce his current taxable income.
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To keep up with inflation, select a long-term growth investment plans and tells him to add dividend-paying stocks to boost the portfolio.
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Transfer their pre-tax retirement savings to a Roth IRA, as Roth contributions aren’t tax-deductible, regardless of your income.
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Consult with an expert. He will create a personalized plan for your father according to their savings, income, and tax plans.
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