What financial steps my father need to take before retirement?

Kelsey

My dad is in his late 50s and has some time before retirement. How can he learn to structure his distributions and retirement funds to minimize the taxes he will need to pay?

Mark

To minimize the taxes in retirement, you have to do very calculative thinking.

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.
To keep up with inflation, select a long-term growth investment plans and tells him to add dividend-paying stocks to boost the portfolio.
Transfer their pre-tax retirement savings to a Roth IRA, as Roth contributions aren’t tax-deductible, regardless of your income.
Consult with an expert. He will create a personalized plan for your father according to their savings, income, and tax plans.