We believe it’s important that you look to employ tax diversity in your retirement plan. Different types of investments can impact your taxes differently. Having accounts that receive varying tax treatments is a key strategy. You should work with a qualified professional to help determine exactly how much you should have in each tax “bucket” to help minimize your overall tax burden in retirement.

While the tax code can be incredibly complex, you still need to stick to the basics when it comes to filing and preparing your tax returns. So, here are our 5 tips to help you better prepare for tax filing this year.

Social Security planning is one of the most important elements in any retirement plan, but getting the most from your Social Security benefit can also feel complex and frustrating. In our guide, “Optimizing Your Social Security in Today’s World,” you’ll uncover practical tips and easy-to-understand steps to get the most out of your Social Security benefits.

One of your largest retirement expenses could be your healthcare costs. An average 65-year-old couple retiring today will need an estimated $315,000 to cover their healthcare costs, according to one study.¹ Unfortunately, the Medicare system can be quite complex. This leads too many retirees to overspend on healthcare expenses and receive suboptimal coverage over the span of their retirement. Don’t pay more than you should for the health services and coverage you deserve!

If you know someone who takes care of their parents or if you’ve done it yourself, you know how stressful it can be. Now, think about a time when you might need that same care. Even if your family members are nearby and can help you around the house as you get older, they might not be able to provide you with all the care you need. That’s why having a long-term care strategy can help give you and your family peace of mind and help lessen the burden of an unexpected expense.

If you’re preparing for retirement or looking for more financial stability, you’ve likely thought about how your retirement savings can be used smartly to cover your costs and maintain your lifestyle. It’s normal to fear running out of money in retirement, given that you are done with your working life and are turning to your own source of savings and wealth for your financial security. While you may have saved well, it can be daunting to realize you have to now turn those savings into income that can sustain you for the rest of your life, especially if you don’t have a pension. Living off your savings and investments is quite different than living off external income.