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You’ve built a retirement nest egg by saving consistently and investing carefully. An asset allocation that allowed growth but gradually reduced risk as you got closer to retirement was probably part of the plan. But once you’re in retirement, your focus shifts a bit. The value of having accounts with differing tax statuses becomes apparent when you set out to create an income stream and start withdrawing money. The return profile of the asset and how it is taxed can make a great deal of difference to both the overall return of the portfolio over time, and the amount of taxable income generated each year.

Finally being eligible for Medicare solves one of the largest problems you will face in retirement: healthcare. One benefit of Medicare is being able to select various Parts and plans that pertain to your needs. After you have made the adjustment, Medicare can be convenient and affordable for those turning 65. However, Medicare costs are directly related to your income. If you make over a certain amount of income, extra surcharges on your Medicare premiums start to kick in.

If you like taxes, raise your hand!.... That's what I thought. Learn the importance of a good tax strategy for your retirement income and reduce your lifetime tax bill.

Have you already sold an investment and are worried about getting killed by capital gains tax? If you are regretting the incoming tax bill and aren't sure what to do about it, Opportunity Zones might be part of the solution to your tax problem.

Capital gains taxes apply to more than stocks. And the amount you pay will depend on a variety of factors. Here's how capital gains taxes work and a few methods you can use for reducing them.