Six Components of Retirement Planning You Must Have

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In preparing for your retirement years, you will need to consider more than your will and possibly a trust. While these things will enable you to pass your assets to your beneficiaries, you likely still have many years left before those documents are needed. Your retirement plans also need to be prepared for several other things you may encounter once you retire.

Here are some things your retirement planning should include to prepare for life as a senior.

Reduce Taxes

Depending on the size of your retirement savings, you may need to pay a lot of taxes on those savings when you take a required minimum distribution (RMD) from, say, an individual retirement account (IRA). The amount of taxes you will owe depends on your overall income tax rate. RMDs can sometimes be quite large, and you may lose a good portion of your retirement income to taxes.