Keep more of what you earn and save

Use your workplace plan

Contributions can lower this year's taxable income. Get the full employer match if one is offered.

Consider a Health Savings Account

If you have a qualifying health plan, an HSA can be tax-free going in, growing, and coming out for medical costs.

Mix in Roth savings

Paying some tax now can mean more tax-free income later, especially if you expect higher taxes in retirement.

Review credits and deductions

Child, education, and dependent care credits are often missed. A tax professional can check.

Put the right investments in the right place

Holding tax-heavy investments inside retirement accounts can reduce yearly tax drag.

Harvest losses

Selling investments at a loss can offset gains elsewhere. Rules apply.

Hold longer when it makes sense

Gains on investments held over a year are usually taxed at lower rates.

Watch for 'what could have been'

Every dollar paid in tax each year also loses its future growth. See the calculator below.

Plan the order of withdrawals

Which account you draw from first can change your lifetime tax bill.

Use low-income years for Roth conversions

The years between retiring and required withdrawals can be a window to convert at lower rates.

Keep an eye on Social Security and Medicare

Extra income can make more Social Security taxable and raise Medicare premiums (IRMAA).

Give from your IRA

After age 70½, giving to charity directly from an IRA can count toward required withdrawals without adding to taxable income.

Plan for the surviving spouse

A widow or widower often moves to single filing and can face higher taxes on similar income.