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Social Security benefits play an important role inretirementincome.
Heres how you canbudget for retirementso you’re free to invest your Social Security payouts.
Reduce Expenses Before Retirement
Lower your fixed monthly expenses as much as possible before retiring.
Paying any additional debt, such as credit cards, student loans, car loans or personal loans.
You wont pay taxes on your qualified withdrawals.
This may be a good idea if you anticipate your income increasing after retirement.
you’re able to fund your account with pre-tax dollars and pay taxes when you withdraw your money.
At that point, your distributions are taxable but are taxed at alower tax rate.
One of the best things about investing in retirement accounts is compound interest.
The earlier you save, the greater your long-term growth potential.
This can help you avoid making large catch-up contributions as you near retirement.
Contributions to an HSA account can also be invested and grow tax-free.
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