The combined effects of inflation and taxes can dramatically affect the future growth of your retirement portfolio. Inflation can be a powerful enemy, eroding your purchasing power. Much of your income generated during retirement, such as Social Security, pension payments and investment income, will remain taxable. While you may not be earning taxable income from a salary during retirement, you may still end up in a high tax bracket.
Your RBC Wealth Management financial advisor can work with you and your tax professional to help you anticipate and minimize the impact of inflation and taxes on your retirement savings. Together you’ll explore strategies that can help you:
Have a conversation with your financial advisor about strategies to help reduce taxes and manage inflation in retirement.
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