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The top tax-saving tips for retirement planning

As the new year begins, retirement planning is in focus. When setting up a retirement plan, considerations like withdrawal strategies and tax efficiency play crucial roles. Decoding Retirement podcast host Robert Powell joins Brad Smith on Wealth to examine the most tax-efficient approaches to retirement savings. Powell highlights health savings accounts and account diversification as some of the best strategies for saving on taxes. Strategic withdrawal is also imperative. "The traditional rule of thumb is that you would take money from your taxable accounts first, then from your traditional pre-taxed accounts like a 401(k) or an IRA, and then lastly, from your post-tax account — your Roth IRA," Powell explains. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Angel Smith