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Tax time is almost here again. Are you one of those filers who wait until the last minute? You’re not alone. Unfortunately, procrastination can be costly, especially in retirement when every dollar count. If you wait, you may rush and that may cause you to miss valuable deductions, credits, and other strategies.
The good news is you still have time to prepare. Below are five actions you can take today to get prepared for tax time and possibly save yourself some money. If you haven’t gotten started on your tax planning, now is the time to do so.
Unprepared for retirement
As a married couple, your life is often marked by milestones. There’s the day you met and the day you married. You buy a house and perhaps welcome children. You celebrate anniversaries and birthdays and advances in your careers.
And then there’s the ultimate milestone - retirement. That’s the day you are both able to leave the working world behind and live life on your own terms. You can spend your time however you wish. You can travel, pursue new hobbies, spend time with family, and generally do whatever you wish. Life should be perfect, right.
Retirement is supposed to be a joyous occasion. After all, this is the time when you get to leave the constraints of a busy career behind. You’re free to set your own schedule and spend your time as you wish. There’s no boss to report to. No clients to manage. No big projects to complete. You’re free to do whatever you like.
So why is retirement so difficult for many people? Very often, new retirees realize that this new phase of their life isn’t all they had expected. They miss socializing with their colleagues at work. Without a job, they feel a lack of purpose. They have trouble transitioning to life at home. In fact, a recent study showed that retirees were twice as likely to suffer from depression as those who are still working.1