You need to have savings that you can access tax-free to reduce your tax bill and keep more of your money. You can do this by saving in a Roth IRA or Roth 401k because you can withdraw money from accounts tax-free in retirement. “Ask your employer if you have a Roth option,” Geary said. “Most of the time, the answer is yes.” If not, ask your employer to add a Roth 401k to your account options.
Funding a permanent life insurance policy also can provide a source of tax-free income in retirement because you can borrow from the cash value of your policy. Talking to a financial planner can help you decide if this is a good retirement savings strategy for you.
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