Rethinking Retirement: Managing your taxes

AM Show

ST. LOUIS – Taxes are inevitable, but a retirement expert has some tips on how to manage them.

Marvin Mitchell, senior financial planner and president of Compass Retirement Solutions, explains the three tax buckets to be aware of.

Mitchell says there are three tax buckets. The first bucket is tax-deferred. This is like a 401k and IRA. The second bucket is the taxable bucket. This is money not inside of an IRA or 401k and then you pay dividend taxes every year. Then there is the tax-free bucket. This is everyone’s favorite.

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