Many tax planning opportunities occur during low-income years. These typically include the years between retiring from work and collecting Social Security. Another common retirement income source is required minimum distributions on your qualified retirement accounts (IRA, TSP, 401(k), 403(b)). Although you may no longer be working you still need to pay taxes, and often these are some of the best times to implement tax saving strategies that may reduce the amount of total lifetime taxes paid.
Some examples of these tax saving strategies may include: