Tax strategies

With income taxes attached to hardship withdrawals, they are often advised to carefully weigh other options.

The chances of getting audited for people making at least $10 million plunged during the last fiscal year, IRS data shows.

They are not required to pay taxes on income accrued from properties leased for no more than 14 days.

Some seniors are missing out on a potential 20% tax deduction, and “no one is talking about what a wonderful retirement planning technique" it is, says an expert.

Seniors in this position may face a tax bill and possibly a penalty if they dip into their 401(k) prematurely, says an expert.

The tax law overhaul has created planning opportunities.

“People didn’t want to use up their estate tax exemption,” but that has changed as a result of the new law, an expert says.

A 67-year-old wife collecting spousal benefits will be better off waiting until 70 before shifting to her own retirement benefit if she remains healthy, according to this Q&A article.

As retirement horizons grow, the rich are less willing to focus on generational wealth transfers.