Retirement Planning: What You Need to Consider to Avoid Retirement Early

Tax Expert Explains How Americans Could See $300-$400 More on Their Returns – No Voodoo or Marketing Spin Involved (Photo from: Pinterest)

Many people dream of early retirement, but there’s no technical definition. 51% of Americans retire at age 61 or earlier, while 23% retire between ages 62 and 64. Keep potential hiccups in mind to work around them.

Tax Expert Explains How Americans Could See $300-$400 More on Their Returns – No Voodoo or Marketing Spin Involved (Photo from: NPR)

The IRS adjusts tax bracket and standard deduction annually, with inflation. High inflation rates led to a 7.1% increase in the federal tax bracket to protect taxpayers from bracket creep. Bracket creep occurs when certain taxpayers are pushed into a higher income bracket but still have the same purchasing power.

Taxpayers need protection from inflation to avoid paying more taxes. Lower to moderate-income families may benefit from a 10% increase in taxes.

Taxpayers should file accurate and electronic taxes for a 21-day refund. Some may need additional review due to errors, theft, or fraud. Deadline is April 15, 2024. Seek expert help.