1 Retirement Planning Move That Could Potentially Eliminate Your Future Taxes

Although you may have already been paying taxes for most of your life, you may not be able to escape them in retirement. Once you retire, you may be subject to income taxes on your retirement account withdrawals. In addition, around 50% of seniors find themselves paying taxes on their Social Security benefits as well, according to a survey from the Senior Citizens League.

Taxes can take a substantial bite out of your savings, so minimizing them as much as you can is a wise move. And there's one action you can take right now that can significantly reduce your tax bill in retirement.

Image source: Getty Images.

Source Fool.com