How to Turn Your 2025 Tax Return Into a Retirement Planning Checkup
You completed your taxes by April 15, got your refund if you were owed one, and now what? Perform a retirement checkup.
How to Turn Your 2025 Tax Return Into a Retirement Planning Checkup
Overview
You have to do your taxes, or Uncle Sam will come calling. Which is basically what Benjamin Franklin was getting at when he said, "In this world nothing can be said to be certain, except death and taxes." The U.S. tax code is complicated, and filing your taxes is a heavy chore. But you have to do it. Hopefully, the outcome is a refund or at least no additional tax payments.
With tax season in the rearview mirror, many people may be glad to move on. Don't be so quick. All of that work you did can serve another purpose. The information you generated is what you need to perform a retirement plan checkup. Do that now, while the information is still fresh.
Details
Hate taxes all you want, but if you can get more out of them than just a headache, you'll be much happier about the effort you had to put in. That effort usually begins with collecting information about your financial situation. Your salary information is the starting point, of course. However, you also need all your bank statements and the statements from your investment accounts, including retirement plans and individual retirement accounts (IRAs). You may also have other information in the mix, such as interest payments on outstanding loans.
Source
Originally published at www.fool.com.
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