Utilize tax-efficient savings and withdrawal strategies

Investing in a variety of accounts that have different tax characteristics is optimal. These can include traditional IRAs or 401(k)s, Roth IRAs and taxable brokerage accounts.

In retirement, you’ll probably need to withdraw money from these accounts to supplement your Social Security income. By diversifying now while saving, you provide yourself with more flexibility.

If you’re nearing or in retirement, review your options regarding social security claiming strategies and details of withdrawal strategies. “Conventional wisdom” may not optimize your cash flow.