Some tax-advantaged accounts to consider in retirement include traditional IRAs, Roth IRAs, 401(k)s, and HSAs. Contributions to traditional IRAs and 401(k)s are tax-deductible, while distributions in retirement are taxed as income. Roth IRA contributions are taxed upfront, but distributions in retirement are tax-free. HSAs offer tax-free contributions, growth, and withdrawals for qualified medical expenses.

One way to minimize taxes on Social Security benefits is to keep your income below the taxable threshold. If your provisional income (half of Social Security benefits + other income) is less than $25,000 for singles or $32,000 for couples, your benefits are not taxed. If your income exceeds these amounts, up to 85% of your benefits may be taxed.

It depends on your individual situation. If you have a lot of money in tax-deferred accounts, it may be advantageous to take withdrawals from taxable accounts first to keep your tax bracket low. On the other hand, if you have very little in tax-deferred accounts, it may be better to take withdrawals from those accounts first to avoid higher tax rates on Social Security benefits and other income in retirement.

Yes, there are several tax credits available to retirees, including the Retirement Savings Contributions Credit (also known as the Saver’s Credit), which offers a credit of up to $1,000 for individuals and $2,000 for couples who contribute to retirement accounts, and the Credit for the Elderly or Disabled, which provides a credit for low-income retirees who are over the age of 65 or disabled.