Justin Brock

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Reduce your tax liabilities by following these expert-recommended tips. When it comes to taxes, having a higher income may not always be the blessing it’s often thought to be. With a bigger income comes increased tax rates, as moving into a higher tax bracket means a larger portion of income will be taxed at a higher rate. Those earners with multiple streams of income — investment income, capital gains, bonuses and more — can further complicate their taxes. These factors, paired with the possibility of losing out on certain deductions or credits due to their income, mean high-income earners are often on the lookout for ways to optimize their tax strategy and minimize their tax liabilities, or what they owe. As financial and tax experts themselves, the members of Kiplinger Advisor Collective know the ins and outs of effective tax strategies. Here, they offer up six ways high-income earners can minimize their tax liabilities and keep more money in their pockets.

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Don’t wait until you’re no longer working to determine where your new income will come from. One of the biggest questions on the minds of soon-to-be retirees is, “Will I have enough money to live on when I retire?” Leaving the workforce and finally gaining back all your time for rest and relaxation is an exciting prospect, but being unsure about where your money will come from and what you will live off of can quickly turn a blessing into a nightmare.  Whether you’ve been saving for retirement for years or you’ve only recently started, the uncertainty around whether or not you will have enough money to sustain you throughout the rest of your life can be truly terrifying, causing some people to delay retirement for longer than they’d like or to keep working well into their elderly years just to have the certainty of a regular income. But according to the financial experts of Kiplinger Advisor Collective, taking the time to craft a plan for your retirement income can help ease — or even eliminate — those fears. Here, they each share their top piece of advice for creating a retirement income strategy that works and explain how having a well-thought-out plan will help give you peace of mind.

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In the world of credit, responsibility is greatly rewarded. If you’ve ever set up a credit card, you’ve likely heard the term “credit score.” This number helps creditors determine how likely you are to pay bills or pay back loans should you borrow money. This number can affect many aspects of your life, including your ability to rent an apartment, purchase the house you want, take out a loan or even buy a car. Having a low credit score can hold you back from reaching your full financial potential and accomplishing your goals. And while raising your score may seem like a huge hill to climb, there are a number of simple strategies you can use to help yourself get to the top faster. As financial leaders, the members of Kiplinger Advisor Collective know how frustrating it can be to have a number dictate your future. Here, they share easy tips anyone can use to improve their credit score, build better financial habits and take back control of their money.