How You Should Really Spend Your Holiday Bonus

December 11, 2013  |  

Max out retirement contributions

We should all be thinking ahead to how we want to live out our last (fabulous) days and thus need to contribute to retirement accounts. In the same breath, there are reasons why you should put some of your holiday bonus towards your financial future. “Maximize your tax shelter structure to minimize the amount of tax you will need to pay on your bonus amount,” points out Shipley. ” If taxes are not taken out of your bonus make sure you set aside the amount consistent with your tax rate aside to cover your tax liability.”

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