Cut out coffees. Downsize the home. You’ve probably heard lots of advice about cuts to make when doing retirement planning. In his recent YouTube video, certified financial planner Kevin Lum said there’s one cost that wrecks more retirement plans than you realize. The Problems With Uncertainty When you first hear it, the advice from Lum is going to sound too simple. He boils it down to one word when it comes to the cost to cut in retirement — it’s uncertainty. He said it can cause over-saving, stress an ...

(A financial advisor can help you evaluate your tax situation and optimize your retirement plan for federal and state taxes.)On the other hand, if your taxable income is $200,000, you are in the 32% bracket. Another way to think about this that you'll owe 32 cents in federal tax on the next dollar added to your income.For example, let's assume that you're single and have $55,000 of taxable income. For 2025 that would put you in the 22% federal tax bracket. You'll owe 22% on the next dollar added, all the wa ...