4) Reduce Taxable Income With Retirement Savings
By investing in a 401k or retirement savings account you can set yourself up for a comfortable situation in the future. Investing in retirement accounts can be costly at first, but that money will accumulate over time and also give you tax breaks in the present. Many employers will even offer to match your monthly contributions, up to a certain percentage, which will rapidly compound your savings for longer term benefits on your bank account. Having a retirement savings will better prepare you in the case of any future unexpected tax situations, and if not, then you will just get to enjoy some well deserved senior relaxation.