Taxes play a significant role in any retirement plan, and the proper startegies can make the difference in your monthly income in two different ways - you give it to the Tax Man - or you plan your strategy in reducing taxes and put more back into your pocket.

Before retirement, you'll want to maximize the benefits of tax-deferred and tax-free growth, you will want to understand the differences.

During retirement, your focus will be on maximizing the after-tax value of your income.

Finally, you may desire to efficiently pass along some assets to your heirs.

Wouldn't it be nice if, after decades of hard work, scrimping and saving, you could retire and no longer have to worry about paying taxes?

Even if your income drops significantly after retirement, chances are you'll still be taxed on a portion of it,  and trust me the one thing I do know - taxes will go up, not down, but up!

And, depending on where you choose to retire and your income sources, you'll probably also face additional taxes on everyday purchases, real estate, capital gains, inheritances  the list goes on.

So remember preparation now, speak with a professional, evaluate your options, complete projections of your goals and needs.