--- title: Best Ways to Save in Retirement description:   No retiree wants to relinquish their hard earned money to the government. 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[Hospitality, Restaurants, and Retail](https://scottandco.com/industries/retail) - [Manufacturing and Distribution](https://scottandco.com/industries/manufacturing) - [Medical](https://scottandco.com/industries/medical) - [Nonprofit](https://scottandco.com/industries/non-profit) - [Professional and Business Services](https://scottandco.com/industries/professional-services) - [Real Estate](https://scottandco.com/industries/real-estate) - [Insights](https://scottandco.com/blog) - [Careers](https://scottandco.com/careers) 1 min read # Best Ways to Save in Retirement [Admin](https://scottandco.com/blog/author/admin) Mar 4, 2016, 12:00:00 AM [Blog](https://scottandco.com/blog/tag/blog) ![Best Ways to Save in Retirement](https://scottandco.com/hubfs/Imported_Blog_Media/Older-man-smiling-Small-1.jpg)   No retiree wants to relinquish their hard earned money to the government. Though paying taxes is inevitable, there are several advantages available that can lower the amount going to Uncle Sam. An important first step is to get the standard deductions out of the way. By getting the obvious out of the way first, you or your tax specialist can map out a path to savings. **Strategic Tax-Advantaged Accounts** The debate still rages on which tax-advantage account is most beneficial to retirees. Often the answer depends on the person who uses the account. IRAs are a very common form of a tax-advantaged account. Money is placed in with no tax, making the amount invested larger. The money is taxed once it is removed, which can substantially effect people who live off of their IRA. In contrast to the traditional IRA, in a Roth IRA, the money is taxed before it is put in the account, making resource planning easier. **Real Estate** In recent years, master limited partnerships (MLPs) and real estate investment trusts (REITs) have become very popular. With big taxes on standard investments, investors have turned to the lower cost housing and retail markets. The taxes are lower and the yield can be sizeable. **Tax-Friendly States** Some states are more tax friendly than others. States like Texas, which are reeling from the recent drop in the oil market, have a massive number of homes up for grabs and taxes that are some of the lowest in the nation. Be sure to check on other outlying costs such as heating, insurance and property tax before packing up. To read more on this topic, please visit: [www.bankrate.com](http://www.bankrate.com/finance/retirement/ways-to-reduce-taxes-in-retirement-1.aspx). - [Tweet](https://twitter.com/share) ![Scott Logo with Tagline - FINAL-ReversedText](https://scottandco.com/hs-fs/hubfs/Scott%20Logo%20with%20Tagline%20-%20FINAL-ReversedText.png?width=300&height=92&name=Scott%20Logo%20with%20Tagline%20-%20FINAL-ReversedText.png)   ##### Quick Links Quick Links - [About](https://scottandco.com/about) - [Services](https://scottandco.com/services) - [Industries](https://scottandco.com/industries) - [Insights](https://scottandco.com/blog) - [Careers](https://scottandco.com/careers) ![SCBIZ BPTW logo 2026](https://scottandco.com/hs-fs/hubfs/SCBIZ%20BPTW%20logo%202026.png?width=150&height=158&name=SCBIZ%20BPTW%20logo%202026.png) Proud to be named a South Carolina 2026 Best Places to Work—our 12th year on this prestigious list. 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