Reduce your expenses
By keeping your expenses moderate, you will be able to stay under the 15 percent tax bracket and take advantage of many tax breaks. For married couples filing jointly, that’s approximately $73,800 after your deductions and personal exemptions.
Try to pay off your mortgage before retiring
Your mortgage is usually your biggest monthly bill, and if you can get rid of that, you’ll have much more flexibility in retirement. It’s too bad that more and more people are carrying a mortgage into retirement.
Minimize tax on your Social Security benefit
If you file as married jointly and your combined income is below $32,000, you won’t have to pay any tax on your Social Security benefit. But as your income increases, you will pay more and more tax on your Social Security benefit. This is another reason to keep your retirement expenses low.