When planning for retirement, consider taxes

We're not all there yet, but one day we will be retired, and financial experts are sharing strategies that can help plan for the long-term.

"Just like people plan for vacation, they should plan their retirement," said Rick White, a retirement advisor at Patriot Wealth in Raleigh.

White says one of the most overlooked areas is rising tax rates. "The whole goal in retirement is not to run out of money, and things like taxes can cause us to run out of money -- or at least have less of a financial cushion," said White.

People pay taxes on their social security and retirement plans, and federal tax rates could change in a few years. That's why White says those in and approaching retirement need to plan for payments and make adjustments.

"In today's world, tax deferred investing, in my view, is not the best way to save," said White. "If you have a 401K, put enough in to get the match, and then move on."

White recommends moving to a ROTH IRA or a ROTH 401K, where you're getting your taxes out of the way now -- not later.

He also says planning alone can be tough, and it's beneficial to meet with an advisor for individualized advice to help you strategize.

"For a good CPA, it's no more than perhaps anywhere from $50 to $100 dollars an hour -- and it's well worth it," said White.