Are you one of those who have carefully planned ahead for your retirement – setting up tax-advantaged savings accounts and researching the best place to live? You might be surprised to learn about the many tax issues that apply to retirees which should be taken into consideration when planning your retirement.
For example, you could face taxes on distributions from retirement or investment accounts, required minimum distributions from some retirement accounts and potential taxes on Social Security payments. You also need to consider state and local income, sales or property taxes – as well as state taxes on retirement benefits and estates.
The good news is, there’s still time to anticipate and reduce some of those complications. Take the time now to properly plan your tax burden so your retirement is secure.