Taxing Your Retirement Income

Taxing Your Retirement Income
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Anne Johnson
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You’ve developed a retirement plan. And in developing this plan, you’ve determined what income you'll need to meet expenses. But have you accounted for taxes?

During your working years, your employer withdrew the taxes from your check. But now, since your money may come from various sources, you’ll need to make sure those taxes are paid. There are multiple ways that taxes can derail your retirement plan.

Tax Deductions Eliminated

Many taxpayers assume when they retire that their income will drop. The result is that their tax burden will decrease as well. But that’s not always the case.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for ten years.
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