3 Ways Taxes Could Be Sabotaging Your Retirement Income

Even in retirement, you likely won't be able to escape Uncle Sam taking a chunk of your earnings. If you're not preparing for taxes in retirement, your savings likely won't go as far as you think they will. You may owe thousands of dollars in taxes each year, depending on what your retirement income looks like, and a hefty tax bill can make it harder to enjoy your senior years comfortably.

Fortunately, a little planning can go a long way. By understanding how taxes will affect your retirement income, you can prepare for them ahead of time to ensure you'll still have enough money to make ends meet. As you're saving for the future, consider these three ways taxes could affect your income during retirement.

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Source Fool.com