54% of Older Americans Worry About Taxes in Retirement. Here's How to Lower Yours

Retirement is a financially tricky period of life. Once you leave the workforce and say goodbye to a steady paycheck, managing your finances can become all the more stressful, even if you're entering your golden years with a decent chunk of cash in a 401(k) or IRA. You'll be moving to a fixed income, all while grappling with a host of unknown costs, from healthcare to the general impact of inflation.

And then there are taxes to worry about. Unfortunately, being retired doesn't exempt you from paying them, and just as they can be a major burden for workers, they can also wreak havoc on seniors. In fact, 54% of Americans 50 or older say that paying taxes in retirement is a big concern, according to a new Nationwide survey.

Image source: Getty Images.

Continue reading

Source Fool.com