Retirees: Keep Taxes From Eating Away at Your Social Security Benefits, 401(k), and IRA
Taxes are, unfortunately, a part of life. Even in retirement, you may have to pay income taxes on your retirement fund withdrawals and your Social Security benefits, and those taxes can take a serious bite out of your income.
Although taxes may be unavoidable, planning for them now can make them a little more bearable in retirement. In order to prepare for them, it's first important to understand how taxes will affect your retirement income.
Image source: Getty Images.
Source Fool.com
