Taxes in the U.S. greatly contribute to our way of life, and nobody (not even seniors) can avoid them completely. There are 9 states where you can forget about a traditional income tax but otherwise, you have to keep an eye on all your accounts, expenses, budgeting plans or savings.
This is doubly important when you reach retirement age. By that time, seniors are less likely to work for a variety of reasons such as poor health or difficulties in finding work. That’s exactly why paying attention to retirement income taxes is so crucial. Without all the necessary information anyone could stand to lose quite a big chunk of money and there’s nothing worse than watching it all trickle away without the possibility of earning it back.
By the time you reach your golden years, focusing on several different types of income is pretty standard advice that financial planners might give out. However, all of them are treated differently. Here’s our list of 10 types of retirement income and how they get taxed.
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