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Practical Money Matters Radio Series

October 7, 2011
Watch Out for Taxes in Retirement


Are you taking taxes into account when planning your retirement? Find out what costs you should be factoring in as you plan for your retirement.

Transcript

When budgeting for retirement, most people factor in housing, medical costs, transportation–even entertainment and travel. But many forget to include taxes.

Although many states don't tax Social Security benefits, the federal government does count them as taxable income. So, depending on your overall income level, you may owe income tax on a portion of your benefit. If you return to work after starting to collect Social Security, those benefits may be reduced, depending on your wages. Unless your IRA or 401(k) is a Roth, you'll have to pay taxes when you withdraw the money.

Finally, before retiring to a different state, be sure to check out its income, sales and property tax rates.\n

Bottom line: Don't forget about taxes when budgeting for your retirement.


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