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How much taxes will retirees owe on their retirement income?
The Center for Retirement Research at Boston College recently found “households in the aggregate will have to pay about six percent of their income in federal and state income taxes, but this liability can rise significantly for those in the top quintile of the income distribution.” The researchers explained in their newest study “How Much Taxes Will Retirees Owe on Their Retirement Income?”, individuals need “to evaluate retirement resources, households approaching retirement typically will examine their Social Security statements, defined benefit and defined contribution balances, and other financial assets, yet many forget to factor in the state and federal taxes that may need to pay on these resources.” Ted Godbout’s article appearing on the website www.napa-net.org, he writes why it’s important to not overlook taxes in retirement. Read Mr. Godbout’s article here…
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