Many people carefully plan ahead for retirement, setting up tax-advantaged savings accounts and deciding on the best place to live. They may be surprised, then, to learn about the many tax issues that apply to retirees, all of which should be taken into account in their planning. That can include taxes on distributions from retirement or investment accounts, required minimum distributions from some retirement nest eggs and potential taxes on Social Security payments. Many fail to consider state and local income, sales or property taxes—as well as state taxes on retirement benefits and estates.
The good news is that it’s possible to anticipate and reduce some of the complications that taxes can cause in retirement. If you’re not certain how to get started, be sure to call our office. We can provide the advice you need to build a foundation for a secure retirement