Managing Your Financial Future
Will You Be in a Lower Tax Bracket in Retirement?- Episode 129
March 14, 2023
Does retirement increase or decrease the amount of taxes you have to pay? You might think that once you begin retirement, your tax bill will tend to go up at first, since people normally have much (if not most) of their retirement funds in a company retirement plan (401k, 403b, etc.) – all of which are taxable upon withdrawal at ordinary income rates. But is this really the case? Should retirees simply resign themselves to giving up a big chunk of their retirement savings to Uncle Sam?