Don't Let These 3 Retirement-Related Taxes Catch You Off Guard This Year
Retirement usually means an end to your days in the workforce, but for most people, taxes last the rest of your life. You might pay less if your income has dropped compared to past years. However, retirement taxes can be more complicated because you usually don't have an employer to help you figure out how much money to withhold for Uncle Sam each year.Sorting this out begins with understanding which income sources the government taxes and which are tax-free. Watch for these three retirement-related taxes as you file your 2024 returns and look ahead to the rest of 2025 and beyond.Image source: Getty Images.Continue reading
Retirement usually means an end to your days in the workforce, but for most people, taxes last the rest of your life. You might pay less if your income has dropped compared to past years. However, retirement taxes can be more complicated because you usually don't have an employer to help you figure out how much money to withhold for Uncle Sam each year.
Sorting this out begins with understanding which income sources the government taxes and which are tax-free. Watch for these three retirement-related taxes as you file your 2024 returns and look ahead to the rest of 2025 and beyond.
Image source: Getty Images.
