Taxes

Unlike the summer family reunion and work meetings, you can always count on a few specific dates every year. Days like birthdays, holidays, anniversaries, and Tax Day. But even if April 18th is hardwired into your brain and calendar, sometimes it makes more sense to file for an extension instead of the tax deadline.

All United States citizens are subject to income tax from the federal government, even those who are retired. Living on a fixed income in retirement can be difficult, so it’s important to plan accordingly for how you will be taxed to get an accurate picture of your financial health. 

Here’s what you need to know about taxable income in retirement. 

Without fail as Tax Day approaches every year, the mind whirls while you check boxes and fill in numbers about everything you could have, should have, would have done to save more money on taxes. Could you have saved more? Invested better? Been smarter at charitable giving? Probably.