5 Tax Traps Retirees Can Fall Into — and How To Avoid Them
“Retirees often encounter unexpected tax liabilities from Social Security benefits becoming taxable based on income levels, higher Medicare premiums triggered by income thresholds, penalties for missing required withdrawals from retirement accounts, varying state taxes on pension and investment income, and fines for neglecting quarterly estimated tax payments. Proactive strategies like managing combined income, timing distributions, … Read more