In this episode of Beacon Retirement Strategies, we discuss the different types of popular retirement income and how they are taxed. Many people overlook the impact of taxes on their retirement savings and may be surprised by the amount they have to pay in taxes when they withdraw their money.
We will explain how traditional IRAs and 401(k)s are taxed as ordinary income in retirement, while Roth IRAs and 401(k)s are tax-free. We also touch on the topics of Social Security benefits, dividends, annuities, savings bonds, and other income sources that are taxed in retirement.
Without a comprehensive retirement plan, you could find yourself overpaying in taxes and fees, running out of income, being blindsided with unexpected healthcare expenses, and possibly even having to go back to work. We offer a FREE Financial Plan Checkup to ensure you have a solid retirement plan.
