Margaret Mitchell from Gone with the Wind once said, “Death, taxes and childbirth! There’s never a convenient time for any of them.”
Few people like to deal with taxes—with the exception of accountants, perhaps. In fact, when asked to choose which activity they dislike the most, getting a flu shot is preferable to doing taxes for many middle-income Americans over age 50!
When it comes to taxes in retirement, many middle-income Americans age 50 and older have significant gaps in their understanding of how federal taxes will impact their retirement finances. In fact, they know more about how lottery winnings are taxed than their taxes on retirement income.
Adults aged 50 and older in this income bracket could face negative tax implications as they near and enter …