Retirees often don’t understand how taxes work in retirement. But they’re keenly concerned about the size of their tax bill each year. Learn what’s involved in creating a retirement tax strategy.

In retirement, your tax rate may vary widely over the years based on the timing and order in which you use different sources of money to pay for your living expenses. You want to apply the tax code in an organized and efficient way.

You need a retirement tax strategy that will:
• Identify the types of taxes you will face at various stages
• Address how taxes impact Social Security and Medicare
• Plan when to tap different accounts so you don’t overpay taxes.