12 Questions Retirees Often Get Wrong About Taxes in Retirement

You worked hard to build your retirement nest egg. But do you know how to minimize taxes on your savings?

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Taxes in retirement can be a nightmare for many people with today's complex rules and regulations. 401(k) plans, IRAs and other retirement accounts come with many tax traps that even the smartest investors fail to see. Therefore, it shouldn't be a big shock that retirees aren't always up to date on every part of the tax code and, as a result, end up paying more in taxes than is necessary. Now that you've put together your retirement nest egg, you want to make sure that you're not overpaying Uncle Sam. To help you evaluate your current tax knowledge, here are 12 questions retirees often get wrong about taxes in retirement. Take a look and see how much you really understand about your own tax situation.

(And check out our State-by-State Guide to Taxes on Retirees to learn more about how you will be taxed by your state during retirement.)

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