Taxes are one of the largest expenses many retirees face, yet they're often an afterthought. How you draw income can change what you owe.
This cornerstone guide explains the tax basics every retiree should understand. It is educational only and not tax advice — please consult a qualified tax professional.
The three types of accounts
Taxable, tax-deferred, and tax-free — and why the mix matters.
Withdrawal order and tax efficiency
How the sequence you tap accounts affects your lifetime tax bill.
Taxation of Social Security
How much of your benefits may be taxable and what drives it.
Required minimum distributions
When RMDs begin and how they affect your taxes.
Roth conversions
How converting can shift future taxes, and the trade-offs to weigh.
This guide is for general educational purposes only and is not financial, tax, or legal advice. Tim Hartle is an independent insurance professional. Annuity guarantees are subject to the claims-paying ability of the issuing insurance company and are not FDIC insured. Rules and product features vary by situation and by state. Please consult a qualified advisor about your own circumstances.