Is Retirement Income Taxable? 5 Taxes on Retirement Income Explained

Is Retirement Income Taxable? 5 Taxes on Retirement Income Explained

Although you may no longer earn a traditional paycheck during retirement, you’re more than likely subject to income tax on the money that does come through the door. Failing to budget for state and federal retirement income taxes can cause headaches and stress, so it’s important that retirees learn about their financial obligations prior to owing penalties and late fees.