Retirees: You still owe taxes

Did you know that full retirement doesn’t end your income tax obligations? You’ll owe income taxes on withdrawals from a traditional IRA or 401(k) plan, and you’ll owe taxes on investment income outside your retirement plans (interest, dividends, capital gains, etc.). Also, if your income exceeds a threshold amount, you could owe taxes on your Social Security benefits. Call us for retirement tax-planning help.