How to Pay Taxes in Retirement: What You Need to Know (Ep. 48)
What happens when you retire and no longer receive a paycheck? How do you pay your taxes in retirement?
This week on The Simply Retirement Podcast, I dive into this common concern among retirees. With the tax season freshly behind us, now’s a great time to address how you’ll handle taxes in your golden years.
Key topics:
- Navigating IRS expectations for tax payments without a regular paycheck
- Options for tax withholding from Social Security, pensions, and IRAs
- Understanding marginal versus average tax rates in retirement
- The advantages of estimated quarterly tax payments
- The rule of mandatory 20% tax withholding from company retirement plans
- The importance of consulting a knowledgeable financial advisor or tax professional
- And more!
Resources:
Connect with Eric Blake:
- www.TheSimplyRetirementPodcast.com
- Join the Simply Retirement Newsletter
- Ask a Question or Suggest a Topic for the Podcast
- Blake Wealth Management
- YouTube
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