The LEARNING library

One Way or Another

Remember the days of simple retirement planning? Folks had a pension, savings, and social security. That was about it! Today there are multitudes of accounts to consider. There are Traditional IRAs, 401(k)s, 403(b)s, Roth IRAs, Social Security, Pensions, Stocks, Bonds and Mutual Funds, Annuities, Life insurance and the list goes on. Guess what hasn’t changed? Taxes. All accounts must be taxed one way or another. When creating your retirement income strategy, it’s imperative to consider tax consequences for each account. This is necessary for withdrawal strategies. Today we are going to review Kiplingers, “How 11 Types of Retirement Income Get Taxed.”