A study from AARP revealed that Americans that are 50 years old or older pay 59% of all federal income tax. Contrary to popular belief, many retirees face higher tax obligations due to required minimum distributions (RMDs), Social Security taxes, and insufficient planning during their working years. Mike Canet and Samantha Nash explain that with strategic tax planning, retirees can reduce the burden by leveraging lower tax rates early and exploring options like Roth conversions. Understanding these dynamics is crucial to avoid losing significant portions of savings to taxation and to ensure long-term financial security amidst changing income needs in retirement.
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