Best Company

The Ultimate Guide to Retirement Taxes

Bennett S. Stein, CPA was quoted in a Best Company article by Alice Stevens discussing taxes.

Retirement is the dream. It’s about being financially independent, finishing work, and having more free time to spend with friends and family.

Unfortunately, taxes don’t go away.

“Many recent retirees are surprised to owe income tax time, because they are frequently not withholding on major sources of retirement income such as IRA distributions and Social Security benefits. You have to make withholding elections yourselves, with your planner or brokerage firm holding your IRA account, and by filling out Form W4-V to withhold from social security benefits. The typical working taxpayer has withholding taken care of by their employer, so they don’t expect to have to do this on their own come retirement,” says Bennett Stein, CPA and Investment Advisor Representative with Arbor Wealth Management, LLC.