January 23, 2020 – By Chris Kowalik
When you’re planning for retirement, you want to make certain that your money lasts as long as possible (preferably as long as you do!). What’s one of the things that can derail an otherwise great retirement plan? Taxes.
Taxes can potentially wreak havoc on your retirement since you have to pay for them somehow—and if you’re not accounting for them, you may be forced to use your hard-earning savings. I refer to taxes as the “carbon monoxide” that can kill an otherwise really good financial plan. It can sneak up on you quickly and without a lot of warning.
Many federal employees are confused when it comes to how their taxes will change in retirement. Here are a few common myths that you should know and avoid.