The Tax Foundation has a most wonderful calculator you can use to gauge your tax, now and in the future.
Now this calculator was set up to show you the benefits of the Tax Cut and Jobs Act (TCJA). And there are many, many benefits to that new law.
However, if you dive a bit deeper you can see how different sources of income can really hammer you tax-wise in retirement.
Watch as I walk you step by step to see how much more you’ll pay in taxes if you take Social Security early and have large Required Minimum Distributions.
You won’t want to miss this.
In fact, I suggest you start NOW planning for your future tax burden. The earlier you start planning the less painful it will be in the future.