Retirement can reduce or eliminate a number of line items in your budget. But many retirees are surprised to discover that their tax bill may not be one of them.
Almost half (46 percent) of recent retirees wish they had planned better for handling taxes in retirement, according to a new survey from the Nationwide Retirement Institute. One in 4 report having paid thousands of dollars more in taxes in retirement than they had expected.
The Harris Poll surveyed 1,031 adults age 50 and older on Nationwide's behalf during August. That group included 334 "future retirees" who expect to retire within the next 10 years, and have at least $150,000 in investable assets.