New York - If your income in retirement does not decreases, it is a good change that your tax bracket will not either. If you've saved substantially during your working years, you may actually be in the same or a higher tax bracket when you retire.
In order to calculate your exact tax bracket, you need to calculate what your known taxable income will be. This includes the following income:
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Distributions relating to an IRA,
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401-K plans
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Social security
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Corporate benefit plans
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Dividends and interests
Compare your retirement income with your pre-retirement income and adjust your deductions accordingly.
Tax law and issues are every changing and is extremely complicated. Even if you always did your own taxes and plan on doing so when you retired, you should consulting with an independent Fee-Only financial adviser to ensure there are matters that you have not overlooked.
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