Few of us enjoy paying taxes. But when you’re working, the task is usually pretty straightforward: Taxes are withheld from your paycheck throughout the year, and when it comes time to file your return, you square up with the IRS. Most people get a refund.
Retirees face a very different tax landscape — one that can be both confusing and costly. The U.S. tax system operates on a pay-as-you-go basis, which means you’re expected to pay taxes on taxable income year-round, not just when you file your tax return.
