Woulda. Coulda. Shoulda.
That is how a surprising number of retirees feel about their tax planning. In a recent study by Nationwide Retirement Institute, staggering proportions of retired Americans wished they had done more to prepare for their sometimes-surprising tax bills.
Over the course of the "Retirement Income and Tax Planning Consumer Survey," researchers asked people in different life stages about their preparedness for paying taxes in retirement.
The survey was revealing. An estimated 60% of future retirees, 70% of recent retirees, and 75% of those retired for more than 10 years said they are only “somewhat knowledgeable" or "not at all knowledgeable" about tax planning in retirement.
That’s right. Three of every four people retired for at least a decade still admit to feeling less than certain about planning for taxes in retirement.
