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Have you done your taxes yet? I’m doing mine—or rather, I’m having mine done—next week. (Yep, my family uses an accountant, and I consider it money well spent.) Tax season is a good time to remind yourself that your nest egg in retirement won’t be fully your own. Some of that money belongs to Uncle Sam. The taxes you’ll pay on your retirement income will depend on a number of factors, including how much of your savings is in traditional versus Roth accounts. A portion of your Social Security benefits may be taxed, too, depending on your overall income. While we can’t forecast our exact tax bill in retirement, it’s a good practice to remember that most of us will have one.

Best wishes,


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Is Social Security Taxed? Here's What You Need to Know

It depends on your income.

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This Is the Simplest, Most Successful Way to Save Enough Money for Retirement

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Our next question is from Erik Hendrickson, 46, of Pittsburgh, who asks: “How do you go about putting together a muni bond portfolio without an advisor?”

Thanks to all who responded to Rhonda Detro’s question about the best way to find a financial advisor! Many readers recommended that she seek out someone who charges an hourly fee, rather than a fee based on a percentage of assets under management. I’ll pass along all responses received to Rhonda. Here’s a sampling:

Heather Thornton, 43, of St. Paul, Minn., writes, “She’s clearly concerned about a bear market (completely understandable in today’s environment), and someone who uses a portfolio-valued based advisor is creating drag on their portfolio regardless of whether the market is up or down.”

Tom Uttomark, 72, of Roman Forest, Texas, writes, “Many people need advice to get them on the right financial path, but most don’t need long-term hand-holding. The percentage advisors do a fair amount of work up front, but then they coast.”

Paul Hudson, 71, of Albuquerque, N.M., recommends that Rhonda interview three to four advisors before making a selection, consider what she might need beyond portfolio management (such as estate planning), and ask the candidates how they can meet those needs as well.

Vicki Van Horn, 69, a certified financial planner in Rio Rancho, N.M., writes: “I see such reprehensible behavior by brokers. People come to have their taxes prepared, and they have dozens of pages of trades if they have authorized the broker to trade on their behalf. So they are paying loads [on the funds], commissions, and fees—ugh. As a financial planner, I suggest no-load, low-expense-ratio ETFs and mutual funds.”


66% of Working Millennials Have Nothing Saved for Retirement

According to a new report from the National Institute on Retirement Security, two-thirds of working millennials have nothing saved for retirement; sometimes, retirement plan eligibility requirements are to blame. FORBES

A Simple Equation Will Show You if You’re on Track To Save Enough for Retirement

Here’s how to know if you’re saving enough. CNBC

Train Your Brain to Save More and Spend Less

Former MONEY editor-in-chief Diane Harris offers smart tips to hack your savings. MARKETWATCH

 Unusual Medical Tax Deductions You Might Not Know About

Laser eye surgery and hearing aid batteries are just two of the lesser-known medical tax deductions you can claim. CONSUMER REPORTS


Elizabeth O'Brien is a senior writer at MONEY, covering retirement and health care. You can email her at elizabeth.o'brien@moneymail.com and follow her on Twitter at @elizobrien.

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