A new survey from Nationwide Retirement Institute shows a high percentage of retirees lack an understanding about the effect of taxes on their retirement income, which is something many may come to regret.
According to the survey, about 60% of future retirees, 70% of recent retirees and 75% of those retired for over a decade said they were only somewhat knowledgeable or not at all knowledgeable about tax planning.
More than one third, or 37% of retirees, admitted they hadn’t considered how taxes would impact their retirement income when they were planning for the event.
The survey showed that more than half of those who are not yet retired would like to be more informed on how they will be taxed in the future. Many of these respondents also did not know about the effects of tax bracketing, according to the survey.
The numbers show an appetite to learn more.
The overwhelming majority of those nearing retirement (82%) want to learn about taxes, Nationwide Retirement stated.