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The 1 retirement expense that might catch you off guard Clients should not underestimate the impact of taxes on their income after they retire, as their tax liability could reduce substantially their net earnings, according to this article on Motley Fool. Retirees are expected to face a tax bill on distributions from their traditional 401(k) and IRAs and on a portion of their Social Security benefits. They will also owe taxes on their gains from taxable accounts.
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