There are several issues here.
- Yes, your Pacific Life retirement income is taxable.
- Age 72 is the age that you must start taking minimum distribution from retirement accounts, it does not exempt you from taxes.
- You may also be taxed on your Social Security. The base amount for your filing status is:
- $25,000 if you're single, head of household, or qualifying surviving spouse,
- $25,000 if you're married filing separately and lived apart from your spouse for the entire year,
- $32,000 if you're married filing jointly,
- $0 if you're married filing separately and lived with your spouse at any time during the tax year.
- If you exceed those threshold numbers you will be taxed on part of your Social Security
If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.
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