Hello dena-r,
Congratulations on your upcoming retirement. For tax planning, first determine where your income will come from. Will you start getting SS benefits, withdraw money from retirement accounts (401k, pension, IRA etc.)? How about investment income? Any other income (side business, rental etc.). Based on those answers, you have to decide how much should you withheld taxes from these income or may be pay estimated taxes. Remember, generally SS benefits are not taxable but if you have other income and they are above certain level along with half of your SS benefits, up to 85% of SS benefits can be taxable. Also there is RMD once you turn 72. IRS requires that you withdraw money from retirement accounts once you turn 72 so you want to pay attention to where you want to withdraw money from. Here are some helpful links about tax rates, taxable SS benefits and RMD.
https://turbotax.intuit.com/tax-tips/retirement/tax-tips-after-you-retire/L6DBVFZ25
https://www.irs.gov/faqs/social-security-income
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
