“The rich are there to make all the money and pay none of the taxes. The middle class are there to do all the work and pay all the taxes. The poor are there to scare the “daylights” (Not Carlin’s word) out of the middle class so they’ll keep working and paying the taxes.” – George Carlin
Income taxes are the single largest expense you’ll encounter in life (the second is health care costs). Most often, the income tax burden retires face at the same rates as before they retire; but without the deductions. You can never get the maximum amount of retirement income unless you get your tax life under control.
Most families could substantially reduce the amount of income taxes they pay simply by adopting a sound tax reduction plan. There are legitimate IRS ways to lessen your tax burden. The IRS will never tell you about a tax deduction you didn’t claim. The responsibility of finding out is always yours. If you pay fewer taxes, more of your money can be used for any purpose you choose.