I'm 71 years old and my current Thrift Savings Plan (TSP) balance is $315,000 after withdrawing $60,000 this year. This is putting me in a higher tax bracket and I must pay a large amount of federal/state taxes. In addition, my monthly Medicare premium will increase. Will the Medicare premium increase permanently or only the year of withdrawal? Is it too late to develop a strategy to reduce taxes? I don't need the money right now. What should my withdrawal strategy be? – Joyce I’m sorry to hear about the t ...

American workers often pay less tax after they retire. But if you’ve built up a large nest egg in retirement accounts, you could face an unexpected increase in Social Security taxes. For You: 3 Little-Known Social Security Rules That Could Save You Thousands Consider This: I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money Here’s what you need to know about the Social Security Tax trap. What Is the Social Security Tax Trap? The Social Security tax trap is an increase in Socia ...