Retirement is a time of change. The only good thing about your new, and likely lower level of income is the lower marginal tax rate (MTR) that goes along with it. Fortunately, thanks to opportunities to reduce tax that are only available to seniors and retirees, there’s a good chance your after-tax income in retirement will be higher than you expect.
However, you won’t realize those gains without developing a tax strategy that:
This section of the ProsperiGuide website, Tax in Retirement, will look at these issues more closely.