Many of us have always had jobs where our federal and state taxes were automatically paid from our paychecks to the appropriate authorities by our employers. Once we start receiving SS and drawing from our IRAs, we need make sure we pay the appropriate taxes on a quarterly basis. Failure to do so can result in a penalty. (We have our taxes withheld and remitted automatically by our financial advisor.) I’ve known several recently retired people who were surprised at tax time.
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