Many seniors have plans to take up hobbies, sports and volunteer activity to enjoy the time they’ll have in retirement. But every senior should take up a little course on taxes and learn how to game the system. Surprisingly, retirees are shocked to learn that the government is their retirement partner and it wants its share. Over your retirement years, the accumulated taxes paid throughout retirement will be the biggest expense in your golden years. It can be disheartening to discover that state and federal taxes can deplete your assets faster than any other risk in retirement. So taxes in your senior years can turn your retirement dreams into a nightmare. The first thing you need to understand is the effective tax bracket or blended tax rate that you pay. Second, you need to take inventory of all your income resources and categorize them by their tax status, i.e. taxable, tax deferred and tax-free. You may be able to construct a strategy that can lower your tax bill and, in turn, increase your spendable cash flow. For most consumers, learning the basics of taxation is well within their learning capacity. Many retirees can increase their monthly income by 10 to   Read more…