A majority of middle-income baby boomers and retirees have significant gaps in their understanding of how federal taxes will impact their retirement finances, according to a new study by the Bankers Life Center for a Secure Retirement.
More Americans know how lottery winnings are taxed than how Social Security, IRAs, Roth IRAs and 401(k)s are taxed, the study found.
The "Retirement Tax Considerations for Middle-Income Americans" study focused on 1,000 Americans over the age of 50 with an annual household income between $25,000 and $75,000.
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