Many retirees tap tax-deferred accounts last, but Morningstar’s Mark Miller suggests using these funds first to minimize total taxes in retirement. Tax implications for Social Security benefits can be significant, with single filers earning over $25,000 facing taxes on up to 85% of benefits. Roth assets and careful planning can help avoid the “tax torpedo” effect. Consider Roth conversions and delaying Social Security to maximize tax-free income. Consult a financial advisor to create a tax-efficient retirement strategy tailored to your situation.

Read more at Yahoo Finance: This Common Retirement Strategy Could Raise Your Taxes Instead of Lowering Them