If your retirement is not far off, you’ve probably already started to estimate what your living expenses will be after the regular paychecks stop. Most would-be retirees remember to include routine expenses like housing (rent or mortgage), medical bills and prescriptions, insurance premiums, transportation — even food and entertainment.
But don’t forget to factor in taxes, which can have a substantial impact on your cost of living, depending on where you live and what your sources of retirement income will be.
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