As many seniors learn, retirement can be as stressful and frustrating a time as any when it comes to paying taxes. With 401ks and traditional and Roth IRAs, as well as Social Security benefits and working wages, there's plenty to calculate on a tax return.
So how can the retirement crowd cut down on their tax bills? Analysts say it starts with managing your money.
"Retirees usually have a bit more control over their tax situation than other taxpayers," says Steven Gershon, a director at the Kansas City, Kan., office of the accounting and financial services firm CBIZ MHM. "That's because they can decide how much they might need to withdraw from their retirement plans to keep their taxes low."
Delay, delay, delay
Most experts agree that delaying withdrawals from a 401k or traditional IRA until you are 70½ is best for taxpayers because it lets these plans grow tax-deferred. Taxes on withdrawals from these plans are eventually taxed at ordinary income rates, but that can increase by more than 10% if withdrawals occur before age 59 1/2.
This is where a Roth IRA can help, says Mike Scholz, the tax director at Wegner CPA. Funds in a Roth can be withdrawn by age 59 when needed, tax-free, if the account has been open for at least five years.
"If a retiree doesn't have a current Roth IRA, it's worth it to see if a rollover from an existing IRA or employer plan to one makes sense," Scholz says. "They have tax-free growth and tax-free distributions."
And having more than one type of IRA can help taxpayers when the required minimum distributions for these funds hit at age 70.
"RMD management is essential," says Lee Martinson, the owner of PGA Financial. "Seniors have to know to take advantage of the aggregate rule, which says that withdrawals from one can satisfy withdrawals from all your vehicles. That will lower tax bills."
One other tactic to lower taxes is to shift taxable income around to different types of lesser-taxed investment vehicles.
"Some methods are very popular, like family limited partnerships and things like trust life insurance annuities," says Alexey Bulankov, a financial planner at McCarthy Asset Management. "There are what's called Stretch IRA's to deal with estate taxes. Seniors should weigh the benefits of all."
Besides moving money, some retirees may consider moving to states like Nevada and Florida that traditionally have low or no income taxes. But Gary Duboff, the managing director of CBIZ MHM's New York City office, notes that "with the economic downturn, many states are enacting or thinking about new and higher taxes on residents. It's a common approach for many retirees to move, but unexpected changes in tax law could have an impact on planning."
Another problem for retirees on the move are gift and estate taxes. Many states -- 21 to be exact -- have not adopted federal rules excluding up to $5 million of estate tax assets. That could cost retirees and their heirs additional taxes if they relocate.
It's obvious, experts say, that retirees need to check out the tax laws of any new state they might want to move to.
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Taxing me on a Tax that I paid into.
It make me want to Cry
It just Breaks my 
I can't even go and have a cold
without getting taxed. The 
has taken over our Great Country
