Contrary to popular belief, taxes don’t always decrease during retirement.

Sarah Wotherspoon, principal at San Rafael, Calif.-based firm Private Ocean, says that clients’ situations differ based on how much they are withdrawing from their portfolios and whether those withdrawals are taxable; the amounts of their Social Security and/or pensions and when they start collecting from those accounts; and what gains they may realize on their portfolio or selling assets, such as a second home or rental property.

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