4. How to Navigate Taxation on Retirement IncomeAs retirement approaches, it’s important to consider how your retirement income will be taxed. The type of income you receive during retirement can greatly impact your tax liability. For example, traditional pension plans and withdrawals from traditional 401(k) plans are taxed as regular income. On the other hand, income from Roth IRAs and Roth 401(k) accounts are tax-free since taxes are paid on the contributions made to these accounts.One way to navigate taxation on retirement income is to diversify your retirement accounts and income sources. This can help minimize your tax liability by allowing you to withdraw from different types of accounts that are taxed differently. It’s also important to plan ahead and consider the tax implications of your income sources before retirement. Additionally, researching and understanding the tax laws and regulations surrounding retirement income can help you make informed decisions and potentially save on taxes. Seeking the advice of a financial advisor or tax professional can also be beneficial in navigating the complexities of taxation on retirement income.