It comes as no surprise for most employees that their employers are America’s primary tax collectors since they withhold a big chunk of money from their employees’ paychecks. However, as soon as you retire, things go the other way around.
Meaning that it’s actually your job now to make sure that Uncle Sam gets its share. So, if you wait too long, you might be caught by surprise with some penalties as a “reward.” No one wants to pay penalties or interest, but thankfully there are things you can do to prevent that from happening. (Click on the “NEXT” page to find them!)