Do you know how much tax you will have to pay on your pension benefits? You might be thinking it's a lot, but there may actually be some good news in that area. The truth is that your pension benefits will be taxable in the United States if they exceed a certain amount of money in a given year. In order for this to happen, you will need to have an income of at least $32,000 per year and the total amount of money from your retirement account needs to exceed $34,800. Otherwise, you don't have to worry about paying any taxes on your pension.
If you are not sure if your pension benefits will be taxable, go to https://www.irs.gov/taxtopics/tc409.