One of the most overlooked aspects of retirement planning is the effect federal income taxes or state income taxes have on someone trying to live on a fixed or pension income. No matter your tax bracket, these unexpected hits to your retirement accounts can take a significant bite out of your nest egg without proper planning. Read Next: 10 Bills That Drain Your Retirement Savings — and How To Cancel Them Learn More: How Much Money Is Needed To Be Considered Middle Class in Your State? For example, a $1 mi ...