If you're retired or about to retire, think carefully about your tax strategy

Coming up with the best tax strategy in retirement can be much trickier than it seems, and tax pros agree that it is a time when people need to be especially careful. Experts say you should look at your entire financial picture before deciding on things like 401(k) withdrawal amounts and timing, or when to begin taking Social Security. For example, withdrawing a large amount to do something like pay off a mortgage could result in a dramatic increase in what percentage of your Social Security benefits will be taxed.