Understanding how federal and state taxes apply to your benefits can help you keep more of your money. Here’s what you need to know to protect your retirement income from unnecessary taxation.

Therefore, a Roth IRA provides a "much longer runway for tax-free investing," said certified financial planner Thomas Scanlon at Raymond James in Manchester, Connecticut.

The IRS updates tax brackets every year, so it's always a good idea to check whether you're close to one of the cutoff points ...