If you have a pension coming to you when you retire, it could affect your taxes in the future. The biggest problem would be that you put a lot of your retirement money into tax-deferred accounts. As a result, it means that you will have to pay taxes on that money when you withdraw it, and the taxes will be at your regular tax rate.
If you are going to receive money from multiple sources, such as a 401(k), a retirement pension, and Social Security, your taxes could be considerable. You may also be counting on income from investments and possibly from employer matches, giving you considerable savings over the years. Your taxes on multiple sources of income could be shockingly large—greatly reducing the retirement money you are counting on during your retirement years….