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Please define income. Do I include income from tax exempt bonds? IRA income? 401k income? RMDs? IRA distributions? Unrealized capital gains?

Very complicated.

When I am asked this question, the best I can do is throw out a guess.

I do not pay taxes on all income, and not all that I pay taxes on is income. Much is reinvested.

Unlike people who work for paychecks, many retirees have diversified sources of income. That gives you options if one of your income sources fails to deliver.
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