Nearly one of every three dollars that high-income retirees spend goes to taxes, including those for federal, state, capital gains, real estate and personal property, according to a study by Lincoln Financial Group. Together, those taxes represent 31.8 percent of all household costs incurred in retirement, the study found.

As the Lincoln report points out, most future retirees don’t expect taxes to be among their highest bills, which is why Americans in their 50s and 60s who are anticipating a comfortable retirement may want to rerun those numbers. Your best bet is to check with a financial professional and address these key tax and retirement questions — before you get the gold watch.

[See: 8 Things Not to Hide From Your Investment Professional.]

Is there enough money to retire? This is really a table-setting retirement tax question, says John Petosa, a tax expert and professor at the Whitman School of Management at Syracuse University in Syracuse, New York. “Here, the retiree needs to determine how much money they will spend on a monthly basis, and then their financial or tax advisor can work backward to see if the person’s assets will allow them to maintain their lifestyle,” Petosa says.

How will distributions affect my taxes? Required minimum distributions — money you must withdraw from your 401(k) and IRA retirement accounts — are mandatory at age 70.5, says Richard E. Reyes, a financial planner with Wealth & Business Planning Group in Maitland, Florida. “At 70, Uncle Sam says the free ride is over,” Reyes says. “It’s time to pay taxes.”

This forced distribution has a tendency to increase your taxes. “If you don’t take those withdrawals on schedule, you’ll incur a tax penalty amounting to 50 percent of the scheduled retirement fund withdrawal.” You can, however, take withdrawals early and reduce your tax liability in the process. By taking withdrawals in your 60s, you spread out the tax liability over more years, and potentially drive yourself down to a lower tax bracket in the process. That will reduce your tax bill in retirement.

Tax-wise, it’s best to first take withdrawals from your 401(k) and IRA before tapping taxable investment accounts, like a brokerage account, which is taxed at capital gains rates. At around 15 percent, capital gains rates are usually lower than a retiree’s ordinary income tax bracket, which can be as high as 39.6 percent.

[See: The Best ETFs Retirees Can Buy.]

How much of Social Security is taxable? If the combined income for you and your spouse exceeds $32,000, a portion of your Social Security will be taxable, says Paul T. Joseph, a certified public accountant and principal at Joseph & Hedrington in Williamston, Michigan. “Up to 85 percent of your Social Security will be subject to income tax if it exceeds $44,000,” he says.

What type of retirement income will I have? “Most people are unaware that different types of income are taxed at different rates,” Joseph says. “For instance, capital gains are taxed at a favorable rate, frequently much less than the normal income tax rate,” he says. “Accordingly, it’s important that you determine what type of income you are going to receive whether it’s interest, dividends, pension or Social Security.” If you’re receiving benefits from a Roth IRA, they are not subject to income tax.

When should I take any lump sum payment? You’ll likely be in a higher tax bracket in your last year of work versus your first full year of retirement, says Scott Stratton, president of Good Life Wealth Management and a registered investment advisor in Dallas. “If it’s possible, you may gain significant tax savings by deferring any extra payments until January of the following year, when you are in a lower tax bracket,” he says.

[See: 10 Long-Term Investing Strategies That Work.]

Am I eligible for a reduction in local property taxes? For retirees in many parts of the country, property taxes can equal or exceed their income taxes, Stratton says. “Find out if your municipal taxing agencies offer any discounts, and be sure to apply for these benefits at your earliest eligibility,” he says.

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6 Tax Questions To Ask Before You Retire originally appeared on usnews.com