Income from pensions is taxable, but individuals can roll over a lump sum into an IRA and control when to withdraw the funds and pay income tax. Retirees will eventually have to take required ...

If you inherit a tax-deferred retirement account, like an IRA or a 401(k), you’ll ... If you take all $550,000 out in one lump sum, you will pay $195,199 in taxes on this withdrawal.