Avoiding the Impending 'Tax Time Bomb' for Savvy Retirement Planners

Tuesday, 25 June 2024, 17:52
Learn how great savers could be at risk of a 'tax time bomb' in retirement due to large pretax 401(k) or IRA balances. Discover expert advice on avoiding this financial pitfall and securing your retirement funds effectively.
CNBC
Avoiding the Impending 'Tax Time Bomb' for Savvy Retirement Planners

Avoiding the 'Tax Time Bomb' for Great Savers

Financial advisors warn that individuals with significant pretax 401(k) or IRA savings may encounter a looming 'tax time bomb' in retirement. Taking proactive steps is crucial to safeguard your retirement finances.

  1. Understand the Risk: Large pretax balances can lead to substantial tax liabilities upon withdrawal.
  2. Seek Expert Guidance: Consult a financial advisor to devise a tax-efficient retirement strategy.
  3. Plan Wisely: Consider Roth conversions and other tax-saving measures to mitigate the impact.

Don't let your retirement savings get devoured by taxes; take action now to secure your financial future.

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