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STERN ADVICE-That retirement time bomb
The baby boom generation is moving into retirement with something no other generation has had: huge tax liabilities. With their savings concentrated in tax-deferred retirement accounts like 401(k)s or individual retirement accounts, many boomers will have to pay income taxes on most of the money they live on. In addition, they are likely to find a high percentage of their Social Security benefits taxable. “It’s kind of a new thing with current retirees,” observes Mackey McNeil, a certified public accountant and personal financial specialist in Bellevue, Kentucky. “They love the tax deduction when they are putting money in, but some have no after-tax accounts at all.” Read more…
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