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4 Top Ways to Avoid Tax Pain at Retirement
Retirement costs money — an enormous, mind-boggling amount of money. Here’s a thought exercise for some context. Imagine you are one of the lucky few college graduates that rolls out of the diploma mill and into a well-paying job, and at age 24 you’re earning a handsome $50,000 per year. Being financially savvy, you save 10 percent of your income each year. For the next 43 years, you remain consistently employed, you receive regular raises, your investments achieve satisfactory returns, and there are no financial catastrophes. This is about as good as it gets, and by age 67 you’re sitting on a nest egg worth nearly $1.4 million (keep in mind that this is a fantasy scenario for most Americans, who are woefully underprepared for retirement). Read more…