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The Downside of a 401k Account
During one’s working years, as wealth accumulation is taking place, the conventional wisdom says to take full advantage of 401k opportunities, especially to get the benefit of an employer match. Then there’s the ability to avoid taxation of current income. While these factors argue favorably for deferred compensation plans, there’s a downside that you’ll need to deal with when you extract that accumulated wealth. Kiplinger contributor Michael Reese of Centennial Wealth Advisory, LLC covers these downsides in an article posted on www.kiplinger.com. Check his article out here…
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