How Your IRA or 401(k) can Become a Tax-Free Gift for Your Loved Ones
The IRS is coming – eventually – for the money in your 401(K) or Traditional IRA.
As a result, people who think they have $500,000 or $1 million stashed away for retirement will learn they have less than they realized once they start withdrawing the money and have to pay taxes on those withdrawals.
“It’s not enough to simply save money and grow an IRA and 401(K),” says Troy Bender, president and CEO of Asset Retention Services Inc.