You’ve been saving for years – that was the simple part: all you had to do was keep socking it away. Over time, your nest egg would grow! No need to worry about IRA tax traps.
It was easier in an earlier era: many companies had pension plans! Between pensions and Social Security, retirement was on ‘auto-pilot’ – companies shouldered pension liability and shouldered the risk. All one had to do was sit back and collect.
Today pensions have all but disappeared. They’ve replaced pensions with 401(k), 403(b), or other similar plans. They’ve transferred the risk to their employees and families. Now, it’s the families who have to function as their own actuaries planning for retirement while keeping up with all the tax law changes and all their hidden tax traps.
This video is about an hour long. Grab some coffee and take some notes, jotting down the points that trigger questions you need answered.
You can begin by getting this handout: Essential Tax Tips for IRAs.
Enjoy the video!
