Fortune Magazine | How to Save Your Retirement From a Tax Nightmare @fortune | Uploaded September 2024 | Updated October 2024, 12 hours ago.
There is a “ticking time bomb” coming for many Americans’ retirement nest eggs—but there’s still plenty of time to defuse it before it wreaks havoc on the country’s cumulative retirement savings.
The time bomb is in the form of the huge tax bill many savers will owe when they start taking distributions from widely-used tax-deferred retirement accounts like 401(k)s and traditional IRAs—and that bill is only likely to increase, says IRA expert Ed Slott.
Original reporting by Alicia Adamczyk
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Fortune Magazine is a global leader in business journalism with 55 million monthly page views and a readership of nearly 32 million, with major franchises including the Fortune 500 and the Fortune 100 Best Companies to Work For. The new Fortune video channel dives into personal stories from business owners and entrepreneurs becoming successful in business and sharing their tips to help you reach your goals.
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There is a “ticking time bomb” coming for many Americans’ retirement nest eggs—but there’s still plenty of time to defuse it before it wreaks havoc on the country’s cumulative retirement savings.
The time bomb is in the form of the huge tax bill many savers will owe when they start taking distributions from widely-used tax-deferred retirement accounts like 401(k)s and traditional IRAs—and that bill is only likely to increase, says IRA expert Ed Slott.
Original reporting by Alicia Adamczyk
Subscribe to Fortune -
youtube.com/subscription_center?add_user=FortuneMagazineVideo
Fortune Magazine is a global leader in business journalism with 55 million monthly page views and a readership of nearly 32 million, with major franchises including the Fortune 500 and the Fortune 100 Best Companies to Work For. The new Fortune video channel dives into personal stories from business owners and entrepreneurs becoming successful in business and sharing their tips to help you reach your goals.
Website: fortune.com
Facebook: facebook.com/FortuneMagazine
Twitter: twitter.com/FortuneMagazine
TikTok: tiktok.com/@fortune