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We are not maxing out annually as you are but have still been cautioned to pay careful attention to how much of our assets are in "tax deferred" accounts.
"Tax deferred" means just that. Taxes on the growth are due when the funds are removed from the plan, and they must be removed via an approved schedule. You can't leave the assets untouched in the plan for your heirs just because you don't need the money right now.
Retirees can receive the unpleasant surprise of having a greater taxable income, and therefore tax liability, AFTER they retire because of the taxes they must now pay on the growth of funds in their IRA and 401(k)'s.
Just a heads-up.
posted by 68.40.14...
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- General Tax (IRA) Advice sought, SPO, Sun, 1 Apr 2007 10:12:48
- Here's what I'm doing - should work for you too, Rod , Tue, 3 Apr 2007 10:03:39
- Don't think traditional IRA would do anything for you.., TKC, Mon, 2 Apr 2007 11:51:06
- Save as much as possible, JMJ in NC, Mon, 2 Apr 2007 06:23:58
- ..should have said, 401K is already maxed out each year, SPO, Sun, 1 Apr 2007 12:28:20
- Very very long...options and alternatives, R.T., Sun, 1 Apr 2007 11:19:58
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