RL Wealth Educates - The Blog of Rubino & Liang Wealth Partners

Why Now Is The Time To Beat Taxes In Retirement

Mar 4, 2020 3:30:00 PM / by RL Wealth Partners

Retirement changed forever in 1978.

That’s the year the 401(k) was invented. Now, over 40 years since, most Americans have adopted the 401(k) as their go-to vehicle for retirement savings. The 401(k) accounts for the bulk of most retirees’ total savings set aside for their retirement.

There’s a problem, though. Let’s say you have $1,000,000 sitting in your 401(k). That’s a worthy amount, and it means you’ve worked hard and done well.

The problem is that $1,000,000 is not 100% yours. If we’re honest, the name on your account should say “Joint Account with the IRS.”

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