Good savers, beware. The money you're stuffing into your 401(k) and other retirement accounts has to be withdrawn someday.
Good savers, beware. The money you're stuffing into your 401 and other retirement accounts has to be withdrawn someday. If you're not strategic about how you save, you could face unnecessarily high tax bills and inflated Medicare premiums in retirement — plus, you could be saddling your heirs with higher taxes.
"You do not want to be in the position as some clients are that all of their funds are inside of a tax-deferred account," said Pam Ladd, senior manager of personal financial planning at the Association of International Certified Professional Accountants.offer a tax break when you put money in. Eventually, though, Uncle Sam wants to get paid. Required minimum distributions, or RMDs, typically must start at a certain age — currently 73 and rising to 75 for people born in 1960 and later.
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