How big will your retirement be after you retire?
New York Times bestselling author, Douglas Andrew, pointed something out recently on his blog:
“There’s a nasty surprise awaiting those who think this way. If you are expecting a pension, and you add Social Security and a piece of a qualified plan such as an IRA or 401(k) to it, your taxable income as a retiree probably will be as high as it was before you retired. But you will have fewer tax deductions to offset that income, because you will no longer be putting money into those tax-deferred IRAs or 401(k)s.”
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