This is part 3 in a series covering the explanation of why most Americans share the same concerns over their personal wealth management. Part one covered the history of the 401k and the fact that it was never intended to be the sole source of an individual’s retirement income. Part two covered the typical focus of the personal finance industry on accumulation. Also be sure to read the post on the four most common concerns of asset protection strategies.
The accumulation focus of today’s personal finance industry minimizes the opportunity for most consumers to properly factor the impact of income taxes during retirement. Most know at least one person in their lives who are currently in retirement and are now paying a tax bill that has been assured by their participation in qualified (tax deferred) plans. Across the board there is a single sentiment about this situation, dislike.Read More