If you had a $1 million nest egg earning 12%, you’d think you could withdraw $120,000 a year without depleting principal, right?
But in a 33% tax bracket, you’d only net $80,000 after taxes to cover your expenses.
Most savers aren’t in a lower tax bracket when they retire. Why? Because they’ve lost deductions—they’ve paid off their house, kids are grown, and they’re no longer contributing to IRAs or 401(k)s. If they owned a business and sold it, those deductions are gone too.
With rising taxes and government spending, the best strategy is to grow and access your money tax-free.
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