When is a $1.47 million retirement fund not actually $1.47 million? Itβs not a trick question about unrealized gainsβitβs the reality of taxes.
Baby boomers often stayed with one employer most of their career with encouragement to funnel their savings into a 401(k) to achieve tax-deferred investment growth, a lower current taxable income, and to take advantage of high contribution limits. Unfortunately, many investors fail to remember that withdrawals are taxed as ordinary income.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.