by MoneyMasterPeter | May 22, 2017 | Investing, Money, Retirement, Savings, Tax
You work hard to save money on a tax-deferred basis so you will have more money after tax. Then you go to retire and have to pay tax on 100 percent of the money you take out of the 401(k). So if you thought paying taxes on your annual income was horrible, wait until... 
by MoneyMasterPeter | Jul 1, 2016 | Estate Planning, Financial Organization, Investing, Money, News, Retirement, Savings, Tax
Within in a few years of retiring you will turn age 70. Then a notice from the IRS arrives that says you must start taking income this year from your deferred retirement account or be forced to pay a 50 percent penalty, plus income tax. Deferring your taxes through... 
by MoneyMasterPeter | Jun 13, 2016 | Investing, Money, Retirement, Savings, Social Security, Tax
Okay, I’ve said this before and I’ll say it again: Stop saving money into a 401(k). Why? I’ll use my friend who recently confessed that he just paid this year, the most income tax he’s ever had to in the last 30 years to try to explain. He...
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