Retiring with $1 million in a 401(k) may bring a hidden tax risk. Taxes can rise after one spouse dies even if income stays the same. Required withdrawals, Social Security, and Medicare costs may increase. Experts suggest planning early. Simple strategies like Roth conversions or charitable giving could help reduce taxes and protect retirement income.
1 views
Retiring with $1 million? This 401(k) tax trap could cost you big
Retiring with $1 million in a 401(k) may bring a hidden tax risk. Taxes can rise after one spouse dies even if income stays the same. Required withdrawals, Social Security, and Medicare costs may increase. Experts…
