Monday, April 15, 2013

BEWARE! of this IRA Tax Trap

Every year, right around tax time I receive numerous calls from seniors who feel trapped by their IRAs: they were “sold” a rosy tax situation, but in reality, are being clobbered by taxes. 

Of course, IRAs are not necessarily bad. However, it behooves you to carefully (and realistically) consider IRS rules and how they may impact you down the road before investing in anything. Unfortunately, many so-called retirement advisers either fail to consider the tax consequences of IRAs, or quite frankly, don’t think it is that important.

Here's a two-and-a-half minute rundown of what many fail to consider:

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