The greatest danger is taxes – not creditors. Few people realize that they can lose upwards of 80 percent of their retirement accounts to a series of federal and state taxes that can be imposed on these accounts. Whenever we have a client with a large retirement account, we refer them to financial planners – particularly those knowledgeable about retirement planning. There are a number of ways to lessen the tax bite. Our urging our clients to get that advice is oftentimes our most important contribution to preserving their retirement funds.
What do you see as the greatest danger to retirement accounts?
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