Is the Money in your 401(k) or IRA Yours?

June 25, 2019

When you contribute to a 401(k) or IRA account, you are able to deduct that contribution amount from your current year’s income. Everyone likes that because it means you’ll pay less in taxes that year. But don’t forget that one day, you or your beneficiary will have to pay taxes on the money withdrawn from the retirement account. The link below shows just how much of a retirement account actually belongs to you.

https://www.marketwatch.com/story/the-money-in-your-401k-and-ira-accounts-doesnt-belong-entirely-to-you-2019-01-24?mod=mw_theo_homepage

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