Published on 3 Jun 2024 on Yahoo Finance
It’s all about the taxes.
That’s the key concept for retirement savers specifically because IRAs and 401(k)s are only tax-deferred — not tax-free.
“These funds have not yet been taxed, so you need a plan to minimize these taxes [so you] can keep more of your hard-earned retirement money,” Ed Slott, a certified public accountant in New York and an expert on IRAs, told Yahoo Finance. “It’s what you keep that counts.”