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The Retirement Savings Tax Bomb
Retirement and 401(k)

The Retirement Savings Tax Bomb

Rodney Brooks
|
December 11, 2024

Financial services company Empower says there are 937,747 Americans who are 401(k) millionaires – up 18% from last year. The average balance in these accounts is $1.14 million.

But author and retirement tax expert Ed Slott has a warning for those millionaires: many aren’t really millionaires. Or at least you won’t be once you pay your taxes.

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Hello, I'm

Rodney Brooks

An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.

 

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