Looming Retirement Tax-Traps Ahead-Are You Prepared?

Did You Know

that if you withdraw $50,000 from your 401(k), the IRS could take $20,000?

if you leave $500,000 in your 401(k) to your spouse or kids, the IRS could take $200,000?

that up to 85% of your social security income could be taxed if your income (including 401 k ) is over $40,000 on a joint tax-return?  See calculator.

Medicare Part B premiums are needs tested, so your monthly premiums could triple if you make a lot of money (including your 401 k distributions)?