If you are saving for retirement, chances are you have a "tax qualified" account of some kind - an IRA, 401(k) or perhaps a SIMPLE plan. You get a tax deduction for deposits you make to your retirement plan and it grows "under the radar" of the IRS. You don't pay taxes on the growth as the account accumulates interest over the years.
However, you will be taxed out of your gourd when you withdraw from your qualified retirement plan. 100% of the withdrawals are taxed as ordinary income at whatever the tax rates are at the time. People often say they expect to pay less in taxes when they retire. Huh? When did income tax rates go down in the last 45 years? (they haven't)
Another big thing is that your retirement accounts may be taxed as much as 60% if you leave the money to heirs. Is that what you want?
My clients use an IRS sanctioned plan that has been around for generations. There are no limits on how much you can save per year. Deposits are not tax deductible but withdrawals are tax-free. Your money grows as the economy improves. You never see a downturn or loss in your retirement plan if the economy tanks. There is also a self-completing feature: if you become disabled and your work income stops, the plan continues to make annual deposits for you. If you happen to die before or during retirement, the entire account goes to your heirs income tax free.
Contact me for more information and a tailor-made plan for your retirement.