Wednesday, December 17, 2014

Americans Lack Understanding of Retirement Tax Impact

Middle-Income Americans Lack Understanding of Retirement Tax Impact, New Study Says

A majority of our country's middle-income Boomers and retirees have significant gaps in their understanding of how federal taxes will impact their retirement finances, according to a new study released by the Bankers Life Center for a Secure Retirement® (CSR).

In fact, today, more Americans have an accurate understanding of how lottery winnings are taxed (94%) than the mainstays of their retirement income: Social Security benefits (39%) and retirement accounts, such as traditional IRAs (35%), Roth IRAs (31%) and 401(k)s (29%).





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