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If you have contributed the maximum to your 401(k) plan, you may want to consider additional after-tax savings in an IRA account. While the contribution won’t be tax-deferred, it will still grow tax-free and can provide an additional source of income in retirement. And since you contributed with after-tax dollars, you can withdraw them tax-free, and only the growth will be taxed in retirement, which gives you some control over income.
It can be a good plan for additional savings that you won’t have to manage from a tax perspective, the way you do your taxable investment accounts. But of course, there is some paperwork you’ll need to stay on top of.
If your primary (or only) vehicle for retirement savings has been through an employer-sponsored tax-deferred account like a 401(k), you may be a little surprised by the process of opening an IRA. With a 401(k)... ...
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