Of all the different reasons people seek my counsel, nothing is more important than their retirement planning needs. I truly pride myself on my brutal honest approach to this critical part of financial planning, even though it does causes some to seek someone with a far more rosier picture that almost always have unrealistic projections.
One of the biggest misnomers is not accounting for taxes on many products used in retirement planning. For instance, when I ask about their assets, the vast majority of 401k owners state the total value of their 401k presently and have not taken into account up to 50% of it could be loss to taxes.
Here are six popular retirement methods and the impact taxes have on them.