Retirement and 401(k)
The Retirement Savings Tax Bomb
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December 11, 2024
Financial services company Empower says there are 937,747 Americans who are 401(k) millionaires – up 18% from last year. The average balance in these accounts is $1.14 million.
But author and retirement tax expert Ed Slott has a warning for those millionaires: many aren’t really millionaires. Or at least you won’t be once you pay your taxes.
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
