If you envision the ideal retirement plan, you will likely imagine an exclusively tax-free income, but for many Baby Boomers who have for decades saved money in tax-deferred accounts, the opposite may be true.
After many years of deferring taxes, retirees are facing a sizable tax bill on distributions taken from their retirement accounts that could be a third or more of what has been accumulated. Though you may wish that you had done things differently, there is hope, but before we jump to the solution, it is important to understand what you are trying to accomplish.
