For the people fortunate enough to be at the bottom of this chart... yikes.
I keep worrying that people approaching retirement with 401 and IRA balances don’t realize that they owe taxes on their accumulations. I’m sympathetic. It’s hard to accept that the pile that we’ve contributed to and nursed over our working life is not all ours.
For some, the tax bill will be quite high, as shown in the table below. These estimates are far from perfect, but let me tell you what’s being shown. The group under consideration is working households ages 55-64 with assets in a 401 plan in 2016 — the most recent year for the Federal Reserve’s Survey of Consumer Finances. The income levels that define the deciles in the first column are for all working households.
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