It may seem extreme to plan today for the taxes you'll pay 20, 30 or even 40 years from now, but financial planners say smart workers do just that. "Taxes are likely to be one of, if not the largest expense in retirement," says Jeff Fosselman, a senior wealth advisor at Relative Value Partners in Northbrook, Illinois.
After decades of deferring tax on your retirement savings, the tax bill becomes due in retirement. You need to plan ahead if you want to minimize the taxes you will pay during your retirement years.
