MASANKO Insurance Services

Here are some interesting facts from a Forbes article called "Money Traps" by Janet Novak.

Americans hold $6.5 trillion in IRAs, 401(k)s, and other retirement accounts ... and they can be a tax trap.

The Internal Revenue Service estimates that on 2003 returns, 4.9 million taxpayers paid $3.4 billion in retirement account penalties. Sad thing is this probably is going up as more and more people move into their retirement or try to access their money because of tough times.

IRA, 401(k)s, and other retirement accounts have many strings attached. But what's most shocking is the amount of fines and taxes you may receive for not knowing all the rules. It's truly a sad day when families and individuals lose funds they were counting on for a passive income for later years in life.

If you are looking for a way to avoid many of the tax traps with 401ks and other plans, and want to have access to your money at any time, please fill out the form below for a free consultation and to receive information on a guaranteed rate plan.

 

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