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Taxes can erode retirement savings from "summary" of The Power of Zero, Revised and Updated by David McKnight
Taxes can indeed have a significant impact on your retirement savings. If you're like most Americans, you've probably been funneling money into tax-deferred retirement accounts such as IRAs and 401(k)s for years. While these accounts have undoubtedly helped you save for retirement, it's important to realize that you will eventually have to pay taxes on that money when you withdraw it in retirement. The problem is that many people underestimate just how big of a bite taxes can take out of their retirement savings. When you factor in federal and state income taxes, as well as any potential estate taxes, it's not uncommon for retirees to lose a significant portion of their hard-earned savings to the taxman. This can erode the value of your retirement nest egg and force you to live on less income in retirement than you had origin...
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