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By the time you read this, some of you will be staring down the gun of a nasty IRS penalty. In fact, a lot of you will. Lobbyist group AARP estimates that 3.3 million baby boomer Americans this year could face this penalty. The culprit is failing to pay taxes. But not just regular income taxes – we’re talking about taxes on our IRA and 401(k) accounts.

As the number one way many savers build their wealth, most investors are blissfully unaware that a tax-deferral status with these accounts comes with some big-time caveats. The biggest of which is that you can’t defer the taxes indefinitely.

That fact is a bit surprising for most investors. And the potential tax penalties associated with not knowing or forgetting is the most jarring.

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