For generations, $1 million was the retirement-savings goal, but inflation and taxes have reduced its buying power to roughly $605,985 in 2005. To keep more of your hard-earned money, understand the tax implications of your retirement accounts and consider alternative investments like precious metals and real estate.

Traditional IRAs and 401(k)s use pre-tax dollars, creating tax obligations upon withdrawal. Roth IRAs, funded with after-tax dollars, avoid additional taxation. Consider diversifying your retirement portfolio with self-directed IRAs allowing investments in alternative assets like cryptocurrency and commercial real estate.

Gold IRAs offer tax benefits, allowing tax-deferred growth and potential deductions. Thor Metals, a leading precious metals company, assists clients in safeguarding their retirement savings. Consider getting professional help to reduce tax burdens and find the right financial advisor to achieve your wealth goals.

Seek a free, no-obligation consultation with Advisor.com to match with qualified financial professionals. This article serves as information only and should not be taken as advice, provided without warranty.

Read more at Yahoo Finance: Hitting the $1 million milestone in your 401(k) isn’t as big a deal as you might think. How to keep more of your savings