Here's How a Higher Retirement Income Could Come Back to Bite You
There's a reason many people push themselves to max out their IRAs or 401(k)s every year, or to get as close as possible. It's a great thing to be able to retire with a lot of money in savings.
In fact, some people would rather make sacrifices in the near term to allow for a higher retirement income. Plus, some people want the protection of having robust retirement savings because they know full well that healthcare costs can rise to an extreme as they age.
If you're nearing retirement and are anticipating a generous income, you may be really excited about it. But there's one drawback to being a higher earner that you should know about.
Source Fool.com
