Here’s a retirement-saving “problem” most folks wish they had!
Turns out Mitt Romney’s retiremen accounts has well over $20.7 million in it. He’s not paying taxes on that accruing wealth now.
But unless Congress changes IRA regs before he retires, Romney will pay the IRS in spades when he must start withdrawing funds.
Romney would pay at the highest tax rate (currently 35%) for all IRA income, starting at age 70 1/2.
How did his IRA grow so big? Romney socked personal shares in Bain Capital, the private equity firm he founded, into the account.
Those shares kept growing and growing, driving the total value of his IRA up.
Chances are Mitt won’t suffer much in retirement, partly because people who know him say he’s a man of inexpensive tastes. Maybe he’ll start living it up when he cashes in that IRA.