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example 10-15 years before the expected date) the tax implications of receiving various forms of retirement income become more important. As all tax-deferred contributions and the accumulated investment income will be taxed as ordinary income for the individual upon withdrawal, the tax rate applied to this income during retirement becomes an important issue. Clearly, the higher the tax rate during retirement, the less income an employee will receive, other factors the same. Considering the current and future projected government deficits and funding problems along with the threat of rising inflation, the long-term prospects for lower or the same US Federal and state tax rates appears dim. Due to the likelihood of higher future tax rates, many workers would like the

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