Many of us cannot choose when we retire. Some of us just like to work and others must work for financial reasons. Whether we choose to retire, or the choice is made for us due to layoffs or health issues, there will likely come a time when we must live off our savings. COVID notwithstanding, the United States has experienced an extended period of economic prosperity following the Great Recession of 2008-2009. That prosperity becomes evident when you look at the market value of your retirement savings. For many of us, that retirement savings is predominantly held in a 401(k) and/or traditional IRA. Those are pre-tax savings accounts, meaning all distributions will be taxed at regular income tax rates upon withdrawal.