Economic conditions and market volatility have two out of three American retirement savers concerned about their tax burden this year, yet half of them don't know how to reduce their tax bills, according to Fidelity Investments.

Fidelity recommends that investors put more money into their IRAs and fatten their 401(k)s. Other solutions include catching up in any tax-deferred plans and, if investors are retired, taking less money from savings plans.

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