In this week’s Hidden Wealth Review, I ask, are you aware of the volatility risk facing retirees that is greater than market volatility? This risk is called tax volatility and it creates guaranteed losses.
Did you also know that Congress just passed a law that turns your IRA into an IOU to the IRS? Are you aware that you can disinherit the IRS from your IRA’s? Your answer to this question couldn’t come at a more important time.
There are constant predictions that the majority of Baby Boomers will fall short in retirement, that many will have to work longer, save more money, etc. These predictions were made before Congress passed a law that enables them to rob IRA retirement accounts. This law allows the IRS to become the biggest beneficiary of any inherited IRA.
We have worked with Baby Boomers for over twenty years. We know that the thing that costs them the most, yet continues to get the least amount of attention, is unnecessary tax.
Boomers beware! Congress has passed and approved the legal confiscation of your IRAs. Learning how to remove the IRS from your IRAs is the single greatest wealth protection step you can take. The time to act is now!
The SECURE Act is supposed to build retirement security. In reality, it’s going to gut and reduce the retirement savings of those of you who have saved their money into 401(k)s and IRAs. It will also reduce the inheritance of your children and grandchildren.
Under the SECURE Act, your children and grandchildren will be forced to liquidate your inherited IRAs and 401(k)s in 10 years under the House’s version and just five years under the Senate’s version. What this liquidation translates into is tax rate volatility and the need to learn how to protect yourself (and your heirs) from it’s effects.
We recently met with a client couple who wanted their 14 year-old granddaughter to inherit their IRA savings. Under conservative projections, in 20 years, they will have $1 million in their combined accounts. If tax rates don’t increase, the tax due when their granddaughter liquidates these accounts will be just over $1 million. Put simply, the present value of your IRA will be the tax due when the inherited IRA is liquidated under the SECURE Act.
Because of the Trump tax cuts, there has never been a more important or better time to disinherit the IRS from your IRAs. This opportunity could be over very soon depending upon the outcome of next year’s election. Taxes prevent Baby Boomers from having their best retirement because taxes impact the two greatest Baby Boomer retirement income sources, IRAs and Social Security.
The good news is that you can eliminate unnecessary tax. This coming Tuesday, I’ll be teaching one of the most important of our Hidden Wealth strategies. This strategy has a proven track record of measurable results. Addressing unnecessary taxes is vital because of the uncertainty surrounding future tax rates and next year’s presidential election.
If you want to learn how to enjoy retirement independence, register for next Tuesday’s Wealth Protection Webinar while space is still available. To register for this no-cost, no-obligation educational event, go to www.RetirementProtected.com, enter your information and submit the registration. Once you’ve registered, you’ll receive an email containing a personal link to join Tuesday’s event. Learn a strategy with a proven track record of measurable results that will allow you to enjoy your greatest retirement possible.
I encourage you to register for your preferred webinar time now, because these events fill up fast. Those who attend this event will receive an e-copy of my latest book, The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
-Spouses are encouraged to attend this event together-
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Here’s to your Hidden Wealth,
Chuck Oliver
Best-Selling Author