Learn How To Predictably Avoid The Gotchas

by | Hidden Wealth Reviews

In this week’s Hidden Wealth Review, I teach about three common government “gotchas.”

  • Required Minimum Distributions (RMDs). The money you saved into your 401(k) or IRA will trigger RMDs when you are 70.5-years old. This pushes you into a higher marginal tax bracket. As a result, you pay higher taxes on all of your income.
  • Taxes on Social Security. When you’re forced to take RMDs, the increased income can trigger tax on 50% to 85% of your Social Security income.
  • Medicare Premium Penalty. The increased income from your RMDs can raise your Medicare Parts B and D premiums anywhere from $100 to $300 per month!

    • The good news is that these government gotchas are as predictably avoided as they are predictable. If you are working to get to retirement or trying to save to get through retirement, now’s the time to address these three gotchas and remove them from your retirement.

    Also, don’t forget about the triple tax threats I discussed last week. Former Vice President Joe Biden wants to repeal the step-up in basis. If this happens then, when your children inherit an asset, they will pay capital gains on the difference in value between when you purchased the asset and the value of that asset at the time of your death. This will increase the tax they pay by at least 50%. Vice President Biden also wants a 40% tax rate for certain income levels and assets.

    The gain of growth tax would tax you on the growth of your asset, even if you don’t realize that growth by actually selling the asset. The proposed tax amount is 20% so, if you bought a stock and it’s value increased by $10,000, you would be taxed $2,000 on that growth, even though you didn’t sell the stock!

    Watch a short, informative video on the triple tax threat topic

    One of the most important steps you can take right now is to remove unnecessary taxes from your retirement. There couldn’t be a more important time to do this. Learn how to get the IRS out of your IRA! Put the money you’re otherwise paying in taxes back into your budget instead of Uncle Sam’s.

    This coming Tuesday, I will be teaching my Wealth Protection Webinar. During this no-cost, no-obligation educational event, I will be teaching a strategy that will protect you from the government gotchas and the triple tax threat.

    To register, 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. Let me teach you how to avoid the government gotchas and how to grow, protect and transfer your money without unnecessary taxes.

    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-

    www.RetirementProtected.com

    Or Call
    (855) No Tax 2 U
    (855) 668-2928

    We are excited to announce our latest press release. Great things are happening at The Hidden Wealth Solution! Click here to read the full release.

    Here’s to your Hidden Wealth,
    Chuck Oliver
    Best-Selling Author