In this week’s Hidden Wealth Review, we learned Joe Biden’s selection for his running mate. We have never had as many Baby Boomers and retirees reach out to us, expressing their deep concern about the impact of a Biden Presidential victory on their retirement security. The bad news just became even worse now that Biden has chosen Kamala Harris who leans even farther to the left than Biden’s biggest radical change influencer, Bernie Sanders.
Joe Biden is running now on perhaps the most radical leftist platform that we’ve ever seen from a mainstream candidate. Now, with the addition of Kamala Harris, there’s no doubt as to the direction the Democratic party wants to take our country.
As a reminder, Joe Biden’s three main tax initiatives are:
- Wiping out debt (Debt Jubilee)
- Providing free Medicare
- Giving everyone free universal income
These tenets were in place before Biden announced his running mate. Kamala Harris is all about pushing for Medicare for All, she is very far left when it comes to raising taxes and she’s a “flip flopper,” to boot. As result, she’s likely to propose anything and everything that’s thrown at her by the hard left.
The lesson is that it’s not enough to just coronavirus crash proof your retirement savings. We need to tax crash proof our retirement, as well. Bernie Sanders commanded 84% of the Millennial vote in the last presidential election. That was more than Hillary and Trump combined. When you start offering free college, erasing all debt, giving away free healthcare and free income, you’re indirectly buying a lot of votes and the end result is that taxes are going to go way up!
Remember, taxes were heading up any way, Within a matter of days another potentially two to three trillion dollars will be added to our deficit by the next round of stimulus that’s being pushed. When it’s all over, we will exceed our typical trillion dollar annual deficit spending by three to six times!
As a result, the largest number of Baby Boomers and retirees in the last 20 years have reached out and shared that they have never been more concerned about finding solutions to protect their money than in 2020. Crash proof your retirement savings from what many are predicting will be another coronavirus crash. Many people believe that this market recovery run up is only due to The Fed dumping money into the economy on top of the trillions of stimulus dollars that our government has pumped into the economy.
The important message here is that it’s not enough to just coronavirus crash proof your retirement savings. Now is the time to tax crash proof your retirement, as well.
Here are Biden’s top tax threats:
- Increase tax rates by abolishing the Tax Cuts and Jobs Act
- Tax capital gains at income tax rates
- Remove the step up in basis on non-spouse inherited assets
- Reduce the estate tax exemption from $11.8 million per person to $3.5 million
- Increase taxes on Social Security
- Forgive student loan debt
- Free state and community college
- Free healthcare! Medicare for all and for all ages not just 65 and older
- Free income in the form of Universal Basic Income
Many economists and “talking heads” on Wall Street are predicting that the market could correct once Biden’s tax threats impact people’s ability to afford taxes. These anti-capitalist proposals would also prevent companies from being profitable resulting in the risk of a major correction or crash.
Our client, Lori, from Arizona, shared with me last week that she was overly concerned about the safety of her money that was saved in 401(k)s and IRAs if Joe Biden is elected in November. She wanted to know how to best protect her serious retirement savings from the government’s reach and how to avoid a major market correction. All this was on top of her concern about the coming higher taxes.
Lori shared with me last week that she was overly concerned about the safety of her money that was saved in 401(k)s and IRAs if Joe Biden is elected in November. She wanted to know how to best protect her serious retirement savings from the government’s reach and how to avoid a major market correction. All this was on top of her concern about the coming higher taxes.
By learning proven, safe money solutions, she was able to create $60,000 a year of market protected and tax-free, lifetime income. She is saving at least $15,000 in taxes per year on her income, before taxes even go up. She prevented having 50% to 85% of her Social Security taxed and then she used a Zero Roth conversion tax technique which saved her an additional $100,000 in taxes!
Lori can now enjoy more financial success, experience less worry and have more time with her family. She’s insulated her serious retirement savings from the IRS and has removed the serious savings that support her lifestyle from ever losing to the market again. You can do the same!
This Tuesday, I’ll be teaching my 21st Century Retirement Protection Webinar. This complimentary educational event will teach you how you can be a tax-free retiree.
This event is for those who have saved at least $300,000 or more for retirement, especially those who have saved in tax-deferred accounts such as IRAs and 401(k)s.
To register, follow these four simple steps:
- Go to www.RetirementProtected.com (or scroll down to the form below).
- Select the webinar date/time you prefer.
- Enter your information thoroughly – make sure to double check.
- Click “Reserve My Spot!” to submit, that’s it!
Once you’ve registered, you’ll receive an email containing a personal access link to join Tuesday’s event. Don’t forget to add it to your calendar!
Learn common sense solutions that will protect your retirement savings and income from Biden’s Baby Boomer tax bull’s eye and remove your retirement from market volatility. Learn proven solutions with a track record of measurable results. Solutions where you’re in charge.
Register for your preferred webinar time now because these events have proven to fill up fast. Those who attend this event will receive a complimentary copy of my latest eBook, The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
Imagine, more financial success, more time, more money to live more and leave more!
Let me leave you with one final thought, the time to protect your money and remove yourself from this economic uncertainty is in 2020. Let’s get to work!
Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!