We help Baby Boomers and retirees thrive in retirement. In this week’s Hidden Wealth Review, I’m excited to teach you that the top way to thrive in retirement is by getting rid of unnecessary taxes.
This past week, we met with a client who shared that, after interviewing multiple advisors, she couldn’t find anyone who could help her reduce her tax burden. This couple’s focus is for her to retire as soon as possible so they can spend more time together, since he is already retired. Their current tax situation is already pushing them into a higher marginal tax bracket due to his Required Minimum Distributions (RMDs). Their other concern is his pension, which has no survivor benefit. This is a problem because she, being younger than him, is likely to live several years after his passing.
All of their retirement savings are in tax-deferred accounts (401(k)s, IRAs, 403(b)s, TSPs, etc.). This means that she will soon be subject to her own RMDs and the higher taxes that they create. When she asked another advisor how he helps reduce taxes he responded, “The only two things that are certain are death and taxes.” At that moment, she realized that this person was not going to be her advisor. She knew that there had to be a better answer.
She shared that what she likes about The Hidden Wealth Solution is how our emphasis is on removing unnecessary taxes. She realizes that, with the certainty of higher future taxes, now is the most important time for her to save taxes.
I think of clients who have highly appreciated assets to sell and of all of the money that’s currently trapped in tax-deferred accounts. These tax-deferred accounts are the top tax targets for the two remaining Democratic candidates. The Democratic presidential race is now down to Biden and Bernie. Both of these candidates have major tax plans in store for us. Both of their campaign plans emphasize tax targets on the middle class.
Whether you’re trying to get to retirement or through retirement, we can help you. Go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P.) Analysis. This analysis will teach you the tax risk retirement road you’re on and it will show you the least tax road on which you could be traveling. You will learn why 2020 is a key year to learn how to un-tax your retirement money.
When you request your S.T.O.P. Analysis, you’ll receive our Retirement and Your Taxes Guide, How to Remove the IRS from Your IRAs. This insightful guide will explain the Tax Cuts and Jobs Act and it will show you how the government changed the retirement rules when it enacted the SECURE Act. Don’t worry, there’s no sales pitch or that old, waste-of-time, worn out Wall Street message. Take action to protect your money in 2020!
Donald Trump’s re-election is not guaranteed. You need to be sure you have a “Trump’s re-elected tax plan” and a “Trump’s not re-elected tax plan.” This is essential not just for taxes, but for market protection, as well. The market’s going to continue to be volatile regardless of the coronavirus. As we get closer to election day, many predict the market is likely to become very unstable.
One important final note. My son Drake is an aspiring vocalist. He has just released his first acoustic cover single. Please click here to listen to Drake’s first release. I’m very proud of Drake and his passionate pursuit of a singing career while managing college. I wanted to share his first song release with you.
Prayed for You (Acoustic Cover) – Drake Oliver
The Hidden Wealth Solution