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2020 is the Year to Protect Your Money!
In this week’s Hidden Wealth Review, I hope that you’re surviving this coronavirus crisis and that you are doing as well as possible. There’s a lot of talk right now about re-opening various states. Many people are concerned about the impact of possibly opening back up too soon or of the coronavirus coming back and actually getting worse. Those are things we should be concerned about in the area of our health. As important as these health concerns are, this pandemic has caused major concern about retirement health as well. Before this coronavirus crisis began, where did you expect to be right now in terms of your retirement security?
While everyone’s concerned about what type of recovery we will have and how long it will take, no one seems to be talking about the impact of the coronavirus crash on taxes. There’s been some interesting information that came out this past week. I call it the coronavirus crash tax impact. Learning how you can save your retirement money from higher taxes may never be more important than in 2020.
Within just the last few weeks, the government has approved a grocery list of spending including:
- $8.3 billion in early March,
- $100 billion in mid-March,
- $2 trillion in late March,
- $484 billion just this past week.
So far, the cost of the coronavirus is already over $3 trillion and it will go higher with the additional economic relief that will be needed. On top of this, the Democrats are pushing for the next stimulus package to contain a lot of social initiatives that cannot possibly be paid for without a major increase in taxes. So much for reducing deficits and federal spending.
Also this week, we learned that the latest stimulus package has no provisions to help teachers, fire fighters and state employees. CNBC reported that lockdowns and layoffs are starving the states of income and sales tax revenues. So, states are going to be forced to raise taxes as well. Is your retirement plan prepared for the consequences of these higher taxes?
White House Economic Advisor Kevin Hassett told George Stephanopoulos last weekend that the coronavirus shutdown was the biggest negative shock that our economy has ever seen. He went on to say that it will create tax revenue chaos. With all of the unemployment right now, there can be no doubt that payroll taxes are going to be down.
The challenge in taxes going up faster than they are already expected to increase emphasizes the importance of learning how you can save tax on your retirement money. The obstacle on which most people are focused is also a major opportunity. On top of the coronavirus crash tax impact is the threat of the unknown outcome of this fall’s election. If President Trump is not reelected, taxes are going to go higher.
Don, a client in Arizona, learned, first hand, how much tax he could save. He was initially staggered when he learned how much tax he was already facing. He was astonished when he discovered how much unnecessary tax he could save. He now has a common sense solution for paying the legally least possible amount in taxes. This solution protects his retirement assets and income.
To learn how much tax you can save go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P) Analysis. Learn the tax risk road on which you’re traveling and how you can re-route yourself to save taxes on your money.
When requesting your S.T.O.P. Analysis, please be specific as to the exact day and time that you wish to be contacted. Please be sure to give your best telephone number where you can be reached on the specific day and time given.
When you request a S.T.O.P. Analysis, you will receive my complimentary guide, Retirement and Your Taxes, How to Get the IRS Out of Your IRAs and Remove Uncle Sam from Your Children’s Inheritance. This guide covers the Tax Cut and Jobs Act’s impact to you and your retirement as well as the repercussions of the SECURE Act as it applies to your children and grandchildren’s inheritance.
Learn how Baby Boomers and retirees are saving large amounts of tax, resulting in an effective average increase of $12,000 a year to their retirement income.
Let me ask you a question, if you were over-paying your taxes or were going to be overpaying taxes, when would you want to know? The time to save tax on your money is in 2020. Imagine, more financial success and security, more time with family enabling you to live more and leave more!
Let me leave you with one final thought, learn how you can avoid making your IRA an IOU to the IRS. You’ve worked hard for your money, we’ll work even harder to protect it from unnecessary tax.
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. Let’s get to work!
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!