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eliminate retirement taxes
In this week’s Hidden Wealth Reviews, I teach how you can prevent your taxes from becoming a retirement train wreck. There’s no better time than right now, in 2022, to take the steps to fix this problem.
Not only are taxes going to increase, but interest rates are going to rise as well. This past week, The Federal Reserve raised the prime rate by .25% percent. While the market initially responded positively to the news, several more rate hikes are anticipated.
Many people are concerned that these rate hikes will impact the stock market due to higher borrowing costs. These increased borrowing costs will, in turn, reduce the profits of companies that are traded on the stock market. The actual tax rates are going up, inflation is at a 40 year high and now, higher interest rates. Higher interest rates are an indirect tax on our investment accounts. This increased drain causes the accounts not to go up as much, which translates into a train wreck for retirees!
The government’s easy tax hit target? In 1995, the amount of money saved in tax-deferred accounts such as a 401(k)s IRAs, 403(b)s, etc., was about $3 trillion. Through 2022, the amount of money saved in these types of account is over $22 trillion. The simplest way for the government to collect more taxes is by tapping into tax-deferred retirement savings accounts.
The rules regarding tax-deferred accounts started changing in 2020 with the passage of the SECURE Act. Now, money from tax-deferred retirement savings accounts that’s left to a non-spouse inheritor must be liquidated in 10 years. We just met with a new client this week who was unaware of this change. He was shocked when he realized what this would mean for his family.
The rules on retirement accounts are getting less generous and more complicated. There is new “guidance” that’s forcing people to not only take Required Minimum Distributions (RMDs) but to also take that money out within a certain time frame. The penalty for not taking the distribution in time is 50%!
The good news that you can learn how to avoid the government’s retirement tax traps. Learn how to insulate your income from the IRS and protect your assets from Uncle Sam. To learn this and more, go to www.RetirementProtected.com and register for this coming Tuesday’s Wealth Protection Webinar.
On Tuesday, I’ll be teaching one particular strategy that allows you to use a little-known deduction that can be used to offset the tax liability for converting a traditional IRA to a Roth IRA. Learn how to move your money from a “tax me more later” account to a “tax me never” account!
We hear from people all the time who are having to take their Required Minimum Distributions (RMDs). Many of them are asking us to help them with the extra taxes created by their RMDs. All of them express regret that they did not address the increased tax challenges sooner. A recent study found that the biggest regret of retirees is not paying more attention to taxes before they retired.
Whether you’re trying to get to retirement or better through retirement, it’s never too early and it’s never too late to get a head start on being tax smart. It’s especially important to get started now, while tax rates are still low.
Click Here to learn how a client couple was able to save over $100,000 in taxes and how you can learn to do the same.
We recently met with a couple who wanted to Roth convert about $200,000 from their traditional IRA. It was going to cost this couple, both of whom are in their mid-sixties, about $46,000 in taxes. Even though the conversion was costing them tax today, the taxes they saved over their lifetimes by making the Roth conversion was over $130,000 (at today’s tax rates). With the expected rise in future tax rates, they are likely to save even more!
At today’s tax rates, their tax savings was nearly three times the cost of the Roth conversion. On Tuesday, I will also teach you a strategy for offsetting the conversion cost, using that special tax deduction that I mentioned earlier.
You work hard for your money! Let’s get to work protecting it. Imagine, more financial success. less stress, less worry, less taxation and less inflation concerns.
Learn How You Can Eliminate Retirement Taxes!
Don’t allow taxes to train wreck your retirement. This Tuesday, at my Wealth Protection Webinar, I’ll be teaching proven solutions that our clients successfully use to protect their retirement from taxes, inflation and market losses.
To register for Tuesday’s no-cost, no-obligation, log on and learn financial educational event, simply 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 your email address.
- 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!
This misguided administration’s plans are targeting high income earners and strong savers in 401ks and IRAs. These are the people who will benefit the most from our proven solutions. Solutions with a track record of measurable results.
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.
Spouses and Significant Others are Encouraged to Attend This Event Together
Chuck Oliver
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!
www.TheHiddenWealthSolution.com