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Losses Hurt More Than Gains

In this week’s Hidden Wealth Reviews, I teach that losses will hurt us more than gains will help us. I’m not speaking about the market here, I’m talking about taxes. How you can determine where your taxes will be is critical in 2023.

I recently saw an article on about rethinking the “M” in RMD (Required Minimum Distribution). This advice comes from legendary tax guru, Ed Slott. Ed says not to look at RMDs as a required minimum distribution but to look at RMDs as a required maximum distribution. Ed says that you should do this before you reach the current RMD age of 72 years. The longer you wait, the more expensive it is to get the money out and the greater the tax burden we leave for our children. I want to teach you where your taxes can be and why it’s important to get a head start in 2023.

People are usually focused on the minimum amount they must distribute from their IRAs. But, given the low tax rate environment, which expands even more in 2023, that’s the wrong way to think about RMDs. A “minimum” mindset takes control out of your hands and gives it to the government. Taking control of your IRA distributions can allow you to reap huge tax savings for the rest of your life and beyond – to your beneficiaries.

Click Here to discover how our client, Gary learned to reduce and eventually eliminate his RMDs.

Gary is a recent client who hails from Texas. He had some bonus income this year so, his earnings were unusually high. Gary had serious concerns about government spending and need for tax revenue. He was aware there are plans to restrict Roth IRA conversions in the same manner as they were restricted prior to 2010. At the moment, there are no income and no conversion amount restrictions on Roth conversions. Timing is key and that is why learning where your taxes can be is vital in 2023. There are only three years remaining before the lower tax rates expire at the end of 2025.

Currently, you can convert an unlimited amount of money from a traditional IRA to a Roth IRA. This conversion can trigger a lot of taxes if you’re not careful.

Gary took the time to learn optimal Roth conversion strategies. You can learn these strategies too, when you register for and attend this coming Tuesday’s Wealth Protection Webinar.

Gary wanted to Roth convert about $100,000 from his traditional IRA. He learned a strategy that allows a 75% to sometimes 80% (on average) deduction in the first year of the investment. By using $140,000 in this strategy, he gained a deduction of $105,000. He used this deduction to offset the tax liability that was created when he Roth converted the $100,000. By using the government’s tax code to his advantage, Gary was able to pay the taxes due on the Roth conversion from the IRS approved deduction. This deduction doesn’t negatively tax impact his Medicare or Social Security.

A lot of people want to know how to do this conversion/deduction strategy. First, you must meet certain qualifications. You must be a high income earner or a strong saver so that the strategy benefits you more. The higher your tax rate, the more valuable the deduction. But anyone can benefit from this strategy, providing they qualify.

Now, Gary is ahead of his RMDs. He’s not yet 72 so he beat the clock in terms of implementing this solution and he plans to continue Roth converting until he no longer has any IRA tax exposure. The key is to get traditional IRA balances as low as possible or, ideally, eliminated. Gary now has a plan that allows him to strategically convert all of his IRAs before he turns 72, thus eliminating his RMDs and any inheritance tax to his adult children.

Learn more about how losses hurt more than gains help

You’ve worked hard for your money. Learn where your taxes can be in 2023. Remember, tax rates are “on sale” for the next three years, making this the time to get your serious savings out of the tax system. When the Tax Cut and Jobs Act sunsets, tax rates will go up (starting in 2026).

Learn how low your taxes can be in 2023. Register now for Tuesday’s Wealth Protection WebinarRemember, losses will hurt you more than gains will help you, especially when it comes to taxes.

To register for Tuesday’s no-cost, no-obligation event, simply follow these four simple steps:

  1. Go to (or scroll down to the form below).
  2. Select the webinar date/time you prefer.
  3. Enter your information thoroughly – make sure to double check your email address.
  4. 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!

Strong savers in 401(k)s and IRAs and high income earner are the people who will benefit the most from our proven solutions. Proven solutions with a track record of measurable results. Imagine less stress, less worry. Peace of mind retirement protection.

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.

CHuck Oliver Retirement Breakthrough

Spouses and Significant Others are Encouraged to Attend This Event Together

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.

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!