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In this week’s Hidden Wealth Reviews, I teach how to not let the national debt ruin your retirement. With taxes now at the top of our minds, it is vital to understand the connection between our federal deficit and our future (and our children and grandchildren’s future) tax liabilities. This coming Tuesday, at my Tax Protecting Your Retirement webinar, I will teach how you can protect your retirement and your family’s legacy from the coming tax tsunami.
In the next 12 months, there is $6 trillion coming due on our national debt. This debt is in the the form of bonds, T-notes and treasury bills. These debt instruments are now maturing. The usual government practice is to refinance this debt. When interest rates were near zero, that’s not such a big deal. But now, with today’s currently higher interest rates, the cost to refinance this debt will be around 4%. The national debt is now over $34 trillion. By comparison, just four decades ago, the national debt hovered around $907 billion.
Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion. To put this in perspective, that will be more than the U.S. spends on Social Security, Medicare, Medicaid and all other mandatory and discretionary spending programs.
Click Here to learn how our client, Paul, was able to remove his retirement savings from the tax system, which will save him over $1.6 million in taxes over the course of his retirement.
Paul is 50 years old and he has saved $900,000 in his 401(k). He is not planning to retire for another 15 years. In that amount of time, his 401(k) balance will likely double. Even if Paul doesn’t add anymore to his 401(k), the tax bill on his current savings of $900,000 will be $1.6 million! Of course, that’s $1.6 million at today’s tax rates and today’s debt service costs.
Paul did an amazing job of accumulating his retirement savings. But, will Paul really pay less tax in retirement? Paul’s Required Minimum Distributions (RMDs) will be over $250,000 a year if he continues saving at his current pace. That’s double his current earnings! Remember, he will be in retirement and there’s the distinct possibility that he won’t even need that much money. Regardless of his need, the government will force Paul to take his RMDs.
The good news for Paul is that he has plenty of time to prepare, prevent and protect. He can do this by:
- Tax elimination.
- Staying ahead of inflation.
- Eliminating market deterioration.
We taught Paul proven tax-savings strategies with track records of measurable success. Paul learned how he could un-tax the money that he has already saved in his tax-deferred account and then use the tax code to offset the taxes which results in zero out-of-pocket costs to Roth convert.
Paul also learned the Roth alternative, sometimes called the Rich man’s Roth. Using this solution, he receives the same tax benefits as a Roth IRA but, there are no RMDs and there is no tax impact on his children when he passes. Now, Paul has a tax-safe place to save his money going forward. He also has a plan to strategically remove his 401(k) savings from the tax system, altogether. We also showed him how he could use what’s arguably the greatest (but least known) tax deduction to avoid unnecessary taxes on converting his 401(k).
Let us show you how you too can use these strategies to protect your own retirement savings and your own family’s legacy. To do so, simply register for and attend this week’s Tax Protecting Your Retirement webinar.
How Big is Your Retirement Tax Bill?
STOP THE NATIONAL DEBT FROM RUINING YOUR RETIREMENT
America’s fiscal outlook is more dangerous than ever. It threatens our current economy and the financial well-being of the next generation. Maya MacGuineas, President of the Committee for a Responsible Federal Budget, says that we are clearly on an unsustainable fiscal path.
You work hard for your money. Don’t allow our national debt to ruin your retirement! Learn how to save taxes in retirement now, while taxes are at the top of your mind. First, go to RetirementTaxCalculator.com and learn, in 30 seconds, how much tax exposure you have. Then, register for Tuesday’s no-cost, no-obligation financial educational event by following 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!
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.
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.
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!