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In this week’s Hidden Wealth Review I want to ask you two very important and timely questions:
- Do you have a tax-savings plan?
- Are you prepared for the legislative retirement risks?
I want to be sure you understand the impact of legislative retirement tax risk. I encourage you to read the report on legislative retirement tax risk.
There are plans in the works to prohibit Americans from converting their traditional IRAs to Roth IRAs. If you’ve worked hard and saved well, the left wants to prevent you from doing a Roth IRA conversion in order to generate more taxes to fund runaway spending initiatives and thereby triggered even more tax with earlier required minimum distributions (RMDs), based on your savings level.
Here are a couple legislative higher tax risks based on proposed legislation:
The Build Back Better Plan. This was a proposal by house Democrats in 2021. It proposed $3.5 trillion in new spending, $2.9 trillion of which was going to come from new taxes.
Joe Biden’s 2025 Fiscal Budget. This budget was just introduced a few months ago. It includes almost $5 trillion in new tax proposals.
The legislative retirement risk report is going to share that, at one point in time, the responsible thing to do was to save money and put it away for your own retirement. However, if you look at the proposals in the 2025 Biden budget, you will see the Democratic party now feels retirement tax breaks for saving money for retirement were only meant for certain savers or for a maximum amount of savings which would be capped at a certain level. The proposed legislative changes seek to prohibit someone from getting their savings untaxed by preventing taxpayers from converting their savings to a Roth IRA. These legislative changes are also aimed at forcing Americans to withdraw their money from 401(k)s and IRAs faster.
One of these proposed legislative changes is an any age RMD. Currently, the government requires you (depending on your birth year) to begin taking a certain amount of money from your tax-deferred accounts at age 73 or 75 (birth years 1951-1559). At the moment, there are no RMDs for Roth IRAs.
Those who have most of their savings in tax-deferred accounts such as IRAs and 401(k)s are the most vulnerable to legislative retirement tax risk. To learn your tax risk road, use our free resource at RetirementTaxCalculator.com and discover how much tax you will pay due to your RMDs.
Once you use our calculator to learn what is probably your best-case retirement tax scenario, go to TaxesSaved.com to request a no-cost, no-obligation personal tax savings analysis. By taking these simple actions, you will learn your tax risk road, discover the legislative tax risk to your retirement and then learn your options for avoiding unnecessary taxes.
How Big is Your Retirement Tax Bill?
Learn More About How To Remove Legislative Retirement Risk!
By most accounts, the presidency, we are led to believe, is up for grabs. Don’t let your retirement savings taxes be up for grabs. Get your taxes addressed now, before the rules change and before the tax rates increase when the Tax Cuts and Jobs Act (TCJA) sunsets. Kamala Harris has already announced that, if she’s elected, she will move to end the TCJA a year early leaving only this year (2024) before taxes increase.
Now is not the time for you to be sitting on the tax sidelines. Download and read the paper on the 2024 legislative tax risk and then go to TaxesSaved.com to discover how much tax you can save.
I can’t stress enough how vital it is that you take action now! Seventy-six cents of every tax dollar collected by the federal government now goes to pay just the interest on our national debt.
This problem will not be solved by a Trump victory in the November election. The only way to solve this is you taking matters into your own hands. Learn what you can still do and go to TaxesSaved.com and request a personal Tax Savings Analysis.
You work hard for your money. Learn how you can keep more of it for yourself and your family. Go to TaxesSaved.com now to get your personal Tax Savings Analysis.
Note: We serve Baby 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!
www.TheHiddenWealthSolution.com