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In this week’s Hidden Wealth Reviews, I teach about retirement and tax catch-22s. A catch-22 is defined as a difficult situation in which the solution to a problem is impossible because the solution is also the cause of the problem.
The first retirement tax catch-22 is the economy. This past Wednesday, CNBC reported that Thursday’s Commerce Department Report on the Gross Domestic Product (GDP) would show that the economy grew at a mere 2.2% in the fourth quarter of 2023.
Less than 24 hours later, this same news network was crowing because the report showed that the GDP actually grew by 3.3% in the fourth quarter. Amazingly, the same network that was working so hard to downplay sluggish growth, turned 180 degrees and trumpeted our robust economy.
If our economy is slowing down because of inflation, the market often cheers this. At the same time, this also causes concern about future growth. Most people count on companies to grow and be profitable, which increases the value of their retirement portfolios. We want lower inflation but we still want good economic growth; a classic catch-22. The flip side of the economic catch-22 is that, if the economy is growing well, that must mean that inflation hasn’t really been subdued.
The second catch-22 is taxes. Ironically, the same network that lauded Bidenomics then reported that a lot of retirees who are drawing Social Security income are in for a tax increase. Over the last two years, Social Security income has enjoyed an aggregated 12% increase. Amazingly, the income threshold that triggers taxes on Social Security has not been inflation adjusted since its inception in 1984!
So, what’s happening is that inflation required an increase in Social Security income. This increase triggered higher taxes, which in turn decreased the income. A truly twisted catch-22.
Many people with whom we work are interested in how to transition from the accumulation phase of retirement planning to the distribution phase. They are concerned about the long-term impact of market risk, market deterioration, inflation and taxation. This coming Tuesday, at my Tax Protecting Your Retirement webinar, I will be teaching what you can do to take back control of your retirement.
This webinar will teach you how to remove yourself from the retirement tax catch-22s by focusing on three things:
- Tax elimination.
- Staying ahead of inflation.
- Removing unnecessary market deterioration.
Click Here to learn how a client couple discovered the extent of their retirement tax bill and learned how to legally avoid massive taxes in retirement.
James and Jenny were in their fifties. He was able to take an early retirement which gave him a great pension. He was concerned about taxes in retirement and the other retirement catch-22s.
James and Jenny discovered the retirement tax risk road on which they were traveling. They learned that they will pay back in taxes over two and a half times as much as their current IRA and 401(k) balances!
James and Jenny were stunned to learn that, due to Required Minimum Distributions (RMDs), their retirement income would be twice what it was during their peak earning years! They were also apprehensive about the U.S. economy, the future of taxation and the current global political climate. Although they had previously met with a traditional, big box brokerage, they were disappointed because the plan that was presented to them had no provisions for taxes or market protection.
Using the proven strategies with tack records of measurable results that we taught them, James and Jenny now have a plan moving forward to remove their retirement savings from the tax system with little to no tax from their pocket. This will allow them to legally bypass the taxes they would have normally paid on the distributions from their ticking tax time bomb retirement accounts. Additionally, their legacy will now pass to their heirs, tax-free. Let me teach you how you can do the same!
How Big is Your Retirement Tax Bill?
LEARN MORE ABOUT RETIREMENT AND TAX SAVINGS
You work hard for your money. Don’t let this crazy inflation and stagnant economic growth rob you of the retirement lifestyle you’ve earned. Get the facts, see the math and avoid the retirement tax catch-22s!
Remember, the longer you wait to do something about taxes, the more taxes you will pay. 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!