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In this week’s Hidden Wealth Review, I teach that it’s never too early to start to get retirement tax smart. As I speak with people from around the country, I hear how all of this chaos caused by the election and the coronavirus has people becoming more and more concerned.
What really has people scared however, are taxes. I recently spoke with a couple in Arizona. The last time they asked their current advisor about taxes, he simply replied, “Taxes are just a way of life.” The “you’re just going to have to deal with it” tax strategy is just not true!
With a potential Joe Biden administration getting set to take office, the last thing you want to do is “just deal” with the avalanche of higher taxes that are going to come along. Don’t be fooled by thinking only those earning over $400,000 a year will be affected. A 33% increase to the corporate tax rate will cause companies to be less profitable. This, in turn, will impact retirement savings as stock prices decline in response to lower corporate profits. Higher taxes and lower stock market returns will squeeze many retirees from both sides.
Jenny is a client of ours from Arizona. She’s in her early seventies. She came to us exhausted because she had saved all of her retirement money in 401(k)s and IRAs. As a widow, she’s now forced into the single filing tax brackets. She feels as if she’s now having to “pay the piper.” She was paying extra tax on her Medicare, Social Security and was being pushed into an even higher tax bracket due to her Required Minimum Distributions (RMDs). We’ve seen how destructive RMDs can be to someone’s retirement. The good news is, you can prevent it.
We helped Jenny use a unique section of the Tax Cuts and Jobs Act which creates the ability to have a 100% tax deduction. Using this solution, she was able to Roth convert $300,000 from her 401(k)s and IRAs with zero tax!
Jenny was also concerned about leaving a tax burden to her children. She realized that, if she passed away with all that money saved in IRAs and 401(k)s, her children were going to be taxed on that money and forced to distribute all of it within 10 years of her passing.
We were able to show Jenny how to get rid of the tax to her and we were also able to develop a plan to combat unnecessary taxes for her children. Jenny was glad that she took the time to get retirement tax smart. Now, not only will her children not be taxed on the $300,000 (or more) in her retirement accounts, they will be inheriting that money tax-free!
Jenny can now enjoy the income from her retirement savings, tax-free. She’s also free from the worry of what a market crash or correction will do to her retirement savings. She now has a tax-free, lifetime income with only upside market gains and no risk of downside losses. We created $33,000 a year of tax-free income that doesn’t tax her on the federal or state level and this income doesn’t impact her Social Security or Medicare.
How Can You Get Retirement Tax Smart?
This coming Tuesday, at my Wealth Protection Webinar, I’ll be teaching the importance of it never being too early to re-engineer to be tax smart in your retirement. To register for this no-cost, no obligation, log on and learn educational event, go to www.RetirementProtected.com or scroll down to the form below. Let’s get to work!
Imagine, more time and more financial success. As a client recently told me, “The Hidden Wealth Solution gives us retirement confidence.” If you’re ready to gain more confidence and remove retirement uncertainty, this is your opportunity to learn how you can do something about it.
You’ve worked hard for your money. Let me leave you with one final thought. Do you have a tax savings plan that protects not only you, but your children?
Our proven solutions have a track record of measurable results. These solutions best support those who have saved $500,000 or more or those who have a net worth of $1 million or more.
To register, 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.
- 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!
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!