In this week’s Hidden Wealth Review, I borrow from comedian Chris Rock’s routine and remind you that we don’t pay taxes, they take taxes. Because of the taxation focus of the 2020 Democratic candidates, taxes are going to be a big deal.
Federal appellate judge Learned Hand once said that, in our country, there are two tax systems; one for the informed and one for the uninformed and both systems are legal. Judge Hand went on to say that we are not bound to chose the path that best pays the treasury.
There has never been a more important time to protect yourself from tax. The number one thing that you can do to protect yourself is to learn how to disinherit the IRS from your IRAs and how to insulate your IRAs from Uncle Sam.
I’m reminded of our clients, Ed and Julie. Ed is 72 years old and Julie is 69. Ed worked until he was 70. He’s now experiencing what I teach and write about in my books, “The Retirement Tax Trap.” Ed recently shared, “I didn’t realize how much a Saving Tax Optimization Plan could help!” Learn how a Saving Tax Optimization Plan (S.T.O.P.) can help you to S.T.O.P. over paying taxes. After just two years in retirement, Ed’s taxes have almost doubled!
Every year, the IRS is taking a bigger bite out of Ed and Julie’s retirement income. Ed says that he can only foresee higher tax rates in the future.
Ed recently told me that he can save more tax with our strategies than the earnings he receives on his retirement accounts. Ed can save $25,000 in taxes on $100,000 of income. That’s a net return on taxes of 25%. Earning 25% on a $100,000 investment would be a near miraculous return.
Right now, Ed is paying more in taxes than he did when he was working. He is living proof that the government has set us up to pay more taxes during retirement. Ed confided that he is long overdue to get something done about his taxes.
This coming Tuesday, I will be teaching my Wealth Protection Webinar. During this no-cost, no-obligation educational event, I will be teaching a strategy that allows you to avoid The IRA Higher Tax Trap.
To register, go to www.RetirementProtected.com, enter your information and submit the registration. Once you’ve registered, you’ll receive an email containing a personal link to join Tuesday’s event. Remember, we don’t pay taxes, they take taxes. Let me teach you how to stop the government from taking unnecessary taxes from your retirement income.
I encourage you to register for your preferred webinar time now, because these events fill up fast. Those who attend this event will receive an e-copy of my latest book, The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
-Spouses are encouraged to attend this event together-
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Here’s to your Hidden Wealth,
Chuck Oliver
Best-Selling Author