In this week’s Hidden Wealth Review, I teach about The Baby Boomer Retirement Tax Tightrope. Over the next year, we are going to see and hear a lot of political advertisements from the left, pushing for numerous additional taxes. Even now, over a full year ahead of the national election, several Democratic candidates are calling for Medicare for all, a financial tax, a transaction tax, a growth tax, a 40% capital gains tax, etc. If you don’t want to give up an extra $12,000, $24,000 or more per year in what I call Government Retirement Income Gotchas, then you need to act to prevent over-paying Uncle Sam and insulate your retirement income from the IRS.
I want to remind you that this fourth quarter is the top tax-savings time because it provides you with the ability to save taxes for the current year. It’s the strategic tax planning that you do during the year that positions you for the tax you’ll save that year. Unfortunately, doing tax-savings outside of this year can do nothing to off-set your tax in the present year. With the holidays just around the corner, there is not much time left. The time to save tax is right now before it’s too late!
I want to give you a deeper understanding of the significance of The Baby Boomer Retirement Tax Tightrope. I call it a tightrope because it’s a balancing act that makes retiree’s retirement income very wobbly. For those who have saved at least $200,000 or more and are already in retirement or for those Baby Boomers who are heading into retirement, there’s a proven IRS approved game plan to reduce your taxes. The timing and tax savings opportunities have never been greater and may never be greater than they are right now.
If you’ve saved $200,000 or more towards retirement, it’s likely that most of your money is saved in a tax-deferred account such as a 401(k) or an IRA. What happens with these accounts is that, at age 70.5, the government forces you to start taking withdrawals from them. These forced withdrawals from your retirement accounts are called Required Minimum Distributions (RMDs).
RMDs often push retirees into a higher marginal tax bracket. The retirement tightrope gets really wobbly when the RMDs cause up to 85% of people’s Social Security income benefit to be taxed.
Quickly and simply, people are giving away their retirement to the government. They are unnecessarily paying $1,000 to $2,000 a month to what I call “government gotchas.” Our government is very good at orchestrating these Baby Boomer Retirement Tightropes.
The good news is that you can remove the tax tightrope threat just as easily as you can fall victim to it. But the time to do that and save taxes is right now! What you do this year is what will save you the tax for this year. We simply don’t know how much longer we will have a pro-business and pro-lower tax administration in the White House. That’s why taking action this year is so important!
This coming Tuesday, I will be teaching my Wealth Protection Webinar. During this no-cost, no-obligation educational event, I will be teaching one strategy that eliminates RMDs, allows people to grow their money without tax, use their money without tax and leave money to future generations without tax. Additionally, this strategy also removes the risk of stock market losses with special indexing engineering.
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. Let me teach you how to legally pay the least amount of tax. Now is the time to save tax!
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-
(855) No Tax 2 U
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