Saving is for Suckers?

In this week’s Hidden Wealth Reviews, I teach about a recent article I read in The Wall Street Journal titled “Saving is for Suckers Under the Harris Plan.” Many people are unaware of the retirement risks being proposed by the Harris campaign or what is already being proposed in the new 2025 budget.

I want to teach you what you can do about these legislative retirement risks. Because, when the rules change, many people will be kicking themselves wishing they had acted sooner. The rules may not change immediately but, these new rule changes are already approved proposals in the 2025 budget that’s now circulating in Washington.

This coming Tuesday, I will be teaching my Remove Your Wealth from Washington webinar. To register for this no-cost, no-obligation financial educational event,  go to www.RetirementProtected.com, enter the required information and then click “Reserve My Spot!” You will then be sent an email that contains your personal link to join this event.

In The Wall Street Journal article, a man relates how he and his wife worked hard and saved hard for over four decades. His reference to “saving is for suckers” was in regard to Kamala Harris’s plan to tax unrealized capital gains. The article points out that the top one percent actually pays almost half of all the taxes that are paid in this country. The man noted that what’s defined as rich is always lowering and what’s defined as fair is always rising.

He went on to say that it used to be that you worked hard, saved hard and put money away so you would have financial security. Now, it’s work hard, save hard and let the government take a chunk from you. The man added that, for many people, it’s probably better if they don’t save at all. If you have a subscription to The Wall Street Journal, you can read the full text of the “Saving is for Suckers” article by Clicking Here.

Under Kamala Harris’s current proposal, taxing unrealized gains means that, if your stocks, bonds and real estate go up in value you will be taxed on those unrealized gains. The man in the article points out that there is nothing to stop the government from changing the threshold for imposing the unrealized capital gains tax from $100 million of income to say, having earned, taxed or saved $1,000,000 for retirement.

This is why I encourage you to read the complimentary report “The 2024 Election & U.S. Savers.” You can download a copy of this paper at TaxesSaved.com. This free resource alerts you to legislative retirement risks such as restrictions on who can do Roth IRA conversions.

If you had a large, unexpected tax event this year (sale of a business or real estate, Roth IRA conversion, large capital gains, etc.) there is only a small window of time remaining to get your tax plan created, implemented and applied so that you can save tax this year. Taxes are the thing that costs us the most yet gets the least amount of attention (except in Washington). Go now and request your personal tax savings analysis at TaxesSaved.com while there is still time.

Learn More About Saving On Taxes

Bob, from Colorado, reached out to us to tell us that he had been with the same financial group for years. In that time, they had never spoken to him about taxes, even when Bob brought up the subject. He has also spoken to the CPA who does his personal and business taxes. Bob said that his CPA had never taught him how to save taxes. Bob came to us because he knew that our practice has a focus on saving our clients taxes.

Bob was facing a large amount of taxes this year because he’s a high-income earner, had a depreciation recapture on commercial property and had a $1,000,000 capital gain on the sale of his business. He also had around $600,000 trapped in tax-deferred savings accounts which he wanted to Roth convert. All told, his taxes would have been about $615,000!

Here’s what we did for Bob:

1. Eliminated his income tax.
2. Eliminated his capital gains tax.
3. Eliminated his Roth conversion tax.

On Tuesday, at my Remove Your Wealth from Washington webinar, I will be teaching what Bob learned. The time to act is now, before they change the rules, before tax rates go up, deductions go down and before your account balances go up.

Imagine, removing your income and assets from the tax system and not leaving a tax burden for your children. Learn how to protect yourself by registering for Tuesday’s webinar at www.RetirementProtected.com. If you are ready to get started saving taxes right now, go to TaxesSaved.com and request a Tax Savings Analysis. But remember, now is the time to act!

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