In this week’s Hidden Wealth Review, I teach about the number one Baby Boomer retirement trap. If you’ve saved $250,000 or more for retirement, this trap is significant. But, there’s never been a better window of opportunity to avoid this trap. However, this tax-savings window is closing very quickly. But, there’s still time to save tax for 2018 and to learn how you can take advantage of the new tax reform tax-savings solutions before this “sale” ends in 2025.
The trap I’m speaking of is taxes from your “good” old Uncle Sam. I’m confident that the average Baby Boomer is paying anywhere from $10,000 to $15,000 a year in unnecessary taxes!
Bob is like many of the clients we meet. Bob shared this, “Chuck, The Government is like a cancer that keeps eating away my assets through more and more tax.” Bob just turned 80 years old. He’s being forced to take Required Minimum Distributions (RMDs) from his tax-deferred retirement accounts. He lost his wife so now he’s filing single, as opposed to joint, tax returns. As a result, 85% of his Social Security income is being taxed. On top of that, he has a very tax-inferior and inefficient brokerage account that’s adding another $25,000 a year in capital gains to his tax return. In all, Bob is paying an extra $17,000 a year in taxes because he doesn’t have a better tax plan than the one the government has for him.
Over the course of his lifetime, Bob will pay about $500,000 in minimum distribution taxes. When he passes, Bob will leave another $2 million in inherited RMD tax to the next generation. The really sad thing is, none of this is necessary!
There’s a lot of uncertainty over the outcome of the mid-term elections. Regardless of who comes out on top, the deficit we’re running on taxes means that it’s just a matter of time before the moving tax target closes in on you! If you want to still save taxes for 2018 and become a tax-free retiree, learn what Bob learned.
We showed him how to eliminate his required minimum distributions without paying any tax out of his own pocket. This eliminated the tax on his Social Security. We also eliminated the unnecessary capital gains tax from his brokerage account. All told, Bob’s now saving almost $1,500 a month in taxes! This savings is going directly into Bob’s own pocket, not Uncle Sam’s.
This coming Wednesday, I’ll be teaching my Wealth Protection Webinar. This no cost, no obligation educational event will teach you how to stop making Uncle Sam your biggest beneficiary and business partner.
To register, go to www.RetirementProtected.com, enter the required information and submit your registration. Once you’ve registered, you’ll receive an email containing a personal link to join Tuesday’s event.
I encourage you to register for your preferred webinar time now, because these events fill up fast. For those who attend this event, I will gift you a copy of my latest book, The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.
NOTE: This is a log-on and learn webinar, not a live workshop.You will need a laptop or PC to join. It is strongly suggested that you NOT use an iPad or hand held device for this event. Our proven retirement and financial solutions are best for; people positioning themselves for retirement or who want to navigate better to or through their retirement. People who have saved $200,000 or more for retirement. People who are wanting to determine if they are maximizing and optimizing their retirement planning. Boomers who want to pay the least amount of taxes on income, reduce or eliminate tax on their Social Security and create a sustainable, increasing, lifetime income for both spouses.
-Spouses are encouraged to attend this event together-
(855) No Tax 2 U
Here’s to your Hidden Wealth,