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retirement taxes
In this week’s Hidden Wealth Reviews, I teach what you can do to protect yourself from taxes starting right now, in 2022. Tax day is now upon us. Right now, many people are more focused on their finances than they will be at any other time of the year, simply because right now, taxes are top of mind.
Will Rogers said that the difference between death and taxes is that death doesn’t get worse every time Congress meets. If you have money in a tax-deferred retirement account such as a 401(k), IRA or 403(b), you’re sitting on a ticking tax time bomb. Most people look at their savings and think it’s all theirs. They forget that they owe the Internal Revenue Service the taxes that they deferred all those years – on every penny they put into the account and every penny of growth.
Alicia Munnell, Director of Boston College’s Center for Retirement, has commented that it’s a very big deal when people realize they only have two-thirds or three-quarters of what they thought they had. This statement was made before the pandemic lit a fire under government spending and before Joe Biden started on his overly ambitious tax and spending spree which includes the release of his crowning achievement, the highest tax hike budget in history, $5.8 trillion!
Click Here to learn about Sherry, from Indiana and how she was unaware of the total taxes she was facing as she moved into and through retirement.
Sherry was very concerned because she’s turning 72 this year and she wanted direction about her Required Minimum Distributions (RMDs) and her tax exposure. First and foremost, I want everyone to understand that the best strategy for RMDs is to just prevent them altogether. There are a lot of rules around RMDs and these rules are changing. The rules aren’t changing to our advantage, they’re changing to the IRS’s advantage.
In speaking with Sherry, we discovered that she had other avoidable taxes of which she was unaware. She had “phantom” taxes that were being thrown off from her brokerage account along with the proposed changes to the step up in basis tax treatment. She learned she has estate tax exposure, mostly having to due with changes to the estate tax exemptions which are dropping as the Tax Cut and Jobs Act sunsets at the end of 2025. Her heirs were going to be eventually hit with a big tax bill. Sherry was very alarmed when we finished showing her all of the different tax threats she was facing.
The number one thing you can do to protect your wealth is to learn how to eliminate unnecessary taxes right now in 2022. This coming Tuesday, at my Wealth Protection Webinar, I’ll be teaching you what we taught Sherry; that now is the time to take care of your taxes, while they are on sale.
Learn How To Tame Your Retirement Taxes!
Most people with whom we speak realize that taxes must ultimately go up due to the aging demographics of our country, our unsustainable national debt, the massive cost of coronavirus-related stimulus and bailouts and now, the proposed highest tax hike budget in history. If you’ve been successful in growing your retirement savings in tax deferred accounts, you’ll simply end up paying higher taxes on a bigger number.
The time to act is now! Imagine, more financial success, less stress, less worry and less taxation. Knowing the tax road on which you’re traveling is the most important step, so that you can determine where you can save taxes. Once you know where you’re going, you can create a better tax savings retirement road.
Let’s get to work! Learn what you can do to save yourself an enormous amount of tax, starting right now, in 2022. This Tuesday, at my Wealth Protection Webinar, I’ll be teaching strategies designed to help you keep more of the hard-earned money that you’ve saved for retirement.
To register for Tuesday’s no-cost, no-obligation, log on and learn financial educational event, simply 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 your email address.
- 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!
This misguided administration’s plans are targeting high income earners and strong savers in 401ks and IRAs. These are the people who will benefit the most from our proven solutions. Solutions with a track record of measurable results.
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
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