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In this week’s Hidden Wealth Reviews, I teach that tax planning is vital for retirement survival. I want to start with the example of George and Linda. They had about $1,000,000 trapped in their IRAs and 401(k)s. They were concerned because they were in that dynamic decade between ages 63 and 73. If you are in this decade of your life too, your retirement survival will be impacted by the decisions you make or don’t make.
Even if you are outside of the dynamic decade window, there are still things you can do to increase your retirement survival. It is important that you learn why tax planning is vital for your retirement survival whether you’re trying to get to retirement or better through retirement.
George and Linda implemented “the four times tax deduction.” I’ll be teaching different proven tax savings solutions at this coming Tuesday’s Remove Your Wealth from Washington webinar. The four times tax deduction strategy is just one of several solutions that I’ll be teaching on Tuesday. Be sure to register at www.RetirementProtected.com.
George and Linda placed $250,000 in one of our CPA tax team approved programs that uses a little-known section of the tax code that’s been around for decades and was enhanced in 2006. This solution can provide both state and federal tax savings. Since this proprietary strategy provides a four times tax deduction, the $250,000 George and Linda placed into the solution provided a $1,000,000, top-line tax deduction. They used this deduction to eliminate the taxes that would have otherwise been due on converting their traditional IRAs and 401(k)s to Roth IRAs. The deduction offset the tax cost of the Roth conversion so they were able to Roth convert $1,000,000 with zero tax exposure!
We are now in the fourth quarter crunch as we head towards the end of the year. If you have a lot of money trapped in traditional IRAs and 401(k)s you need to learn how to get your money out of the tax system in the most tax-efficient way and avoid those treacherous required minimum distributions (RMDs). Even if you are already taking RMDs, you can mitigate the tax damage using our unique, CPA approved tax-savings solutions.
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If you had a large, taxable event this year such as a business sale, a large bonus or a big capital gain, learn how you can mitigate or eliminate unnecessary taxes. Get out in front of your taxes before taxes go higher and before more rule changes!
Federal Reserve Board Chairman, Jerome Powell, has said that the U.S. federal government is on an unsustainable fiscal path. Our debt is growing faster than the economy. Chairman Powell went on to say, “America is racking up a dangerous amount of debt because of its excess spending.” Chairman Powell says that because of this spending, future generations are likely to suffer the consequences.
Brendan Boyle (D-PA), the ranking member of the House Budget Committee, has said, “As we get ready for the once in a decade fight that’s going to happen in 2025, over what tax policy will look like for the next eight to ten years, we need to be serious about ensuring that we have the proper revenues in order to pay for the size of government we want and the American people expect.” The mentality demonstrates that the Democratic leadership is willing to take a no holds barred approach to taxation, which includes outlandish proposals such as an unrealized capital gains tax, the any age RMD and the Congressionally mandated limit.
The reason I wear out the topic of taxes is that many people don’t know the retirement tax risk road they are traveling. I want to teach you how to maneuver around your tax exposures and unnecessary taxes that you don’t have to endure! Tax planning is vital to retirement survival. Learn how you can protect yourself from unnecessary taxes. Register for this coming Tuesday’s webinar at www.RetirementProtected.com.
Spouses and Significant Others are Encouraged to Attend This Event Together
Note: We serve 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