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In this week’s Hidden Wealth Reviews, I teach how to avoid the fallout of Bidenomics that is killing the economy and threatening current government approved retirement programs. Senator Rick Scott (R-FL) reported this week that, with the higher released inflation data since Joe Biden took office, wholesale level inflation has risen 17.6%.
Here are some example increases:
- Beef +16.3%
- Coffee +13.7%
- Soap & detergent +11.1%
- Rice +7.9%
- Pet food +7.7%
- Baked goods +4.9
You may have noticed long standing restaurants and well-established businesses closing their doors. Due to the cost of food, materials and labor, these businesses are just unable to make a profit; the cost of doing business has become too high.
The administration’s Inflation Reduction Act has actually increased inflation at the consumer and wholesale levels. This leads to layoffs, which means less payroll tax collection and less company growth.
Congress has just over two weeks to pass twelve appropriations bills and get President Biden’s signature on them. Failure to do so by September 30 will result in a government shutdown meaning furloughed workers and closed agencies. In addition, many essential programs will be placed in peril.
Republicans are calling for spending cuts in return for appropriation votes but, the Biden administration’s focus is on increasing spending more rather than cutting spending. If you’re spending more money and taking in less revenue, there are only a couple options, either spending less or taxing more.
Spending more and taxing more is the definitely the Biden administration agenda. The Biden spending spree is projected to double the nation’s deficit spending this year and to create a projected deficit spending increase of $4.8 trillion over the next 10 years!
Click Here to learn about the government gift that's still able to be used and how our clients use it to remove themselves and their retirement savings from the tax system.
The government gift is Roth conversions but, that gift (as it is now) is about to change. This week, at my Tax Protecting Your Retirement Webinar, I will teach you what you can do to legally remove yourself and your retirement savings from the tax system. You need to hurry to take advantage of this gift before it goes away. The government is considering ways to curb your ability to protect your retirement savings by changing the rules regarding Roth conversions.
There are a few proposals being floated that would limit who could do a Roth conversion and how much can be saved. These proposals include creating an unspecified, congressionally mandated savings limit and establishing a Roth conversion ceiling which would prevent those who have “earned too much” or “saved too much” from doing a Roth conversion at all. Under this proposal, whenever someone’s savings exceeds the congressionally mandated limit, 50% of the overage must be taken as an Required Minimum Distribution (RMD), regardless of your age.
I’m reminded of Bill, a client with whom we recently met. Bill is in his early sixties. He has done well and he’s saved about $3 million in his retirement accounts. Bill went to RetirementTaxCalculator.com and learned that his total retirement tax bill will (at best) equal his current savings of $3 million! That’s $3 million saved and $3 million owed. We showed Bill how he could avoid these unnecessary taxes on his retirement savings.
We have a client couple, Jim and Mary, who are now projected to save over $500,000 in Social Security taxes over the course of their retirement. They wanted to get out in front of their RMDs. Combined, they had saved $1.7 million in IRAs.
We taught them how to use a little-known tax deduction to convert their traditional IRAs to Roth IRAs without having to pay the taxes on the conversion from their own pocket. We removed them from RMDs, eliminated over $500,000 in Social Security taxes and we prevented Jim and Mary from passing on an enormous tax liability to their children and grandchildren. Learn what you can do to insulate your income and assets from Washington’s war on wealth!
LEARN MORE ABOUT THE GOVERNMENT GIFT
It’s one thing to help people get more return, have less risk, prevent market losses and reduce fees. However, if taxes are not addressed first, everything else that follows will be inferior. Learn how to use proven tax savings and conversion strategies before the rules change.
To understand the retirement tax dangers that you face, please go to RetirementTaxCalculator.com and see, in 30 seconds, what is probably your best retirement tax scenario. Then, register for this coming Tuesday’s Tax Protecting Your Retirement Webinar to learn how you too can remove your income and assets from the tax system.
You work hard for your money! Imagine, more financial success, less worry, less taxation and removing the uncertainty of inflation and market deterioration. Learn what you can do to control what you can control so that you can risk-proof your retirement.
Learn how to reduce the retirement tax bill the government has waiting for you and your family. You can register for Tuesday’s no-cost, no-obligation financial educational webinar, by simply following 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!
Strong savers in 401(k)s and IRAs and high income earner are the people who will benefit the most from our proven solutions. Proven solutions with a track record of measurable results. Imagine less stress, less worry. Peace of mind retirement protection.
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
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!