The National Debt is a Fiscal Time Bomb!

In this week’s Hidden Wealth Reviews, I teach that the U.S. deficit has topped half a trillion dollars in the first quarter of the fiscal year! If this upward spiral continues to climb like this for the remainder of the year, that will amount to $2 trillion in deficit spending.

The Trump era Tax Cuts and Jobs Act (TCJA) is set to expire in 2025 or perhaps sooner, depending on election outcomes. Whenever the TCJA expires, tax rates will immediately return to where they were before the act became law. From there, tax rates will likely head higher, in an effort to cover all of the deficit spending.

Noted tax CPA, Ed Slott, recently posted an article titled, “Peak 65 and Your IRA.” The article points out that by this summer, 12,000 Baby Boomers will turn 65 every day! This demographic milestone is being called “Peak 65.” This phenomenon will continue until 2027. By 2030, for the first time in our history, we will have more 65 year old people than we do 18 year old’s.

In terms of taxes and government entitlements, more people over 65 means that there will be more people being pulled in the wagon than there are people pulling the wagon. This changing age demographic will likely require further tax increases since there will be fewer people working hence, fewer payroll tax collections.

Bidenomics has a bullseye on the back of every high income earner and everyone who was a strong saver in tax-differed retirement accounts such as IRAs and 401(k)s. These ticking tax time bombs will cost you more tax to get the money out than you saved by deferring the tax.

I recently met with my team and we determined that, in 2023, we helped our clients to offset about $20 million in otherwise taxable income. When the final tally was done, this resulted in 80 clients saving an average of $50,000 each! Most of them used this savings to offset the taxes due on converting their traditional IRAs to Roth IRAs. This way, they were able to get ahead of the current tax sale that’s going to end in two years. Let me teach you these tax-savings solutions, too. Register for and attend this coming Tuesday’s Tax Protecting Your Retirement webinar.

Ed Slot says that around the age of 65 is the prime time to do some planning with your IRA. Right now, you have the most flexibility with your IRA. At age 59½, the 10% early distribution penalty no longer applies. You can take distributions from your IRA for any reason at all and not worry about a penalty. Of course, you will still have to pay taxes.

Right now, you’re in control of your spending. Once you reach the age for Required Minimum Distributions (RMDs), the government is in control of your spending!

LEARN MORE ABOUT THE NATIONAL DEBT FISCAL TIME BOMB

We are already at a half trillion dollars in deficit spending. The Biden administration wants an additional $30 trillion in new taxes by 2030. Our record-high national debt is fiscal time bomb for the U.S. Don’t let this time bomb blow up your retirement!

The federal debt burden now is the greatest threat to the U.S. economy, national security and social stability. Now is the time to think about where taxes could go and how you can save!

The longer you wait to do something about taxes, the more taxes you will pay. To avoid this dilemma, go to RetirementTaxCalculator.com and learn, in 30 seconds, how much tax exposure you have. Then, register for Tuesday’s no-cost, no-obligation financial educational event by following these four simple steps:

1. Go to www.RetirementProtected.com (or scroll down to the form below).
2. Select the webinar date/time you prefer.
3. Enter your information thoroughly – make sure to double check your email address.
4. 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.

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