The New Meaning of IRA

by | Hidden Wealth Reviews

Please Click the Video to Watch This Important, Short Message 

Meaning of IRA

In this week’s Hidden Wealth Reviews, I share a new meaning for the acronym, IRA, “Influenced Retirement Attack!” This comes from an Article in Forbes, which discusses how even new born babies could get hit with taxes from an IRA as a result of new IRS “guidance.” This guidance is more like an attack; an attack influenced by the administration’s need to collect more tax by having the IRS simply change the rules.

In 2019, the SECURE Act changed the rules about stretching IRAs. Stretch IRAs allowed those who inherited an IRA to extend the distribution of the funds (and the payment of taxes on those funds) across their lifetime. Post SECURE Act, you only have 10 years to liquidate a non-spouse inherited IRA. Many people are concerned about this. They believe that, if they leave money, they want to leave it to someone other than the IRS.

CLICK HERE to learn how this change in IRS guidance will cause IRA beneficiaries (even new born babies) to unexpectedly owe a large amount of tax on their inherited IRAs.

The original rules regarding the distribution of non-spouse inherited IRAs under the SECURE Act allowed the inheritor considerable flexibility as to the timing of the withdrawal within the 10 year period. With some planning, beneficiaries could minimize the tax impact of those distributions by taking them during years when income or marginal tax rates were expected to be lower. The IRS has now published new rules that take away much of that flexibility. For an IRA owner who died after 2019, non-spouse inheritors are now required to take distributions annually and they must take the whole amount by the 10th year!

The amount of these annual withdrawals for each beneficiary depends on their age, similar to the way the required minimum distributions are calculated for traditional IRAs. The table used for the calculation (Table 1 in publication 590-B) starts at the age of zero so, even new-born baby beneficiaries may have to take distributions and pay taxes if their resulting income is large enough!

There are other twists to the new guidelines. These new rules are complex and every inheritor needs to discuss them in depth with their planners. Since these changes were made under the radar, many inheritors may be unaware of the new rules and could be liable for huge penalties on missed distributions.

LEARN MORE ABOUT The New Meaning of IRA!

The other new meaning of IRA that recently passed, the Inflation Reduction Act, allocates $80 billion to hire 87,000 IRS agents. $45.6 billion of the $80 billion is being used to hire IRS agents to conduct audits, so that they can find even more tax! The rub is that they are using our tax money to hire people to go out and make us pay more taxes.

Don’t be fooled by the promise that those making less than $400,000 a year will not see a tax increase. The non-partisan Joint Committee on Taxation found that the Inflation Reduction Act will raise taxes on middle class and low income Americans. Administration officials declined to say whether those making under $400,000 annually would be subject to audit.

I’m reminded of Bob and Sandy, from Texas. They met with us, knowing that their taxes were going to be an issue for them and for their children. They wanted to learn how to mitigate their taxes and how to protect themselves and their family. They learned strategic Roth conversion strategies that insulate their income from the IRS and remove Uncle Sam from their children’s inheritance.

This Tuesday, at my Wealth Protection Webinar, I will teach you what you can to to protect yourself from unnecessary taxes. I want you to discover how you can be a no tax or a low tax retiree, just like Bob and Sandy.

Imagine, paying less tax by avoiding all of the ticking tax time bombs that the IRS has laid out for you. To learn how you can do this, register for Tuesday’s Wealth Protection Webinar. At this no-cost, no-obligation financial educational event, I will teach you how to insulate your from the IRS and remove your retirement from Uncle Sam’s clutches. Don’t let an Influenced Retirement Attack deprive you of your hard-earned savings.

To register for Tuesday’s no-cost, no-obligation, log on and learn financial educational event, simply follow 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!

This misguided administration’s plans are targeting corporations with higher taxes, claiming this will result in taming inflation. The result will be weaker market returns and increased taxes on higher 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.

CHuck Oliver Retirement Breakthrough

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