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In this week’s Hidden Wealth Review, I talk about the perfect recipe for retirement risk. This recipe is stewing right now! Many of you have shared absolute uncertainty, fear, concern and frustration about the higher taxes that are coming from local, state and, if Biden gets elected, the federal government.
If Joe Biden does manage to win the election, the reality is taxes will look very different. I’ve worked with Baby Boomers and retirees for over two decades. From this experience, I know that many of them are caught completely off guard when it comes to getting hit with taxes from several different directions. The main tax threat comes from elected or forced Required Minimum Distributions (RMDs) from IRAs. These distributions force people into a higher marginal tax bracket. People are also stunned when unwanted capital gains taxes are thrown off by their retail brokerage accounts.
Many people are unaware of the impact that having 50% to 85% of their Social Security taxed will have on their retirement. This typically costs them an additional $6,000 to $10,000 a year. There’s also a surprise Medicare Parts B & D supplement premium which is just another form of tax. When they transition to retirement, many retirees find themselves giving up an extra $12,000 to $24,000 a year to what I call “government gotcha” taxes.
Even if Donald Trump is re-elected, we have just a small window of time before the Tax Cuts and Jobs Act (TCJA) expires. There are some special provisions of the TCJA that will sunset if Trump leaves office. A lot of people have asked me what they should do.
Rob, a client from Colorado, is in his early sixties and he was scared about what taxes were going to look like in the future. He wanted to ramp up his retirement so that he could retire in four years (or less).
He was able to use a special provision of the TCJA that allows up to a 100% deduction for those with a net worth of one million dollars or more. We helped him move $500,000 out of his IRAs without paying any tax on the conversion!
This solution created approximately $70,000 of lifetime, tax-free income that also has no downside market exposure. The recipe for retirement risk couldn’t be greater than it is right now. Additional added stimulus package rumors, the election outcome, coronavirus and the relationship between the U.S. and trade partners such as China is creating a lot of market volatility.
Rob now enjoys a completely tax-free income future with upside market gains and no downside loss risk. He used a tax offset to zero out the tax liability on his Roth conversion. This solution prevents any tax to his Social Security (which saves him $10,000 a year) and it removes the risk of leaving an inadvertent inheritance tax to his daughters.
You’ve worked hard for your money! This coming Tuesday, I’ll teach the top solutions to reduce or even eliminate the risk of market corrections as well as tax protection for those of you who are serious about protecting your retirement money while we’re still in 2020.
Imagine, more financial success, less stress and less worry. Join me this coming Tuesday for my Wealth Protection Webinar. This complimentary educational event will teach you how to protect your money in 2020 and how you can enjoy upside market growth without having downside market losses and, best of all, it’s tax-free!
This event is for those who have a net worth of one million dollars or more as well as for those that have saved at least $500,000 or more in IRAs and 401(k)s and who want to protect their money while we’re still in 2020.
To register, 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.
- 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!
Learn how to insulate your income from the IRS and how to remove Uncle Sam from your savings as well as your children’s and grandchildren’s inheritance.
Let me leave you with one final thought. Avoid getting Biden Tax Blindsided! The sad part is, regardless of who gets elected, taxes are going up. So why not learn how you can protect your serious retirement savings and insulate your retirement income from the IRS?
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
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.
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!