Please Click the Video to Watch This Important, Short Message
In this week’s Hidden Wealth Reviews, I teach about the sneaky tax that continues to bruise more and more Americans. This is a tax that can be prevented. Interestingly, it’s caused by a tax that’s even bigger! This bigger tax has the potential to pull an even larger share of your hard-earned saving when you take it out of your IRAs and 401(k)s.
This stealth tax on your retirement income can crush the very savings you’ve worked your whole life to build while causing you to withdraw more retirement savings to cover all of the added sneaky taxes that you did not anticipate. The sneaky tax is having 50% to 85% of your Social Security benefits taxed. We find the Social Security taxes the client couples we meet with pay averages or would average over $10,000 annually!
When you retire and start pulling money from your 401(k)s or IRAs, you’re stepping into a trap. These accounts were tax-deferred, which means not only did you delay paying taxes, but you also delayed calculating what those taxes would be. Once you retire and start withdrawing, Uncle Sam starts calculating (and collecting). I want to teach you how to protect your retirement from this stealthy tax trap. I’ve seen this happen for decades as I help clients transition to and through retirement.
The slice of your tax-deferred savings that the government gets is often much bigger than people expected. That’s because this sneaky tax triggers other taxes such as the aforementioned tax on up to 85% of your Social Security and Medicare surcharges.
Many people tend to spend more in the early years of their retirement. This is what I call the “go-go years.” This is when people travel, spend time with grandchildren and enjoy the fruits of life’s labor. But, if most of your retirement savings are trapped in ticking tax time bombs such as traditional IRAs and 401(k)s, you’re not just drawing income, you’re drawing more taxes!
For many higher-income earners and heavy savers, these additional taxes mean they’re paying more taxes in retirement than they did in their highest-earning working years. That’s not a retirement plan – that’s a retirement problem! This problem is not just frustrating, it’s unfair. Most people expect to enjoy more freedom and fun in retirement, not less.
Let me tell you about Eric. Eric is 56 years old and has saved $1.6 million between his and his wife’s 401(k)s and IRAs. After going through a Saving Tax Optimization Plan (S.T.O.P.) Analysis, Eric was shocked to discover that he’s on track to pay over $3.2 million in taxes, double what he’s saved! This figure is just the amount that he would owe on his distributions; it doesn’t include additional taxes on Social Security income or Medicare penalties.
The good news is that there’s still time to take action to prevent this from happening to you. But the time to act is now!
The Tax Cuts and Jobs Act is still in place until the end of 2025. This gives you a limited time window to:
- Remove your assets and income from the tax system.
- Reduce or eliminate taxes on Social Security and pensions.
- Avoid Medicare surcharge taxes.
- Use tax credits and deductions that are still available to go back in time for 2024.
How Big is Your Retirement Tax Bill?
Learn How To Avoid The Sneaky Tax
If you want to protect your retirement and reduce unnecessary taxes, do the following now:
- Visit TaxesSaved.com – to request your Saving Tax Optimization Plan (S.T.O.P.) Analysis.
- Select a Date and Time – please be specific! After you click the request analysis button, you’ll be directed to a calendar. Choose a date and time to speak with our tax team.
- Show Up and Learn Your Tax Risk – using advanced software, we’ll walk you through how your Social Security, Medicare and retirement income will be taxed and how to reduce or eliminate those taxes.
This complimentary analysis is completed by our team of CPAs, tax attorneys and wealth strategists. It’s designed to help you legally remove your income and assets from the tax system.
Social Security, pensions and Medicare can all be taxed without a proper plan. These taxes can destroy your retirement lifestyle. Don’t wait until it’s too late. Don’t risk paying more taxes in retirement than you did during your peak working years!
Your taxes won’t fix themselves. The longer you wait, the fewer options you’ll have and the more tax you will pay. You can pay more than you need to or you can plan smarter and pay less. The choice is yours. Visit TaxesSaved.com today to request your S.T.O.P. Analysis.
You work hard for your money. Keep more of what you’ve worked hard to earn. Act now before the tax savings door closes for 2024 and while the Tax Cuts and Jobs Act is still alive for 2025.
Note: We serve Baby Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as we 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
