The Two Greatest Threats for Taxes in Retirement

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In this week’s Hidden Wealth Reviews, I teach about the two greatest threats for taxes in retirement. Whether you’re retired or planning to retire, you need to know about these two tax threats, which have actually been proposed, that could rob you and your family in the future. These threats can cost you, your children and even your grandchildren a fortune. That is, unless you act!

Let me share a story about a client, an 83-year-old retiree, who was facing a required minimum distribution (RMD) of over $800,000 this year. The IRS is forcing him to withdraw money he doesn’t need, which means massive taxes for him. His two adult sons, who are already retired, are also staring down a giant, inherited tax bill. Deferring taxes doesn’t mean avoiding them. It means letting the IRS decide the output and how much you’ll be required to pay… and when.

The good news is that he is now finally taking the actions that he wishes he had addressed years before. By using IRS approved tax strategies, we are helping him create strategic tax deductions to offset the impact of those forced withdrawals. He didn’t just reduce his tax burden, he also protected his legacy. He made sure his sons wouldn’t be stuck with a massive inherited tax bill. Let us help you to do the same.

So, what are the two greatest threats for taxes in retirement?

1. Roth Conversion Restrictions Risk
   Before 2010, you couldn’t convert to a Roth IRA with too high of an income or without earned income. This meant that many high-income earners and retirees were shut out of doing Roth conversions. Certain politicians are proposing to bring back those limits. If that happens, the window to Roth convert could close in the future. Don’t expose your retirement savings to legislative tax rule change risk.
   
   
2. “Any Age” RMD Proposal
   This one is a tax time bomb. This would come into effect if your IRA or Roth IRA goes above the prior proposed balance limit. Let’s assume the balance limit is determined to be $2 million, above this amount, the government would force you to withdraw 50% of the excess, no matter what your age, no matter what your income! Yes, even from your Roth IRA. Incredibly, you’d be punished for saving and investing well (this isn’t a law yet, this a simply a warning that the proposal has been introduced).

Learn More About How To Save On Taxes In Retirement!

Now more than ever, you need to control the input, that is, where and how you save your money. You do that so you can control the output, which is the money that you actually get to keep. The government already has a plan to control the output of your money. The question is, do you feel comfortable with the government controlling how much and what rate you will be taxed?

The client I mentioned earlier also learned that his estate was dangerously exposed to estate taxes. He grew his savings to over $15 million. If it doubles to, let’s say, $30 million and the estate tax exemption is $15 million, his sons could lose $6 million to estate taxes alone! That’s more money he earned and planned to leave to his sons, lost due to overlooked planning.

I want to help you avoid that. That’s why I created a short, on-demand educational webinar at TaxesSaved.com. It’s free, easy to watch, and packed with real strategies that can save you and your family thousands, maybe even millions of dollars in unnecessary taxes.

Here’s how to request your free Saving Tax Optimization Plan (S.T.O.P.) Analysis:

1. Visit TaxesSaved.com – Review the insightful case study webinar that shares two impactful client case studies showing how to save thousands of dollars in taxes.
2. Review our Taxes Saved Case of the Week playlist – Scroll down to the middle of the home page and click the three bars in the upper right-hand corner of the video to view all the videos on the playlist.
3. Request your S.T.O.P. Analysis – Saving Tax Optimization Plan.
4. Select a Date and Time – Be specific! Choose a date and time to speak with us so we can assess your tax-saving opportunities.
5. Show Up and Learn Your Tax Risk – We’ll guide you step-by-step through exactly what to do to stop overpaying the IRS and start protecting your savings

You worked hard for your money, don’t let the IRS write your family’s future. Visit TaxesSaved.com and take the first step toward protecting your future, your family and your freedom.

Client Testimonial:

The tax saving programs are eliminating my Roth conversion taxes to free my assets from higher future taxes!

~Roger B.

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