Please Click the Video to Watch This Important, Short Message
In this week’s Hidden Wealth Reviews, I teach about a dangerous tax trap that could be draining your hard-earned savings. Making this mistake could cost you hundreds of thousands, maybe even millions of dollars in unnecessary taxes. According to CPA and IRA expert Ed Slott, IRAs are the worst asset to own in retirement and even worse to transfer to your heirs. The government has created a tax trap and I want to teach you how to avoid it.
The good news is that you can fix this but to do so, you must act fast. To see how you can stop overpaying your taxes, go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P.) Analysis. This is so important and you need to move quickly because the door is closing for those who still want to save on their 2024 taxes.
This isn’t something to put off. If you want to learn how to still save tax in 2024 (and in 2025), while the tax cuts are still alive, you must act now. But please don’t just submit a general request, follow these steps to ensure that you secure your tax savings before the deadline:
- Visit TaxesSaved.com – This is where you’ll request your S.T.O.P. Analysis.
- Complete the Form with Your Information – The more details you provide, the better we can tailor a plan to maximize your savings.
- Select a Date and Time – Be specific! Choose a date and time to speak with us so we can assess your tax-saving opportunities.
- Show Up and learn your tax risk – We’ll walk you through the exact steps you can take to eliminate unnecessary taxes and keep more of your money.
There’s a real opportunity in today’s uncertain market. With tariffs, inflation concerns and trade war fears, the market has shifted from the “Trump bump” to a “Trump slump.” But this downturn presents an opportunity to Roth convert a lower account value before Trump gets the economy back on track. Thanks to the Tax Cuts and Jobs Act, which expires at the end of the year, taxes are still at historically low rates. Many people who are reading this today may not see their taxes this low again.
Many people assume (because they’ve been led to believe) that they’ll pay lower taxes in retirement. That’s not the case if you’ve been a heavy saver in tax-deferred 401(k) and IRA type of accounts. When you withdraw money from an IRA, every dollar is taxed as ordinary income. Because you’ll need to take out more money just to cover taxation and rising inflation costs, you could likely end up in a higher tax bracket after you retire.
Most people spend years growing their retirement but they overlook protecting their hard-earned savings from taxes. When you transition from the accumulation phase to the distribution phase is when the real tax pain begins. Without a written, comprehensive plan that addresses tax planning, you could lose a large portion of your savings to taxes. That’s money you could have kept for your family if you had a Saving Tax Optimization Plan.
Recently, many clients have reached out to us to see what they could still do to save taxes before they close the door for tax filing for 2024. High-income earners and IRA holders please note, the ability to still save taxes applies to you. Whether you plan to withdraw from your IRAs or the government forces you to do so at age 73 (those born between 1951-1959), you can save tax with a comprehensive tax plan.
Many people may realize that the government starts forcing you to withdraw money from your IRAs at age 73. These are known as required minimum distributions (RMDs). Many times, the income from your RMDs causes up to 85% of your Social Security to be taxed. Medicare Part B and D premiums also skyrocket. Your retirement can quickly turn into a tax trap nightmare, with more money going to the IRS and less staying with you. If you’re a high-income earner or a heavy saver in IRAs or other tax-deferred accounts, now is the time to act!
How Big is Your Retirement Tax Bill?
How To Avoid The Worst Asset In Retirement
To get started on your plan, visit TaxesSaved.com and request a S.T.O.P. Analysis. This strategy helps you legally reduce or even eliminate unnecessary taxes so you can keep more of what you’ve worked so hard to save.
A recent Investopedia article highlighted how adjusting your withholdings can zero out your tax return. But what if you could eliminate taxes altogether? Our advanced tax software pinpoints the exact amount that you should convert from a traditional IRA to a Roth IRA to optimize your tax savings. The key is to move now while tax rates are still at bargain basement lows!
But don’t just take my word for it. Run your own numbers using the Retirement Tax Calculator at RetirementTaxCalculator.com. This free resource shows you how much you’ll pay in lifetime taxes and how you can reduce or eliminate that amount.
Consider Terry, a real client featured on Taxes Saved Radio. At a modest growth rate, he discovered he would pay more in taxes over his lifetime than the current balance of his nearly $1 million IRA. Imagine saving $1 million over your working life, just to watch the government take it all back. Amazingly, the better your savings grow, the more taxes you owe, unless you get a plan in place to reposition your assets now.
Don’t let taxes drain your future! Take control and protect your hard-earned retirement. Visit TaxesSaved.com today and start your tax-free future before it’s too late!
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
