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In this week’s Hidden Wealth Review, I teach that the Federal Reserve’s money is not free. Because of this, increased taxes are around the corner.
Even though I’ve been talking about this for years, no one could have foreseen the amount of stimulus dollars that we’ve had to pump into the economy. The stimulus was financed by debt and this new debt is on top of years of deficit spending. Because of this, the national debt has now spiraled out of control.
Fortunately, many of you have learned to un-tax your money in 2020. If you’re one of those, congratulations. I don’t think the opportunity or the timing could be better. There may not be another opportunity like this in a lifetime.
The Fed’s relief program ends in 2021. Investors who were hoping for years of asset purchases from the Federal Reserve are in for a rude awakening according to Henry McVey, of Kohlberg, Kravis, Roberts & Company, a leading global investment firm. Business Insider reports that The Fed has spent billions of dollars to support market functioning and to boost the economy during the coronavirus pandemic. The markets soared in recent weeks in hopes of a quick recovery. Experts are now bracing for how the U.S. will pay for its colossal aid packages. McVey warned Bloomberg TV that governments could reach a tipping point next year as their ability to raise cash fades, resulting in a ballooning pile of debt.
The Street warns that the national debt could widen to more that 100%! This would exceed the record set after World War II. The national debt is now nearly $26 trillion. That’s $76,665 per citizen and $203,712 per taxpayer.
Through April, the federal deficit was over $1.9 trillion. The Congressional Budget Office projects that the deficit will rise to $3.7 trillion by the end of September. To get a visual idea of how fast the debt is moving, head over to USDebtClock.org. Mark Hamrick, senior economic analyst for Bankrate, has said, “this continues to draw the eventual day of reckoning closer and more pressing.
The stimulus bills sent a lifeboat to businesses and Americans. However, the U.S. national debt level, which was already extremely high, skyrocketed. We’re now spending more than we’re taking in, according to Mike Loewengart, Managing Director of Investment Strategy at E-Trade. Historically, there’s never been a monetization of debt the way that’s its occurring now. Because of all this, higher federal and state taxes are coming!
You’ve worked hard for your money. Learn how your money can work to protect you from unnecessary taxes. Simply go to TaxesSaved.com and request a Saving Tax Optimization Plan (S.T.O.P.) Analysis. Don’t worry, there’s no sales pitch. The S.T.O.P. Analysis teaches you the tax risk road you’re traveling and how to re-route yourself to remove the unnecessary taxes that you are going to face.
When you request your S.T.O.P. Analysis, you will receive my guide, Retirement and Your Taxes, How to Get the IRS Out of Your IRAs and Remove Uncle Sam from Your Children’s Inheritance. This guide covers the Tax Cuts and Jobs Act’s impact on you and your retirement as well as the effect of the SECURE Act on your children and grandchildren’s inheritance.
When requesting your S.T.O.P. Analysis, please be specific as to the exact day and time that you wish to be contacted. Please be sure to give your best telephone number where you can be reached on the specific day between 10:00 AM and 6:00 PM Eastern time. Please be specific and please don’t list “anytime” as your desired time to be reached.
I want to share the story of our client couple, Bill and Susan. They had two objectives:
- Save annual tax on their retirement income.
- Avoid passing an inheritance tax to their children.
The bottom line is that, using a common sense solution with a track record of measurable results, we were able to save them $50,000 in taxes in 2020. In addition, we used a provision of the Tax Cuts and Jobs Act that, for those who qualify, will pay the Roth conversion tax they would have otherwise given to the government. We also built a tax-free lifetime retirement income that will not subject their children to an inheritance tax.
Let me leave you with one final thought. You’ve worked hard for your money, don’t give it away to unnecessary taxes. Believe in better. Let’s get to work!
Request your Saving Tax Optimization Plan (S.T.O.P) Analysis & receive our time sensitive, easy to read, 2020 Retirement & Your Taxes Guide.
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
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