The Affordable Care Act, commonly known as ObamaCare, has been a polarizing law since even before it was passed – and the furor has only increased this year as the law rolled out.

Whatever your opinion may be on the politics of the bill, what matters for financial planning purposes is the impact that ObamaCare and other government spending could have on retirement saving.

While ObamaCare hasn’t technically raised taxes directly, it is already expected to cause a great deal of confusion during tax season next year, particularly for people who have used the ObamaCare exchanges to purchase insurance and claim subsidies. As a recent CBS News article reports:

If your income for 2014 exceeds the estimate you provided when you applied for health insurance, then complex connections between the health law and the tax code can reduce or even eliminate your tax refund next year.

Maybe you’re collecting more sales commissions in an improving economy. Or your spouse got a promotion. It could trigger an unwelcome surprise.

The danger is that as your income grows, you don’t qualify for as much of a tax credit. Any difference will come out of your tax refund, unless you have promptly reported the changes.

If you are currently receiving ObamaCare subsidies, it’s important to make sure that your income is accurately reported so that you don’t receive a nasty surprise when you file your taxes next year.

But the larger lesson is what’s really important here – as the government continues to roll out new spending programs and increase our budget deficit, taxes will have to go up. Anyone who thinks that they can continue spending and borrowing without eventually paying back their debt is delusional –but that’s exactly what our government is doing.

How will rising taxes impact your retirement? Will you be able to afford your desired lifestyle and enjoy financial security, or will you be forced to make sacrifices and worry about outliving your money?

Making things even grimmer, The Obama 2015 Budget Proposal plans to overhaul many retirement benefits. Learning about these changes now could be the difference of hundreds of thousands of dollars. Learn from my newly released book Whattodo@62 – How to Have a Protected Retirement Income Plan. Simply register for our new educational webinar at

As long as our government continues to overspend, it’s inevitable that taxes will rise. That’s why it’s more important than ever that you have a solid retirement protection plan. Learn how to eliminate your vulnerability to market loss risk, as well as your exposure to rising taxes and inflation. We eliminate market risk; NONE of our clients have lost a single dime to the market. Prior gains can’t be lost, either.  This is why our clients have safely doubled and some tripled their retirement savings earning over 8% tax-free during the worst economic downturn since The Great Depression.

Don’t let skyrocketing tax rates ruin your retirement plans. You can learn more and empower your retirement in under an hour.  Space is still available to register for our upcoming Wealth Protection Webinar at: