In this week’s Hidden Wealth Review, I teach that the government’s tax “gotchas” are coming and they’re coming fast. If you have an IRA or 401(k), you should be concerned! The good news is that we can prevent these government tax gotchas from impacting our retirement by simply having a better plan than one the IRS has for us.
These tax gotchas result from the proposed Trump tax reforms. Every time there’s a tax cut, there has to be a tax increase to offset that cut. There is currently a proposal to add a 15% tax on the annual gains you make on the money in your 401(k). This new tax is in addition to the current taxes on any 401(k) distributions you take. If they put this form of double taxation on 401(k)s, can IRAs be far behind?
Recently, I’ve been talking a lot about the risk of transferring your wealth to your children. If a non-spouse inherits your IRA, that person will be forced to liquidate the inherited IRA within five years, or face stiff financial penalties. This is just a very indirect way to collect more taxes from your retirement savings, even after you’re gone!
This coming Tuesday, I’ll be teaching my Tax Freedom Webinar. This no-cost, no-obligation educational event will teach you how to get the IRS out of your IRA. I want to teach you how to remove the government from your retirement. Whether you have IRAs or 401(k)s, whether you’re retired or not, you can save tax!
To register, go to www.RetirementProtected.com, enter the required information and submit your registration. Once you’ve registered, you’ll receive an email containing a personal link to join Tuesday’s event.
-Spouses are encouraged to attend this event together-
When you register and attend the webinar, you’ll receive an e-copy of my latest book, The Baby Boomer Retirement Breakthrough. This book teaches you the top five retirement risks and the unique solutions you can use to avoid them.
Here’s to your Hidden Wealth,