Understanding Tax-Free
Retirement
It may surprise you to know that retirement
planning is a relatively young discipline. Consider this: In
1930, only one in 10 workers was covered by a pension program and
social security didn’t even exist. For Americans who lived in
the early 20th century, retirement meant moving from fieldwork to
household chores.
In the middle of the 20th century, retirement was
thought of as a short and sedentary experience. Today and
tomorrow’s retirement is thought of as a vibrant and
significant
time of life, which may last 30 years or longer. Gone are the days of
the frail senior sitting in a rocking chair. Despite its short
history, retirement planning has become one of the most crucial aspects
of a comprehensive financial plan. According to survey after survey,
retirement planning ranks as a top consumer priority.
“The
difficulty lies, not in the new ideas,
but
in escaping from the old ones.”
What if there was a way to save for Retirement
that is Tax FREE! There IS!
It is a plan approved by Congress and the
IRS.
But unlike a Roth there are NO income limits, and
unlike it and other Qualified Plans (401k, 403b, 457,
IRA, SEP, Keogh) there are NO
contribution limits. Also, unlike a 401k, 403b and
457 there are NO loan limits and NO
loan repayment required!
There are NO pre 59
1/2 early withdrawal IRS and state penalties! There are NO
age 70 1/2 ( RMD'S ) no mandatory distribution requirements!
Just as importantly - there is NO Market Risk!
Ask anyone what they think is going to happen with taxes over the
long-term and the answer is always the same "going UP!"
Listen, they have to because (in part) the National Debt is the largest
it has been since WWII -- and growing!
Just when the largest generation in the history of this
country (and the world) started retiring in 2008 and with
Medicare and Social Security already technically
"broke". This year for the first time, Medicare paid out more
than it took in and it is expected to be bankrupt in 2020. The
GAO and experts like Alan Greenspan state benefit taxes MUST double or benefits must be cut
in-half for Medicare and Social
Security to stay solvent.
So here is the Point, I am not preaching " don't pay Taxes'' or avoid
"taxation" . But in 1916, the income tax law
had a bit over 11,000 words then the 1996 version had over 7 million
words, ten times the amount of words as the Bible.
There are
taxes on payroll, personal property, pensions, severance, Social
Security, corporation, stock transfer, tobacco, tonnage,
transportation, utilities, accumulated earnings, ad - valorem,
alcoholic beverages, amusements, apparel, business, capital gains,
consumption, corporate income, dividends, employment, estate, excise,
franchises, fuel, furnishings, gas, sales, gift, gross receipts, health
care, holding company, income, inheritance, land, license, luxuries,
motor oil, motor vehicle, occupation, operators license, and the list
of taxes can go on and on, you see the big picture?
So when it comes down to your Retirement, yes I am out spoken about
this issue, and so should you, when it comes to either a ( TAX FREE )
retirement or a ( TAXED ) retirement, the choice should be simple go
with a Tax Free option(s).
If
you are considering Retirement Planning, call for a free consultation
today.
Call
Today - 1-334-309-4181
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