26 Major Wealth Transfers
FREE Cheat Sheet
Wealth Transfers can destroy your plans for retirement and your family’s future. Taxes, interest and fees, just to name a few, can erode your wealth slowly over time.
Download our Free Cheat Sheet – 26 Major Wealth Transfers and learn what you can do to reduce or eliminate these transfer in your financial plan. It identifies the 26 major wealth transfers that are most common.
Working Years – Wealth Transfers
Financing is a major transfer of wealth. Not only do we transfer away money to interest and associated fees, we give up the ability to earn interest by paying cash.
We spend money on items that we purchase, either by paying cash or by financing. The problem is that all these items are financed by other banking institutions. This means that the interest portion of every dollar spent is perpetual. The volume of interest is the real issue, not the annual percent rates.
The average American family spends over 30% of their income on interest and fees. Compare that to the savings rate of most Americans of about 5% and you can see the discrepancy. This wealth is transferred away to the financial institutions and it is gone from our family forever.
Pre-Retirement Questions – Wealth Transfers
1. Do you want to live a similar lifestyle in retirement as you have today?
2. Do you think taxes will go up or down in the future?
3. What tax bracket will you be in when you retire?
Most people say they want to live a comparable lifestyle to today in retirement, but they don’t consider things like inflation, healthcare and taxes!
Taxes will be the largest transfer of your wealth, and how you plan to pay them will make all the difference.
If you think you’ll be in a lower tax bracket at retirement, do you plan on being poor? Think about that… with inflation, do you want a lower standard of living?
Did you know that IRA distributions can cause your Social Security benefits to be taxed… (again)?
Of course we can not answer the questions about future taxes and income tax brackets, but you’re probably aware that our government is broke. And, who is the government and how do they get money?
Learn what you can do now to reduce and eliminate wealth transfers in your life. Follow this link to contact us and schedule your complimentary review and consultation: https://legacyinsuranceagency.com/contact/consultation
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