RETIREMENT TAX BOMB – IRA/SEP/401k Tax Liability
Is your IRA/SEP/401k a retirement tax bomb? Don’t worry, you can parachute out safely using our custom designed whole life insurance plans.
This time of the year families and business owners are pressured into making decisions that they think will “save” them taxes. Accountants and CPA’s frequently recommend to people that they contribute to their qualified plans before they file their tax returns. But, do qualified plans save taxes?
Has your accountant told you that the you can save taxes by contributing to your IRA/SEP/401k? Ask him what will your tax liability be at retirement? #taxes
Qualified Plans do 2 things…
- They postpone the tax.
- They postpone the tax calculation.
Contrary to popular belief, qualified plans do not save tax. Federal income taxes are levied at the distribution of most qualified plans. Analyze the numbers and compare qualified plans to non-qualified plan investments.
Qualified plans are government retirement plans administered by the Internal Revenue Service (IRS).
“A qualified plan must satisfy the Internal Revenue Code in both form and operation.” https://www.irs.gov
Retirement Tax Bomb
Questions to ask your tax advisor:
1. What tax bracket will you be in at retirement?
2. What deductions will you have when you retire?
3. What will your unpaid tax liability be to the IRS when you retire?
In a similar example comparing a qualified plan to whole life insurance, it meant $350,000 difference after 20 years of income. That’s not chump change… Assuming pre-tax investments to a qualified plan (IRA/SEP/401k). The premium to a whole life policy is post tax, and it grows tax-free. The death benefit and loans can be accessed tax free under current tax laws.
The good news is… You can parachute away from these ticking, retirement tax bombs by doing some tax planning. Learn how to secure your retirement and create tax-exempt income for you and your family.
Retire with peace of mind, knowing that you have predictable income and that you are in control of your financial future. Follow this link, Retirement Planning
Are you comfortable having the IRS and the US Government in control of your retirement? All government qualified retirement plans are subject to the ever changing rules of the U.S. Treasury/IRS. If taxes increase your hard earned savings could be at risk, but even if taxes stay the same, do you want more cash-flow?
You don’t have to depend on the government to create wealth and financial independence. Get started today, schedule your personal consultation: http://legacyinsuranceagency.com/contact/consultation
Until next time,
Barry Page
Barry Page is a Registered Financial Consultant, Managing General Agent and Founder of Legacy Insurance Agency, PLLC. He helps clients with tax-advantaged investment alternatives, and specializes in showing families how to protect their assets, income and lives using a unique financial approach to planning.
Contact me and discover how to receive tax free income at retirement without using a 401k, IRA, SEP or ROTH.
Subscribe to our YouTube channel: https://www.youtube.com/user/legacymoney
Find us on Facebook: https://www.facebook.com/legacyinsuranceagency
Disclaimer:
For educational use only. We do not provide tax or legal advice.