#401k #taxes #retirementplanning
In this video I will teach you why it is important to diffuse your 401k TAX Bomb as soon as possible. Do you fully understand the risks of your 401k or other qualified company plan?
⚠ If everything you believed to be true about money and retirement turned out to not be true, when would you want to know?
If you believe like most financially educated people that taxes will be higher in the future, what is your plan?
There are only 3 ways to grow your money:
🌱 TAXABLE
🌱 TAX-DEFERRED
🌱 TAX-FREE
Are you going to be reactive or proactive? It really is your choice.
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LEARN MORE ABOUT: 401k Plans
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We're going to see incredible tax rates in the future? No we're not
The US is a consumer based economy raising the taxes by any large amount would kill the economy. Raising taxes slows the economy and raising them a lot would kill the economy.
You are not going to see a major raising taxes on the majority of the population. You must not have seen where the current government doesn't even think people make $120,000 a year can pay $10,000 in student loans
So if the Democrats don't think students can pay loans if they make $120,000 and Republicans don't want to raise taxes, who exactly you think is going to raise taxes?
Converting should be done by most people? Again what would you say most people have in their traditional accounts (that would be the median amount)
What most people find is there an in a higher tax bracket retirement? Bull
Please tell me what the median retirement Savings in this country is that retirement and then explain to me how people are paying more taxes.
The problem is it's not the tax bracket you're in
Contributions are to marginal tax bracket but withdrawals are at your effective tax bracket.
Most people have a lower effective tax rate in retirement.
If taxes r going up, all the better to defer until retirement when income will be low, when u retire early. Pull the money out when 59.5 and wait until 67 to take SS, or wait for 70.
What happens if the growth is negative?
401k = 101k
wham bam get som ham