In this episode, we'll discuss the implications of taxes on retirement. We'll address the biggest question that most people don't ask, but should be aware of, when putting money away for retirement.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
We've got a pretty exciting episode for you; it will focus on taxes on retirement. You see, there are various ways that people can be taxed while building wealth and when they retire. So we share some questions to ask yourself to determine which route is right for you.
There are different ways taxation can impact your retirement plans. What we'll do in this episode is bring to light some things that must be considered and how different strategies can impact taxes on your retirement in the future.
~ Retirement Taxes Discussed: ~
* Retirement wealth vehicles and options
* IRAs
* 401Ks
* 403B's
* Whole Life Insurance
* Stock Market Investments
* Pension Plans
* Real Estate
* How your lifestyle may have to be reduced in retirement because of unexpected taxes
* The myth of being placed in a lower tax bracket upon retirement
* The reality of how much you'll need to live on in retirement
* The deductions you'll keep and lose
* The future of Social Security
* The affect of income on Social Security taxation
* The affect of income on Medicare premiums
Episode Takeaways:
* The last time taxes were decreased was when Reagan was president. So chances are you're gonna be in a higher tax bracket when you retire.
* Tax laws that are in effect today can change at any point, and so you might believe it's not gonna be taxed in the future.
* You could be living off hundreds of thousands of dollars a year inside of a policy and nobody would know.
Is fear impacting your wealth? In this episode of Dollars and Nonsense, Holly and Nate dig up the root of your financial worries and set out a plan to eliminate it. If you desire to provide a family legacy for future generations but aren’t eager to reduce your lifestyle, listen in and learn how to build your wealth differently. Escape the doubt and fear by taking charge of your money and thinking outside the box.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
~ Episode Takeaways:
* We’ve been programmed to let a lot of fear and worry control our lives and give control of our money over to banks and the government.
* If you would learn to kick the bankers out of your life . . . you would be able to make so much money on your money.
* If we would actually pay ourselves first, we would save first. [Be] a saver first and then the spender.
* Changing a loan from somebody else’s bank back to you [turns] a liability into an asset, which is how the wealthy build their wealth.
* The focus that the world has put us into is work hard and buy some assets and hope that those assets generate you a rate of return.
* Build wealth that doesn’t force you to reduce your lifestyle to be able to afford the things you want to do in the future.
* Creating loans to recapture your debt [will] create assets and a better lifestyle for you and leave a lasting legacy for your family.