If there was ever a time to do strategic tax planning to have no regrets to pay the legal least amount of tax it would be acting now to take advantage of President Trump’s tax cut jobs act.
LAKE MARY, Fla. (PRWEB) September 17, 2019
Lake Mary, Florida’s top financial planner and wealth architect, Chuck Oliver with The Hidden Wealth Solution recently broadcasted his discussion entitled “Learn How to Avoid The Triple Tax Threat” on radio stations in Orlando, Florida, Tampa, Florida, Jacksonville, Florida, Dayton, Ohio and Phoenix, Arizona. Oliver’s radio show aired on September 7th and 8th, 2019. Retired Baby Boomers and those looking ahead to retirement tuned in to hear more about how to protect their hard-earned money and pay less in tax.
Oliver encouraged listeners to protect themselves by engaging in strategic tax planning so they can protect themselves from the predictability of rising taxes. Oliver stated “If there was ever a time to do strategic tax planning to have no regrets to pay the legal least amount of tax it would be acting now to take advantage of President Trump’s tax cut jobs act. We know we have the current Tax Cut and Jobs Act for 2019’ and 2020’, we don’t know the outcome of the upcoming 2020’ election that could change the tax rules to higher in a hurry. Between Joe Biden wanting to repeal the step-up In basis favorable tax treatment to raising the capital gains tax rate to 40% for certain incomes and assets and Oregon’s Senator Wyden proposing a tax on growth, not a tax on gain but a tax on an account going up in value, it puts retirees on a retirement tax tight rope. Now is the time to take a closer look at your investments and make changes.”
During his radio broadcast Oliver discusses an example of a current client who is a widow, has three adult sons and has sadly become the Government’s definition of the perfect tax-payer. Oliver stated, “she did everything right so she could live comfortably in her retirement years and have enough money left over to pass on to her three sons. The problem was that her IRA required minimum distributions pushed her into a higher marginal bracket and therefore paying more in taxes as a result. Her required minimum distribution exceeded the threshold that resulted in 85% of her Social Security being taxed. She files single and on top of this her Medicare part B & D premiums have been raised because of her taxable income exceeding the premium penalty income thresholds. Lastly this client will be subject to the recently passed Secure Act. Under this new program this client’s three sons will be required to liquidate their inheritance over ten years and will likely result in being taxed at a 50% tax rate. The Government changed the Stretch IRA Rules that were to enable the inheritor of an IRA to only be forced to draw a small percentage out annually. The Government also changed the rules on the promise to never tax a Roth IRA as any inherited Roth IRA is also forced to be liquidated in ten years.”
Oliver encourages retirees to get proper direction from financial advisors that specialize in retirement planning not traditional financial planning. There is a huge difference between planning for retirement and planning in retirement. He further stated “the system could change fundamentally when the Democrats win the White House and Congress. At the end of 2019 it is estimated that U.S. households will be sitting on 3.8 trillion in unrealized wealth. I strongly urge people to not gamble their retirement on the upcoming elections, now is the time to make the strategically needed changes in your investment portfolio to avoid unnecessary taxes that will impact one’s retirement and inheritance indefinitely!”
For more than two decades Oliver has worked with retirees and Baby Boomers getting into position to retire in educating them on how best to keep more of their money. His recommendations include maximizing Social Security income, getting out of IRA’s and 401k’s, superior alternatives to a Roth IRA, using a health savings account. The impact of tax savings can mean as much as $1,500 or more per month saved that Boomers don’t realize.
Every Tuesday Oliver hosts a complimentary webinar at 11:00AM EST, 3:00PM EST, 7:00PM EST, 8:00PM EST and 10:00PM EST where he discusses how people can save, grow and protect their retirement savings while protecting their wealth so they can live comfortably during their retirement years. The webinars are scheduled for September 17th, September 24th, October 1st and October 8th. To register for this no cost educational webinar retired Baby Boomers and those Boomer’s looking to retire should visit online at https://retirementprotected.com/
Those looking to follow Oliver each week are invited to tune into any of the following radio stations and hear Oliver’s live radio broadcast discussion on retirement planning and wealth management. Oliver can be heard in Orlando, Florida on Newsradio 93.1FM WFLA/540AM on Saturdays from 11am – 12pm EST and on Sundays from 1pm – 2pm EST, he can be heard in Tampa, Florida on Newsradio 970AM WFLA every Sunday from 11am – 12pm EST, in Jacksonville, Florida on News 104.5 FM WOKV on Sundays from 11:00am – 12pm EST, in Dayton, Ohio on News Talk Radio WHIO 95.7FM and AM1290 on Sundays from 9:00am – 10:00am EST and in Phoenix, Arizona on Sundays from 11:00am – 12:00pm MST.
To hear Oliver’s radio broadcast archives visit online at: https://thehiddenwealthsolution.com/hidden-wealth-radio/
Oliver and his team at The Hidden Wealth Solution are available Monday through Friday from 9:00am – 6:00pm EST at their office located at 250 International Parkway, Suite 146, Lake Mary, Florida 32746. For more information, Boomer’s looking into retirement or current retirees are encouraged to call 407-478-1599 or toll free 1-800-825-1766.