I find that most Baby Boomers are not aware of the tax implications awaiting them once they reach the age of 70.5 when the government forces people to start taking forced distributions from them. These forced distributions are called “RMD’s” or Required Minimum Distributions.
LAKE MARY, Fla. (PRWEB) October 15, 2019
Top Lake Mary, Florida financial and wealth advisor Chuck Oliver of The Hidden Wealth Solution recently launched his online blog entitled “Now is the Time to Save Tax”.
In his blog Oliver discusses how the upcoming election year is all about more discussion of additional taxes. Oliver recommends consumers take a close look now to see how they can restructure their retirement savings so they can avoid giving up an additional $12,000 to $24,000 or more per year in additional taxation.
Oliver stated “Retired Baby Boomers and those looking to retire can take advantage of the optimal timing opportunity to insulate their retirement savings from the IRS. The proposed tax laws are written very poorly so the average retiree or those approaching retirement have shared they don’t fully understand how their retirement savings may be or has already been affected. These are the “government gotchas” that I refer to quite often. The 4th quarter of the year is the key tax savings planning quarter as it’s a last opportunity timeframe to save taxes for the current calendar year. Doing tax savings outside of this year does not save on tax in the present year. The time to act is now.”
In his recent blog Oliver educates readers about what he calls retirement income and savings planning as a “balancing act”. Oliver added “Most people who have saved $200,000 or more towards retirement have their money in tax deferred accounts such as an IRA or 401K. I find that most Baby Boomers are not aware of the tax implications awaiting them once they reach the age of 70.5 when the government forces people to start taking forced distributions from them. These forced distributions are called “RMD’s” or Required Minimum Distributions. Typically, an RMD will push a retiree into a higher marginal tax bracket. This is the tightrope I’m referring to when an RMD causes 85% of people’s Social Security income to be taxed. This could be upwards of $1,000 to $2,000 a month that retirees are paying in additional taxes. This ends up being a significant amount of money being paid out each month in unnecessary tax. This is what I teach retirees. How to re-think their retirement so they legally pay less in tax.” To read Oliver’s blog in greater detail visit: https://thehiddenwealthsolution.com/save-on-tax
Oliver and his financial advisors at The Hidden Wealth Solution have over two decades of experience in advising clients on wealth management. He and his team educate Baby Boomers on other forms of investing that can ultimately decrease the amount of tax one is required to pay that can enable Baby Boomer’s to often double their retirement income. He also educates his clients on taxation that can be passed on to heirs as outlined in the SECURE Act.
Oliver commented “Many of our clients save to be able to pass on their wealth to their children without realizing their heirs will be subject to heavy taxation once it’s all said and done. There are legal ways to reduce and sometimes eliminate the taxation, but the federal government typically does a poor job in educating people about this.” To learn more about the SECURE Act consumers can visit online at: https://thehiddenwealthsolution.com/secure-act
Baby Boomers can find a host of resources on The Hidden Wealth Solution’s website including information about claiming Social Security benefits located at: https://thehiddenwealthsolution.com/claim-social-security-benefits and 10 tips for retirement planning located at: http://www.thehiddenwealthsolution.com/10-tips-for-retirement-planning/
The Hidden Wealth Solution is available to consult with clients Monday through Friday from 9AM – 6PM EST. Their office is located in the heart of Central Florida at 250 International Parkway, Suite 146, Lake Mary, Florida 32746. To schedule a consultation with Chuck Oliver and his team of wealth architects, Baby Boomers and those looking ahead to retirement are encouraged to call The Hidden Wealth Solution at 1-800-825-1766 or 407-478-1599.
Every Tuesday Oliver hosts a complimentary educational weekly webinar for those interested in learning more about how to save more, earn more, keep more and legally pay less in taxes on their retirement savings. The next webinars are scheduled for Tuesday October 15th, October 22nd, October 29th and November 5th at 11AM EST, 3PM EST, 7PM EST, 8PM EST and 10PM EST. To register for this free weekly educational webinar, visit online at: https://retirementprotected.com/
To learn more about how to secure your retirement and understand when to claim your Social Security benefits and what can affect your tax bracket visit The Hidden Wealth Solution online at: https://thehiddenwealthsolution.com/