STOMACH
STOMACH MOST AMERICANS HAVE BEEN TOLD TO DEFER.
THEIR TAXES UNTIL RETIREMENT.
BUT ISN'T THE RIGHT THING TO DO?
MARCUS WARREN JOINS US TO BREAK
IT DOWN.
IT DOWN.
IT DOWN. HE IS A FINANCIAL AUTHOR AND
RADIO SHOW HOST.
HE OWNS A FINANCIAL PLANNING
FIRM.
FIRM.
FIRM. HE
FIRM. HE HELPS FOLKS PLAN FOR
RETIREMENT.
RETIREMENT. HE'S HERE TO TALK ABOUT WHAT HE
CALLS AND I FEEL LIKE WE NEED A
SOUND EFFECT, THE TAKING TAX
TIME BOMB.
TIME BOMB. YOU SAID THAT THE COMPANY
RETIREMENT ACCOUNTS AND IRA
ACCOUNTS CAN BE TAKING TAX TIME
BOMB.
BOMB.
BOMB. WHAT DOES IT MEAN?
>> WE SHOULD HAVE SOME EFFECT.
>> IT CAN BE MAJOR.
COMPANY RETIREMENT PLANS, THESE
ARE TAX-DEFERRED.
ARE TAX-DEFERRED. WHICH BASICALLY MEANS THAT YOU
HAVE A TAX DEDUCTION ON THE
FRONT END.
FRONT END. AND AS YOUR MONEY GROWS, YOU
AREN'T PAYING TAXES.
HOWEVER, WHEN YOU START TO PULL
MONEY OUT, THAT IS WHEN YOU
HAVE TO PAY TAXES.
ARE SUBJECT TO WHATEVER THE TAX
RATES ARE AT THE TIME THAT YOU
PULL THAT MONEY OUT.
SO, HERE IN THE OFFICE WE WORK
UNDER THE ASSUMPTION THAT THE
TAX RATES ARE GOING TO BE
HIGHER IN THE FUTURE THAN THEY
ARE TODAY.
ARE TODAY. THAT IS FOR A NUMBER OF
DIFFERENT REASONS.
DIFFERENT REASONS. WE HAVE $27 TRILLION IN DEBT.
WE HAVE $220 TRILLION OF
UNFUNDED LIABILITIES MEETING
SOCIAL SECURITY MEDICARE AND
MEDICAID.
MEDICAID.
MEDICAID. AND THE GOVERNMENT IS GOING TO
HAVE TO PAY FOR THOSE SOMEHOW
IN SOME WAY.
AND, ONE OF THE WAYS IS BY
INCREASING TAXES.
INCREASING TAXES. SO, WITH THESE 401(K) AND IRA
ACCOUNTS THAT YOU ARE SUBJECT
TO ONE OF THOSE TAX RATES ARE,
AS YOU START TO RAISE TAXES,
YOU CAN FIND YOURSELF WITH LESS
OF A NEST EGG THEN YOU THOUGHT
THAT YOU HAD HAD.
>> HENCE THE TAKING TAX TIME
BOMB.
BOMB.
BOMB. SO,
BOMB. SO, WHAT IS THAT ALTERNATIVE?
WHAT WILL PEOPLE DO IF THEY HAD
MOST OF THEIR SAVINGS IN A
401(K).
401(K).
401(K). >> EVERY SITUATION IS
DIFFERENT.
DIFFERENT. SO, I ALWAYS SAY, FROM THE
GENERAL RULE OF THUMB, WHEN YOU
HAVE A COMPANY RETIREMENT
ACCOUNT CONTRIBUTE, GET THE
FREE MONEY FROM THE COMPANY AND
LOOK FOR SOME OTHER
ALTERNATIVES.
ALTERNATIVES. WE LOVE THOSE 401(K) ACCOUNTS.
YOU PUT MONEY INTO THOSE.
I'LL BE AT IT AFTER TAXES.
THEN, WHEN YOU PULL THAT MONEY
OUT IT IS TAX-FREE.
I WOULD LOOK AT THOSE TYPES OF
INVESTMENT VEHICLES
INVESTMENT VEHICLES >> SO, WE JUST HAD THE ELECTION.
THERE'S A LOT OF TALK THAT IS
ALWAYS A LOT OF TALK ABOUT
TAXES.
TAXES.
TAXES. SO, WE REALLY SAW HOW DIFFICULT
IT IS TO MAKE THE SWEEPING TAX
LAW CHANGES.
LAW CHANGES. IS THERE ANYTHING THAT PEOPLE
SHOULD BE DOING NOW TO PREPARE
THEIR FINANCES FOR ANY FUTURE
CHANGES?
CHANGES?
CHANGES? AM GOING TO PREFACE THIS BY
SAYING I THINK YOU AND I COULD
SPEND AT LEAST THE ENTIRE HOUR
TALKING ABOUT THAT BECAUSE, A
LOT OF US HAVE ALREADY
EXPERIENCE THAT THE FIRST GO
ROUND.
ROUND.
ROUND. SO
ROUND. SO NOW WHAT?
SO, RIGHT NOW WE DO KNOW THIS,
TAX CUTS AND JOBS THAT WERE
PASSED BACK IN 2017 THEY HAD
LOWER TAXES.
LOWER TAXES. THAT IS SET TO EXPIRE.
THERE IS AN EXPIRATION DATE.
IT IS DECEMBER 31st 2025.
GOING INTO 2026, WE KNOW
THEY'RE GOING TO GO UP BECAUSE
THEY ARE GOING TO REVERT BACK
TO WHAT THEY WERE PRIOR TO THE
TAX CUTS.
TAX CUTS.
TAX CUTS. SO, THE QUESTION IS, WHAT CAN
YOU DO NOW?
RIGHT NOW WE HAVE HISTORICALLY
LOW TAXES.
LOW TAXES. AND DEPENDING ON YOUR SPECIFIC
SITUATION IT MAY BE A GOOD IDEA
TO GET YOUR TAX-DEFERRED
ACCOUNTS AND MOVE MONEY
STRATEGICALLY AND EFFICIENTLY
FROM THAT BUCKET INTO THE TAX-
FREE BUCKET.
FREE BUCKET. HE STUFF TO PAY A TAX AT THE
LOWER RATE WITH THE ASSUMPTION
THAT TAXES ARE GOING TO GO UP
IN THE FUTURE.
LIKE I SAID EARLIER, DEFICITS,
THINGS OF THAT NATURE.
CONGRESS GOING KICKING THE CAN
DOWN THE ROAD.
TAXES WILL HAVE TO GO UP IN THE
FUTURE.
FUTURE.
FUTURE. IF YOU CAN MAKE ADJUSTMENTS
NOW, IT WILL PUT YOU IN A
BETTER POSITION DOWN THE LINE.
>> THANK YOU SO MUCH.
IF YOU STILL HAVE QUESTIONS
ABOUT HOW TAXES CAN IMPACT YOUR
RETIREMENT MARKETS HAS A
SPECIAL OFFER TODAY THAT WILL
HELP.
HELP.
HELP. HE'S COMPILED A 2020 TAX AND
BENEFITS GUIDE THAT BREAKS DOWN
ALL OF THOSE NEW RATES.
DEDUCTIBLES AND BENEFITS THAT
YOU CAN EXPECT FOR THIS YEAR.
IT IS FREE FOR THE NEXT 15
MINUTES ONLY.
MINUTES ONLY. YOUR GOING TO WANT TO CALL.
AGAIN, CALL THE NUMBER ON YOUR
SCREEN.
SCREEN.
SCREEN. MARCUS YOU PUT THIS GUY
TOGETHER.
TOGETHER.
TOGETHER. PART OF WHAT YOUR FOCUS IS ON
IS IMPLEMENTING STRATEGIES FOR
YOUR CLIENTS THAT CAN REDUCE
TAXES ON THEIR WEALTH.
CAN YOU TELL US A LITTLE BIT
MORE ABOUT THAT?
>> SO, IT'S JUST THAT, IT'S
GOING TO BE A GUIDE TO LET YOU
KNOW WHERE THERE ARE POTENTIAL
TAX BREAKS.
TAX BREAKS. WHETHER YOU ARE A SMALL
BUSINESS OWNER OR RETIREE JUST
IT'S A GOOD GUIDE THAT'S GOING
TO PUT YOU IT'S GOING TO GIVE
YOU KNOWLDGE SO THAT YOU CAN
MAKE EDUCATED DECISIONS ABOUT
THAT.
THAT.
THAT. >>
THAT. >> ABSOLUTELY.
>> ABSOLUTELY. THAT NUMBER ONE MORE TIME IS
502-8255.
502-8255.
502-8255. FOR A FREE COPY OF THE 2020