Eric, Luanne, 800. 454 11 84 discussed on Wealth Creator Radio
Well, hey, Luanne, and the taxes is party you're planning and that's why we're talking about today. Don't get tricked her get talked into like a laser plan or all these other dorky things that people are promoting where it's just a product and it's a product that they say it was. Everybody should have, and everybody should just do it because it's the greatest thing since sliced bread and Any time you hear anybody talking about one thing that every single person should be doing is suitable for everybody. You just know that's impossible. That's one of the things I guess I'd start out with a little bit of a word of warning because I have a lot of people asking about. You know, these people are promoting these things. And one of them doesn't even have a license. And so he has his kids do the work for him. So he could say stuff, you know, and not have tol under the same rules as other financial advisors, So just watch out when you're talking about You know, any service tax saving schemes are you know things that are all we're gonna do this one thing and it's gonna save you a ton or you need this one for you Any time you talk about that, because that's usually not the right way. It's always better to have an implant. It's kind of like that pill or whatever that's going to make you have. I'll lose all that extra weight and you'll be super fit. And you won't ever have to exercise. We all know that's never gonna happen. Except but people still sell that stuff. And so, yes, saying the same thing here when we're talking about taxes and talking about here. Tire mint. Make sure you don't get tricked into one of these kind of one hit wonder products or something, and it make sure it's a plan on not just a 11 thing that's supposedly going to cure you like a one hit wonder or something like that. No, no, yeah, several different things or what's going to go into creating that plan. I do want to talk about taxes today. Bloomberg is saying that you know, doubling the capital gains tax. Along with all the other existing taxes could be as high as 43.4%. But that's federal Texas that doesn't even include state taxes and some of the top Tax rates for states could potentially top 15%. So let's just talk about in general how people really don't understand how much a bite taxes can take out of the retirement savings. Eric tell us about that potential. Every time somebody calls me from the radio, and we're talking about retirement. We're starting to go through that blueprint process. We're looking at the tax minimize her strategy that we have is part of the five areas of the blueprint. And they just always blown away about how hold Oh, I thought taxes. We're gonna lower retirement. What went into those lower tax thing and Yeah, it's not there. I mean, I'm it was somebody somebody who was doing this crazy stuff. I mean, borrowing money to not have to pay tax and doing all this kind of weird stuff just to keep the tax rates low and spending so much energy and time. Obsessing over how to save you a tiny bit more in tax and you know, you also don't want to be doing that retirement, right? You won't just be enjoying life. Unless unless paying a low tax bracket is your hobby, which is a little odd, But you know, Yes, that could be it. So, you know, so I think that's one of the big keys is knowing that taxes if you're putting everything in tax Deferred money. You're just kicking the can down the road, right? You just procrastinating and you're just saying, Hey, I'll pay later. Well, the better you do it. You're following Kay. The better the government does in real retirement because that means they make more money. That lower tax rate is obviously not gonna be there. So, yeah, I think more than ever. You know, we have to be watching for how you're going to react. Tol look at those taxes and how you're gonna create that ideal income for life that really, you know, blends all that stuff together and say OK, how? Because you're gonna pick your tax rate. I mean, that's the crazy part in retirement. You know, if you've got some Roth money that's tax free, or you've got some after tax money like you were talking about capital gains. Well, that's all that doesn't affect your IRA and your Roth and For on KO that only affects your normal dollars. So if you look at all these different pieces of the puzzle, will you know if you do this there and that there, then? Yeah, You may have a lot lower tax brackets. So you get it almost pick your taxes the retirement if you plan ahead. If you just do it and you you're trying to planet in April of what already happened previous year. Yeah, I know it's over. It's already happened. It's just reported at the scene of the crime, and there's nothing you can do. So, yeah, you gotta take care of that beforehand. So that's a big key. Love that reporting the scene of the crime. I like that. You have something special, though, that you could get the hands of our listeners today on taxes if they just text this. Tell them about that. Yes, if you just text the word taxes to ex es to 800. 454 11 84 again. Text the word taxes to 804 54 11 84 804 54 11 84. And we'll send you a report just letting download real quick and all about taxes in retirement and what you need to know. Also, you get.