Kristen I, President Trump, New Jersey discussed on Retirement Key Radio

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Let's found the topic of government here for just a few moments A because we've talked about state government considering tax hikes to make up some of the money they've lost as a result of the pandemic, but in New Jersey there considering a new tax on financial transactions, such as buying and selling stock, But Stacy Cunningham, president of the New York Stock Exchange, tells CNBC that attacks like that. Would cost consumers not millions but billions of dollars. There's no exception for retirement funds or others in the legislation as its proposed so those taxes and being passed back. It's important to recognize this isn't attacks on Wall Street if attacks on Main Street here we go again. I'm just assuming we're going to see more of this kind of thing, because taxes are already out of control. Kristen I have a lot of family in New Jersey property taxes are through the roof. Through the roof there Now we're talking about additional taxes. I can't tell you how sick this makes me. You know additional taxes. We already pay our fair share. All Americans pay what we believe today is a fair share a fair amount of taxes for the last decade, Kristen, we've been quote unquote preaching. People should keep an eye on where tax rates are likely to go because back in 2008. Our national debt was out of control. Today. It's unfathomable is $27 trillion in national debt, and somebody's got to pay for this debt. In one of the ways among many to pay for the debt and try to lower it is to raise federal income taxes and one of the biggest miss of retirement planning. Kristen is to Max out your 41 case and T S P's in IRA's Because in retirement, you're going to be in a lower tax bracket, and that is false. And it's a myth for so many people, especially In the D. C. Metro area so many government employees and former military and people with large pensions one or two Social Security checks, other pensions and then you add in annuities, rental income rmd income. And, Ah, lot of our clients. Kristen have higher incomes in retirement than they did when they were working with fewer deductions. Okay, What do you think That means? I don't know potential for higher taxes. Oh, yes, Totally. And then you throw in $27 trillion of national debt. And potentially a new president, You know, depending on who's in an office, where they're gonna have higher taxes are lowered taxes right now. Taxes are on sale. We have a president who lowered taxes right and taxes are on sale through 2025 unless something changes and so here we are sitting in the pretty much the fourth quarter of 2020 and a lot of people should be paying close attention to this and taking action. If you are concerned with higher federal income taxes on, you're retired, and we have a couple that we just helped. Who has been taking action for the last few years since the tax code changed, and they've been doing some Roth conversions and some strategic tax planning on their own, but wanted even more guidance. What they wanted Guidance on was where their retirement dollars are and how they're invested. How much risk they're taking and what a lot of people don't realize Christian When they come in is a lot of people are taking on way more risk in the markets and then they should be, and oftentimes we can show them how they can reduce their risk. Create the same return sometimes better return with less risk when you want to do that, if you're so, in addition to doing strategic tax planning with this couple there in the early sixties, and they live in Purcellville, Virginia, they're retiring within five years. They wanted to come in and make sure they weren't they were taking the appropriate amount of risk. They found out that they were taking on too much risk. We help them with that we're helping them. We're holding their hands through the Roth conversion and tax planning process. We're not CPS or accountants were not doing people's returns. We're talking about a high level strategic approach on retirement dollars. Right. And so these are one of several topics. You know that we talked about with our client's taxes that cannot be ignored. They need to be discussed and planned for, especially if you're concerned with higher federal income taxes on your retirement dollars. Taxes a huge topic as we approach the election, but really a big topic all the time. When you're a baby boomer, you're near retirement already there. At least it should be if you have an adviser, and he or she isn't talking to you about how to Make sure you maximize the options with taxes and retirement. Now look at Roth conversions and etcetera, maybe look into possibly retiring at a 0% effective tax right through the right type of planning and strategies. It's not fit for everyone just know that they should be. And you can get a second opinion on that. Even the team that average financial services they are happy to run a tax mapping report with their tax mapping software. Complimentary to know if you are being efficient with taxes and retirement now and moving forward and how to prepare for these. What ifs to make Sure you're paying your fair share. Keep the ankle monitor's off and do right by Uncle Sam in your country, but not over pay with that personalized tax mapping report complimentary 5715779968 That's 571577 99 68. Don't forget we'd love for you to make a reservation. If you're serious about your financial future to Abe's upcoming complimentary dinner event, how Trump.

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