Senate, Bank, Ten Percent discussed on The Ray Lucia Show

Automatic TRANSCRIPT

And so we owe money on our home, we'd like to get the home paid off. But all of our money is tied up on our 4._0._1._K plan and the cost to pull that money out. I've almost got to take out two dollars to net. One don't I? So I take out two dollars I net. One give one to the Bank. And I just dropped my 4._0._1._K by two bucks. But if you could take that money, I don't only have to pay a ten percent tax on it. When are you? There's not very many retirees that have money in a 4._0._1._K plan. That's going to be in the lowest tax rates when they retire other than zero because right now goes from zero to ten may go from zero to twelve and a half. We don't know how the rates are gonna come down yet. But they're all going to be lower. They're all going to be lower. It looks like except maybe the thirty nine point six and even under the Senate plan that's thirty eight and a half. So it's one point one percent lower still lower. And I think everybody deserves a lower tax rate if you will. And you know, what you give to one you're taking away with the other hand. And I get all that. And as I said, there are a few things in this Bill that I would have changed. But hey, I'm not there to change it, and neither are you. Just take what you can get. If you get a proposal like this. I will tell you that if if you've got a pension plan or if you've got a fairly sizable retirement account. And you've got income in with social security and all that in the fifty sixty seventy thousand dollars per year when you retire. You ain't end the less than ten percent bracket. Not if you take out twenty five percent of your retirement money. You'll be in the minimum.

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