At some point in the very near future, tax rates are likely to increase for all of us – rich, poor, and the famous middle class, alike. Okay, I must admit I’m not expecting everyone to agree with me on this one. For one thing, most of us don’t consider ourselves rich. Besides, politicians on both sides of the debate tell us that because we’re in the coveted middle-class, we should actually expect our taxes to get even lower. Hey, when it comes to taxes, read my lips: Washington, D.C. is in charge, not me.
However, my fellow middle-class or rich American, I’m going to ask you a huge favor: Let’s take it easy, shelve our politics for just a moment, and look at this from a realistic point of view. Agreed?
Here’s an important fact (the keyword being fact): We are currently being taxed at historically low, albeit temporary, rates which were instituted by politicians from both sides of the debate with the justification that “now” – as in the moment the tax laws were implemented – wasn’t a good time to raise taxes. Logic therefore dictates that at some future point, that good time will eventually arrive – at least that’s what I’m expecting.
While others may see this as an issue of one side increasing taxes and the other reducing them, I see it as a matter of a difference of opinion regarding timing, not whether or not to raise taxes. Think about it. One side says “Let’s do it now,” and the other says “Now’s not a good time,” which is not saying they’ll never raise taxes.
The thing is, a lot of us are talking about taxes perhaps through 2016, max. But I am talking way beyond that – the future, remember? So here’s the question: Would a tax hike ruin your retirement income? If you have a yet-to-be-taxed 401(k) or IRA, I’d seriously encourage you to explore that question with your advisor. And please, please don’t let him or her send you away with the blithe comment that everyone’s in the same boat, because the fact is that’s just not the case.
For instance, did you know that depending on your choice of investment program, you might not have to pay even a cent in taxes now or if/when taxes rise in the future – get this – regardless of how much income you have? It’s absolutely true and it’s perfectly legal under the U.S. Tax Code as of today. Are you really sure that you’re getting the best financial advice?
Now, just so we’re clear: I don’t want my taxes to go up, either. In fact, I’d like for them to go down – but that’s just a wish isn’t it? Don’t base your retirement plans on a wish – make your decisions based on fact. If you’d like to learn more about the options that will guarantee you pay no taxes now or in the future, please contact us for a complimentary, no-strings-attached consultation where you’d get the straight, clear answers that you need. Call 877.656.9111 or visit us on the Web at LaserFG.com.
Samuel N. Asare, is a noted retirement-income planner and the senior strategist at Laser Financial Group. His straight-forward and superb ability to simplify often-complex strategies has made him a regularly featured expert in various media including radio and TV. Samuel is the celebrated author of several personal finance books and the acclaimed Proven , Common-Sense Wealth Building blog. His firm trains financial professionals on a variety of retirement-related subjects, and he regularly speaks to investors about how to retire successfully. Afrikan Goddess readers may schedule a complimentary, no-obligation consultation with Samuel by calling 877.656.9111 or visiting LaserFG.com.