Are Taxes Going Up or Down?
Most people should not be using 401K’s and IRA’s to save for retirement. So what should you be doing? Should you use pretax money and invest in 401K’s and IRA’s or after tax money and use Roth IRA’s and Cash Value Life Insurance? It’s actually a very simple matter of just answering two simple questions I call “The Litmus Test”. Listen in and find out which way you should be saving for retirement.
Included in this episode:
- I ask this question in my seminar – “Do you think Taxes are going to go up or down?”
- How would you answer this question?
- Traditional IRA Calculator vs Roth IRA Calculator
- There is absolutely no differences between using an IRA and using a Roth IRA if taxes stay the same. You will net exactly the same amount of money if taxes stay the same
- If you think taxes are going to go up, you should not be putting money into IRA’s or matching 401K’s
- Maximize your tax-free sources of revenue or distributions
- Caveat – if you have high income, and you think taxes are going to go up, you should be using Roth IRA’s or Cash Value Life Insurance
- Listen to Episode 027: Rich Man’s Roth IRA and Episode 043: Six Way to Improve Your Cash Value Life Insurance
- Get the best retirement recommendations by contacting Charlie on the contact page.
- If this episode and concept interests you at all, visit www.TalkWithCharlie.com to schedule a time to speak with me in person
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- Listen to the Renovating Retirement Podcast on a computer at www.ListenToCharlie.com
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- Watch all of my educational videos at www.WatchCharlie.com
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Charlie, your host:
“Charlie Jewett is an Author, Speaker, Podcast Host, Consumer Advocate, and Investment Advisor from San Diego, Ca. Charlie has spent the last eleven years trying to change the way the industry professionals and consumers think about Retirement. Charlie provides education materials that help people to create their own financial plans and offers services to protect consumers from the bad guys in the Financial Services Industry.”