Last week, Stacey Andres and Jag talked about the problem around tax free retirement. The government pulled in $3.42 Trillion in 2020. 88% of that went to social security, Medicare, Medicaid, and service on our national debt. That doesn't even count defense spending, infrastructure, or anything else!
In fact, if you want to see a visual representation of this, you can visit: https://usdebtclock.org/
As we stated last week, the government needs to find money, which means taxes are likely to go up. And a large potential target for taxes is retirement accounts.
One major solution for investors is to put their money into tax advantaged, or tax free, accounts. In these Roth accounts, you pay the taxes up front, and then they grow tax free.
Stacey runs through some different retirement scenarios in today's podcast. Remember, any taxable income you take from retirement accounts creates an additional tax burden, including the chance that your social security income could also be taxed.
To learn more about tax advantaged accounts for your retirement, and how to best plan for a likely tax increase, you can reach Stacey Andres and Michael Wallin at https://www.artofwealthunbroken.com/
Or give them a call at 888-302-5559.
