Minimize the amount of taxes you pay for in retirement
How much in taxes do you want to pay in retirement? If you own any qualified accounts such as 401(k)s or IRAs, you are already heading toward a substantial tax bill coming due once you start using those retirement accounts for income.
Who exactly are the wealthy?
If you make $67,280 or more in annual income, you are the Top 25% of income earners in America. You make an uncommon amount of income compared to the general population and are considered “wealthy”.
With this in mind, the government then appropriates the amount of taxes you pay for in correlation to the amount of income you make. Therefore, the majority of taxes – a staggering amount of 84%* – solely comes from the Top 25% of wage earners.
* Source: Internal Revenue Services 2010-2014 Database
Three biggest risks you face during retirement
Stock market volatility
What you want in a financial vehicle isn‘t necessarily what you’re getting
To the right is everything that you would want in a perfect financial vehicle. We outlined several of the most common accounts that people put their money into to save towards retirement. The “green” signifies matching with what you want while the “red” signifies it does not match your wants. As you can see, most of the common accounts do not align with what you ultimately would want in a financial vehicle.
Free Guide: How to Escape the Retirement Tax Trap
Ever wonder what the most successful, wealthy people are doing to build their wealth? This consumer guide shows you exactly what they are doing and outlines the steps you need to take to implement these strategies yourself. This is a must-read for anyone who is serious about positioning themselves for financial success.