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The Story

More people are distracted now…

January 1, 2020: The US Government passed a new tax act called the SECURE Act.

The act was meant to give the government increased taxes and reduced deficits, not to make the American citizen more secure. If the government needed our money before the pandemic, they really need our money now! One of the largest assets of the American people are their retirement plans, and this pool of money has never been taxed.

The government not only wants more of your assets. They want them QUICKER. If you don’t do something NOW, they’ll take it.

What does that mean to you? Taxes. Taxes. Taxes.

This affects all qualified money: IRA, 401k, 403b, 457, SEPs, etc.

Two parts to the SECURE Act every senior needs to know:

  • The Stretch IRA was eliminated
  • It extends the RMD age to 73 with it extends to age 75 by the year of 2033

The Consequences Of Naming Your Children And Grandchildren Beneficiaries

Forces larger distributions later when one probably can be in a higher tax bracket with less deductions

Forced Distributions = Ten Year Tax Curse that beneficiary must add to their current income for 10 years

  • Higher taxes for children and grandchildren
  • Government has targeted to take more out of wealthier people’s IRA’s
  • Forced distribution can disqualify children out of social programs
  • Children and grandchildren get access to large amounts of money with no spending control
  • The stock market is unpredictable and can force someone to take RMD’s when the market value is down

The Consequences Of Naming Your Spouse As Beneficiary

Forces larger distributions later when one probably will be in a higher tax bracket with less deductions

  • Higher tax bracket for surviving spouse (as much as 80% higher marginal tax bracket after death as apposed to while living)
  • Government has targeted to take more out of wealthier peoples IRA’s
  • The stock market is unpredictable and can force someone to take a distribution when the value is down
  • For some couples the surviving spouse after death might have to pay taxes for instance, when before passing where in the 0% tax bracket and now would have to pay income taxes but also taxes on social security

Compounding Problems for Seniors

The following common realities compound the need for seniors to take larger distributions:

  • 47% of seniors aged 65 will pass away before life expectancy
  • 70% of people over 65 will need extended care
  • 90% of couples over 65 either one or both of the members will die prematurely or need extended care
  • Most seniors will scramble for money

Did You Know?

At least one spouse in 90% of American couples age 65 and older will either need extended care or die before life expectancy.

INTRODUCING

The Protected IRA Plus Program ™

The Protected IRA Plus Program is a combination of products that have the following components:

  • 4DISTRIBUTION
  • PROTECTION
  • TAX FREE ACCUMULATION & INCOME

There are different versions of the Protected IRA Plus Program to address different concerns:

  • Guaranteed income
  • Meeting potential extended care
  • Tax free income in the future

Why Work With us and the Protected IRA Plus Program?

More About Himmelstein Financial
  1. We conduct all the marketplace research
  2. We are independent and unbiased
  3. We have access to the top carriers at competitive rates
  4. We have seen great success with our program in the marketplace
  5. We know how to get tough cases through underwriting

Steps to Better Planning

  • Take inventory of all your investable assets.
  • Classify as far as type: Qualified vs. Non-qualified
  • Classify who owns the assets: single, joint
  • Make sure you identify what’s important to you and your family

Protected IRA Plus Program will benefit someone who wants:

  • more net income after taxes and expenses
  • protection from market loss
  • coverage for the needs of extended care or long term care
  • coverage that pays for the estate + succession taxes

All designs return at least the original amount tax free to beneficiaries. Each plan is customized for your concerns. For a complete Protected IRA Plus Program analysis, contact us! Expect a call back from Paul or a staff member to follow up.

Did You Know?

The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.

Case Studies

Achieving Exceptional Results!

Contact us today to learn why partnering with us is beneficial. We offer thorough marketplace research, unbiased advice, access to top carriers at competitive rates, and a proven track record in navigating challenging underwriting cases.

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