Help your clients keep their assets safe from government taxation and long term care providers
The Story
The government not only wants more of your clients’ assets. They want them quicker.
DID YOU KNOW? The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.
The SECURE Act will make seniors insecure.
What does that mean to your client? Taxes. Taxes. Taxes. This affects qualified money: IRA, 401K, 403B, 457, and SEPsTwo parts to the SECURE Act every senior needs to know:
- The Stretch IRA was eliminated
- It extends the RMD age to
7273-75 over the next 10 years
The Consequences
- Higher tax bracket for surviving spouse
- Higher taxes for children or other beneficiaries
- Biden has promised to raise taxes in wealthier income brackets
- The stock market is unpredictable
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 will need extended care for one or both members
- 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.
Client’s Concerns
- Running out of money before running out of breath
- Losing their assets and income stream to market losses, or the need for extended care
- The taxation of their income
- Leaving the most money possible to their beneficiaries instead of to the government
DID YOU KNOW? We concentrate on having a spending plan, not a budgeting plan. There are some good assets to take to the L-ord and some not.