What's better. A 401k? A Roth IRA? Which of these, if any, helps us legally avoid taxes for our retirement savings? And is there a way for me to avoid paying taxes on my current 401k plan?
Well, the answers to these questions may surprise you. But what's important to understand is that, when it comes to taxation and retirement accounts, the tax bracket you are in when you retire is the only way you can save money on taxes. That means, if you retire in a higher tax bracket than you were in when you were working, you lose! You end up paying more taxes than you would have to begin with.
And who doesn't plan to retire in a higher tax bracket? Not to mention risk of the government increasing taxes from today until you retire.
So what does this mean? And what can we do about it?
Well in this video, we discuss the 401k and Roth IRA plans and how they work, and why they won't protect you, and then we will look at how we can legally avoid taxes for retirement.
Thanks for watching Dan Thompson and Wise Money Tools!
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I have been involved in financial planning for over 36 years. I started out as a high volume stockbroker. After working with millions of dollars I decided there had to be another way for people to earn money in the market without all the risky ups and downs that leave you where you started, or worse. After reading a ton of books I came across a book on the Infinite Banking Concept and it completely changed my life and the way I view investments.
Now I focus on building wealth using a tool we developed by leveraging life insurance.
This way we can get:
Double Digit returns
Keep you money safe
Keep your money liquid
Create substantial passive income
Leave a legacy for you family
And do it all Tax-Free!
I post videos regularly so if you have any questions of comments feel free to email them to...
dan at wisemoneytools dot com
