39- Boss TV Ep1 FINAL FMPBOSSTAXTRAPH

Speaker 1 (00:01):

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Speaker 2 (00:05):

Do you hope to retire in the next five years? Did you know that taxes could be your single largest expense in retirement? Discover three retirement tax tracks that could needlessly wipe out your hard earned savings and the strategies that could help you reduce or eliminate these taxes in retirement. It's all coming up next on retirement solutions, TV.

Speaker 3 (00:31):

Most people think they'll be paying fewer taxes in retirement when that's understandable, because you're no longer earning a paycheck, but unfortunately that won't be the case for many hardworking Americans. In fact, you could be paying even more taxes in retirement because you could owe taxes when you withdraw money from your IRA and 401k taxes on your social security benefits, taxes on your investment income and more. And before you know it, your retirement savings could end up being a fraction of what they are today. Hello, I'm Lisa har and you are watching retirement solutions TV coming up on today's show. We're going to reveal three retirement tax traps that could needlessly wipe out your hard earned savings. Plus a handful of simple tax planning strategies that could save you tens of thousands. If not hundreds of thousands of dollars in retirement

Speaker 2 (01:34):

Saving for retirement is a great start, but it's what you do with this money. That really matters. It all comes down to reducing your taxes, generating income, minimizing your risk, maximizing your social security and more. Welcome to retirement solutions. TV with Tyson Thacker and Ryan Thacker of boss retirement solutions, a three time winner of Utah's best of state award. This is where you can count on straightforward and objective advice on how you can make the most out of every dollar you've saved for retirement.

Speaker 3 (02:09):

Hello and welcome to retirement solutions TV. Today, we are talking about three retirement tax traps that could wipe out your hard earned savings with us. Today are Ryan Thacker and Tyson Thacker of boss retirement solutions in salt lake, a three time winner of Utah's best of state award, and they've helped thousands of families in salt lake retire successfully Ryan and Tyson. It's so great to see you.

Speaker 4 (02:35):

Good to see you as well. Lisa. Great to be here, Lisa. Thank you.

Speaker 3 (02:39):

Well guys, we are here to talk about these three retirement tax traps. So why don't we jump right in with this first tax trap? Can you tell us what this is?

Speaker 4 (02:49):

Lisa? I think this is on everyone's mind right now. It's taxes, taxes, taxes you see on the news that there's, uh, potential tax increases coming around the corner. And that's why the first tax trap though we're really concerned about right now is you could be paying a lot higher taxes in the very near future. And then to make it worse, if, if you hope to retire in the next five years, these higher taxes could leave you a fraction of your IRA and 401k. You know, when we talk to families right here on the was front and they're concerned about this, um, one of the things that we help them see is that, Hey, the good news about all of this is you may not realize is that taxes are lower today than they've been in over 40 years, but don't get caught, um, not having a plan for this because this could be changing very soon.

Speaker 3 (03:45):

Hmm. Well, I liked where it was. So what exactly are you saying and why is that, uh, for this big change coming up?

Speaker 4 (03:52):

Well, so many of our clients love to golf, Lisa, and that's why we, we named this, the tax traps is because you think about a, a sand trap and it's right, always by the green, you think you're almost to, to the hole and then you get in a trap. We don't want that to be happening with those who are about to retire because our government is spending trillions of dollars on economic stimulus and infrastructure updates. It's needed money. That's that's happened as part of of COVID, but everyone right watching right now is smart enough to know money does not grow on trees. It's gotta come from somewhere. And our national debt is skyrocketing. It's almost at $30 trillion and somebody's gotta pay for it. You know, we, we talk about all of the time, how not everybody got COVID, but everybody's gonna pay for it. And so there's a very good chance. You'll be paying a lot more in taxes in the near future. In fact, according to a recent article in the wall street journal taxpayers at all income levels, whether they own stocks or not, could be in danger of a Biden tax hike.

Speaker 3 (05:00):

Mm. I mean, okay. So we gotta prepare for that. How much more could you be paying in taxes?

Speaker 4 (05:06):

Well, that's the, that's the million dollar question right now because we're seeing what's happening. You're seeing it in the news right now where, uh, president Biden's tax proposal is he's talking about taxes are only gonna affect those who make more than 400,000. Um, and I think this is an important, uh, time when you need to look at history because, uh, we like to say taxes are, have been on sale. And, um, if you look at the, the highest federal tax bracket right now, well, it's 37%. But if you, if you go back in time, go back into 1981, the highest tax bracket was as high as 70%. So there's a lot of room that they could still make adjustments. And it's not just taxes on those that are making more than 400,000. This is, could be, uh, taxes on your IRA and 401k taxes on your social security income. And so we're not saying Lisa, that taxes could be going to 70%, but what we are saying is that there's a huge change and a huge Delta between 37% and 70%. So there's a lot of room for the government to make some changes when it comes to taxes and we want to help you prevent that. So you don't get caught in that

Speaker 3 (06:20):

Trap. Yeah, absolutely. Because just like you're saying, I mean, that's quite a big gap that we have to think about here. So, I mean, what does this mean? Say if you're planning to retire in the next five years or so,

Speaker 4 (06:31):

It's a great question, Lisa, because, um, these tax increases could hit you just as you're retiring now here at boss retirement solutions and advisors, we focus on those who are near retirement, as you're saying within five years, or those who have already retired. And, and we talk through with them, uh, what they're looking at and we look at their specific situation. That's, what's so great about this is we help them to understand for them in their specific situation, how it's going to impact them because here's, here's the bottom line. It's a great place to put your money in your IRA, your 401k, most people it's so easy to put money in that 401k where every two weeks they just get the money taken out of their paycheck and it goes into their account. They get a, they get a, a tax deduction, uh, when, when they put that money in, they've been doing this for 20, 30, 40 years or more. And the reality is, is they don't realize a lot of times that they haven't paid taxes on any of these accounts. And so these higher taxes could be a huge chunk out of what you were expecting in retirement and be a small fraction of what you hoped that you would have all through your retirement years.

Speaker 3 (07:42):

Yeah. And that's the last thing you want right before. You're about to retire. No one likes surprises at that time. So I mean, how can our viewers protect themselves from these higher taxes that you're talking about?

Speaker 4 (07:54):

Well, Lisa, most people don't realize this, but taxes are lower now than they've been in over 40 years, but many tax experts and economists believe that we could see massive tax increases to help pay for the trillions of dollars. That's trillions with a in economic stimulus. And when you look at the infrastructure updates, our skyrocketing national debt, that is almost to 30 trillion, that's why we want to help the families here. And, and, you know, I think that's, that's what we'll do. We're, we're passionate about helping families avoid these traps. And that's what we do here at boss retirement solutions and advisors is we believe that good information to good people. They can make great decisions, right? Tyson that's absolutely true. So again, just for the viewers on today's show, we're gonna show you how you could reduce, or even in some cases, eliminate your taxes in retirement with our free boss retirement tax analysis.

Speaker 4 (08:52):

Now let me explain how this is. It works when you come in, we're gonna get some basic information from you. And then we look specifically Lisa, at what specific strategies work best for your situation. And then we're gonna sit down with you and share these strategies with you so that you understand exactly how much money that you have the chance to save in retirement. Now, keep in mind, we're not talking about saving a few bucks on a few deductions. These tax strategies could help save you tens of thousands. In some cases, hundreds of thousands of dollars in retirement and this customized analysis, here's the best part. Lisa, it's free and there's no obligation, but we can only do this for the viewers on today's show. So don't hesitate. Give us a call. We wanna make sure that we get this done for you,

Speaker 3 (09:42):

Tyson and Ryan. Thank you. That all sounds so great. You at home, learn how you could reduce or eliminate your taxes in retirement with this free retirement tax analysis from boss retirement solutions right here in salt lake. So if you've saved more than $200,000 for retirement call to schedule your free analysis. Now at 8 0 1 6 1 5 24 20, you do have that short window of opportunity to take advantage of these tax planning strategies. So do not wait, call and leave a message at 8 0 1 6 1 5 24 20. Remember, it's not what you make. It's what you keep. There is a ticking tax time bomb in your retirement savings. We'll tell you what that is. When we come back,

Speaker 2 (10:30):

You're watching retirement solutions, TV with Tyson Facker and Ryan Facker from boss retirement solutions in salt lake. This is where you can count on straightforward and objective advice on how you can make the most out of every dollar you've saved for retirement.

Speaker 3 (10:48):

Welcome back. You are watching retirement solutions, TV with Tyson Thacker and Ryan Thacker of boss retirement solutions in salt lake, a three time winner of Utah's best of state award. These guys have helped thousands of families in salt lake retire successfully. And today we're all talking about three retirement tax traps that could wipe out your hard earned savings, Ryan and Tyson. Thanks so much again for being with us.

Speaker 4 (11:15):

Great to be with you, Lisa. Thank you. Thank you, Lisa.

Speaker 3 (11:18):

Of course. Now we are talking these retirement tax traps. So let's get into the second one. What is that?

Speaker 4 (11:25):

Yeah, Lisa, the second tax trap is that you could needlessly trigger an avalanche of taxes when you withdraw money from your IRA or your 401k or other retirement accounts all through retirement. You know, we live with the greatest snow on earth here, along the WASA front, Ryan and I grew up right between big and little Conwood canyon. And so many powder days, you could catch us at Alta or Brighton skiing. Mm-hmm <affirmative> what we don't wanna have happen is have an avalanche just like we experienced a lot of times seeing others on the mountain taking too much risk and your IRA in 401k. Well, we want you to avoid that too, because it's likely your biggest asset to help pay for your retirement. Now, keep in mind. It's so easy to contribute that money to these accounts, you make an automatic contribution every two weeks from your paycheck.

Speaker 4 (12:14):

You choose those investments and then the best part, you get a nice tax break. So you ask the question. What's so difficult about that, but withdrawing money. This is the retire in retirement is a totally different story. You know, one of the things that we see Lisa is when someone comes skiing to Utah for the first time, oftentimes they look at that mountain, they see how steep it is. And they're like, holy cow, this is really complicated. This is not like the bunny hill that I grew up skiing in some other place. And we relate that to taxes in retirement because this is where things get really complicated without even realizing it because you could trigger taxes on, uh, these retirement accounts could be higher taxes on your social security, income benefits, higher taxes on your investment income, higher taxes on Medicare premiums and more. So this is a place that you can make a lot of mistakes. You know, this is not a do it yourself sport.

Speaker 3 (13:06):

Yeah. I mean, that's a lot to take in there. And it sounds like you guys may have a story that you can share of, of an experience you had with a client.

Speaker 4 (13:14):

We do Lisa we've helped thousands of families retire successfully. And one of the most common things that we see is overconfidence. Uh, recently we had a family that came into our office. They'd saved over two and a half million dollars for retirement. Now you think that's gotta be perfect. They've gotta be enjoying retirement. But the overconfidence was a big mistake because when we looked at their accounts and we sat down with them, um, everything that they had saved was in their IRAs and 401ks. Now, what this means is good thing that they'd save that much money. The bad news is, is that they still owe uncle Sam, his fair share of those accounts. And when we run a, an tax analysis on this, you can see 30, 40, maybe even 50% that could go towards uncle Sam. And so that two and a half million could be a whole lot less than what you were planning on. And that overconfidence is what we want to help you avoid in retirement. And here's the good news, Lisa here's the good news is that we are your guides. And so as we take you up on the ski hill, we can take you away from that dangerous avalanche area of taxes. And we can give you so many, so much less money to pay tens of thousands or even hundreds of thousands of dollars, less in taxes in retirement.

Speaker 3 (14:34):

Yeah, I mean, so these retirement accounts that you're talking about, I also think they are subject, uh, to required minimum distributions. Is that correct?

Speaker 4 (14:44):

So exactly Lisa tax deferred retirement accounts, including your IRA, your 401k, your SEP, and so many others that we call the alphabet soup are subject to required minimum distributions or what most people call, call RMDs. When you turn 72 years old, here's what happens. The IRS forces you to withdraw the money from your retirement accounts. Now keep in mind, you've gotta withdraw that money from these accounts each and every year, whether you need the money or not. And whether the stock market is up or down, you still have to withdraw that money. Now, the challenge here, Lisa is there's a good article from investment news that says, quote, when RMBS kick in, it can force account owners to take out more money out of their IRAs than they want or need to, to avoid honors tax penalties and clients who have overs saved in their IRAs will eventually have minimum distributions that get taxed at a higher rate than necessary and quote. So this is something that you wanna make sure that you avoid, cuz the penalties are stiff.

Speaker 3 (15:48):

Yeah, exactly. Now, are there any other problems with these RMDs that we should really be thinking about here?

Speaker 4 (15:54):

Yeah. Here's another downside to RMDs. If we haven't shared enough is that they could set, they could set off a chain of events that could push you into a higher tax bracket. You think about all the time that you've, you have set money aside in your, in your, uh, social security accounts in your IRAs and 401ks and that higher tax bracket could force you to sell these investments to the loss. I mentioned that, uh, right at the top, uh, at, at the last segment, but the reality is, is you'll never get this money back again. You've gotta understand how this works. So if the stock market drops by 20% and you are withdrawing money at the same time, that money never comes back. So if you don't follow these withdrawal rules to a T, then you could trigger a 50% tax penalty and keep in mind, Lisa, that is the highest tax penalty levied by, by the IRS. You don't want to get into that mess.

Speaker 3 (16:49):

No, not at all. Certainly the one thing you want to avoid. So I mean, how should someone address their RMDs?

Speaker 4 (16:56):

Don't wait because the sooner you address these required minimum distributions, the options that you have will be so much better. And so we like to start working with families in their early sixties, long before they're getting to that minimum distribution age.

Speaker 3 (17:12):

All right, guys. So what is the best advice that you can give our viewers to minimize the taxes on say their IRA or 401k?

Speaker 4 (17:21):

Well, great question, Lisa, if you have an IRA or a 401k, you wanna think about this as your money, but here's the reality. It's not, it becomes a joint account between you and the IRS and with the threat of higher taxes, just around the corner, you could be paying a lot more in taxes on these accounts than you know, which could leave you with a small fraction of your retirement savings. Now the good news is Lisa. If you take advantage of some of these simple tax planning strategies, right now, you could save tens of thousands if not hundreds of thousands of dollars. And that's why we wanna make this special offer just for the viewer on today's show. Do something about this today, learn how you could reduce or eliminate the taxes on your IRA or 401k with a free customized boss, retirement tax analysis.

Speaker 4 (18:15):

Now let us just explain to the viewers how this works. Um, we're gonna get some basic information from you and then we will determine the tax saving strategies that are best suited for your specific situation. And then we'll sit down, we'll share these strategies with you so that you could see exactly how much money you could save. And by the way, these strategies, the good news is they're not complicated. It's not rocket science. In fact, most of them are available to all Americans, not just the Uber wealthy. And the fact is it's just that you don't know that they exist or they're not taking advantage of 'em. So remember there's no cost and of course there's no obligation, but we're only gonna do this today for the viewers who call us right now,

Speaker 3 (19:03):

Ryan Tyson. Thank you both. So very much. If you have saved more than $200,000 for retirement call to schedule your free analysis. Now at 8 0 1 6 1 5 24 20, you have a short window of opportunity to take advantage of these tax planning strategies. So do not wait call and leave a message. Now at 8 0 1 6 1 5 24 20. Remember, it's not what you make. It's what you keep coming up in our final segment. Could you get taxed on your social security benefits? I'll have that answer. When we come back

Speaker 2 (19:40):

Social security taxes, income risk, we tackle the toughest issues facing anyone that's in or nearing retirement. Welcome back to retirement solutions, TV with Ryan Facker and Tyson Facker of boss retirement solutions in salt lake.

Speaker 3 (19:58):

Welcome back. You are watching retirement solutions TV with Ryan Thacker and Tyson Thacker of boss retirement solutions in salt lake, a three time winner of Utah's best of state award. They have helped thousands of families in salt lake retire successfully. Now, today we are talking about three retirement tax traps that could wipe out your hard earned savings, Ryan and Tyson tough topic, but thanks so much for being here to get through all of this

Speaker 4 (20:27):

Great to be here with you, Lisa. Great to be back Lisa.

Speaker 3 (20:31):

Now, since we're talking about these retirement tax traps, let's get right into this third and final tax trap. What is it,

Speaker 4 (20:38):

Lisa? We don't have a kind name for the third tax trap because we often call it the tax torpedo. And it's because you could pay taxes on up to 85% of your social security benefits. Think about that. You've worked for 20, 30, 40, maybe even 50 years putting that 12.4% of your paycheck into social security. And then you find out that you could be taxed on as much as 85% of your social security benefit. Uh, Lisa we've helped over 25,000 families right here in salt lake, make an informed decision on how and when to claim their social security benefits. And I would say the number one shocker, this tax torpedo is that most people have no idea of what they're gonna pay in taxes on their social security benefit. This is why we say that filing for social security could be one of the biggest financial decisions of your lifetime.

Speaker 4 (21:32):

And the reason why is because there are literally hundreds of thousands of dollars at stake here for you and your retirement. And here's the reality. Lisa it's so many people come into one of our six offices all along the Wasatch front and they say something like this. They say, you know what? I talked to my brother who just retired or I was around the water cooler. And I talked to my buddy at work and I have a pretty good idea of what I wanna, uh, do in retirement with my social security. So you think about it, you've done this homework and you're thinking to yourself, I'm feeling pretty good about this and what I'm gonna be getting in my social security check every single month. But you may be surprised to learn that again, you could pay taxes on as much as 85% of your social security benefits. So the money you were counting on to support you all through those retirement years, that could last 20, 30, 40 years in retirement could end up being a small fraction of what you thought it was gonna be. And you don't wanna have that happen.

Speaker 3 (22:28):

Yeah, no, not at all. That's certainly not a surprise you want when you're about to retire. So what is the biggest mistake you think people make that could trigger these higher taxes that you're talking about?

Speaker 4 (22:40):

Well, Lisa, the biggest mistake is to rely on some, one size fits all strategy and, um, Tyson and I are brothers, uh, Tyson's number six, I'm number five or Tyson number five. I'm number six is seven kids.

Speaker 3 (22:53):

<laugh> wow.

Speaker 4 (22:54):

Here's a, here's here's a little mistake we learned about one size fits all strategies <laugh> is because we thought that, you know, we're pretty close in age. So our mom was like, oh, we can just do hand me downs when it comes to our tough skin genes. But the problem was was number six is a little bit bigger than number five. Not my fault. My pants didn't fit. My fans didn't fit. So Lisa, this, the reason why we talk about this is, um, if you rely on some, one size fits all for your social security benefits, like this is the way that your brother did it or your coworker, um, that it's possible that you could end up making the wrong decision. And for example, some people think that you should wait until you get to 70 cuz that's gonna be your biggest check. And, but the problem is, is it doesn't tell the whole story. And the real story is that in some cases delaying your benefits could end up costing you a small fortune and we definitely don't want that to happen to you.

Speaker 3 (23:54):

No, Ryan, we don't, the Texas may be a little difficult to understand, but we all understand that nobody wants pants that are too small.

Speaker 4 (24:02):

<laugh> that's right. That's right. And, and here's, here's what else can happen with social security is the strategy that you choose could trigger much higher taxes, higher Medicare premiums, and cause you to forfeit thousands of dollars Lisa, in other types of benefits. So the bottom line is there would be far, far less money that you've got for retirement. We see this scenario play out so often and we don't want that to happen to you.

Speaker 3 (24:30):

No, I mean, and we're, we're so lucky to have you guys here with us today. Now, are there ways that you could reduce your taxes on your social security income to prevent some of this from happening?

Speaker 4 (24:42):

There are some little known strategies and this is the good news that could help you reduce or eliminate the taxes on your social security benefits so that you can keep more of your social security income in your pocket. And that's why we want to make a special offer just for the viewers on today's show and how you can take advantage of this. Lisa, there are over 2,728 rules in the social security handbook and thousands of rules that pivot off of those rules. So we wanna help people learn how they could get the most income when they file for social security, all with a lot of simplicity, with our free, customized social security analysis. This is gonna show you how you could reduce, or even in some cases, eliminate paying taxes on your social security benefit. It's also going to show you how you could avoid doubling your Medicare premiums. We see that so often, plus the optimal time to file for social security to get even more income. Lastly, if you're eligible for other benefits, that could mean thousands of dollars in your pocket each and every year. Now, Lisa, here's the great news. This analysis is free and of course there's no obligation, but we're only going to offer this for the viewers that are watching right now.

Speaker 3 (25:57):

Yeah. So something to take advantage of right now, you can learn how to reduce or even eliminate the taxes on your social security income with this free customized social security analysis, Tyson and Ryan, thank you for you at home. If you have saved more than $200,000 for retirement and have not filed for social security call to get this free analysis. Now at 8 0 1 6 1 5 24 20. Now filing for social security will be one of the most important financial decisions in your life because hundreds of thousands of dollars are at stake. So don't take that risk instead. Get this free social security analysis that could help ensure you ring every nickel out of your benefits that are rightfully yours. Again, this offer is only available today. So you have to call 8 0 1 6 1 5 24 20. Thank you so much for watching retirement solutions, TV with Tyson Thacker and Ryan Thacker of bus retirement solutions.

Speaker 2 (27:03):

If you hope to retire in the next five years, taxes could be the single biggest threat to your financial security. But if you take advantage of some defensive tax planning strategies, now you could lock in a windfall of tax savings in retirement. And these savings could add up to tens of thousands. If not hundreds of thousands of dollars, learn how you could reduce or eliminate your taxes in retirement with a free retirement tax analysis boss, retirement solutions is a three time winner of Utah's best of state award. They've helped thousands of families reduce or eliminate their taxes in retirement. They could help you too. Let's find out how much money you could save when you retire. If you've saved more than $200,000 for retirement, schedule your free analysis. Now by calling 8 0 1 6 1 5 24 20. Remember, it's not what you make. It's what you keep. Call 8 0 1 6 1 5 24 20.