BOSSRetirement-6pmExtra-11.19.19

Speaker 1 (00:00):

How much money have you saved in an IRA, 401k or other tax deferred accounts? Unfortunately, that money is not all yours because you still have to pay taxes on it. And those taxes could actually be a lot more than you realize here to talk about it today, Ryan Thacker and Tyson Thacker, they are from boss retirement solutions in salt lake. They're published authors and radio Tosha host. You see them every Tuesday, right here, guys on ABC for Ryan and Tyson. For a lot of people sitting out there, they're saying, wait a second. I could get clobbered by taxes on my IRA and 401k. How could that happen?

Speaker 2 (00:33):

Nisha? This reminds us of a story when Tyson and I were growing up, um, there's days that you don't forget in life. And this was one of them it's Memorial day, 1983. And if we go back in the time machine, you re may remember that there were mudslides that covered the town of thistle. There was a river running down state street in Utah, and it was, we had such a heavy winter that year that it caused floods and it was no different up at our family cabin. And unfortunately, there was a family next to us who had just built a brand new cabin. Beautiful. And then the mountain behind him had a mudslide and we were watching as the cabin got pushed off its foundation and it dropped towards the river in the canyon below. And we were just felt so bad for our neighbor. What we didn't realize is there was more moving of that mountain than what we could see. And it went down and through our family's foundation, crack the foundation and drop the cabin two feet. And so what this reminds us of when you get clobbered in taxes is there's families out there right now who have no idea that withdrawals from their 401k or IRA are a mudslide of taxes, just waiting to happen. And we wanna talk about that

Speaker 1 (01:41):

Stuff. You're standing there watching your neighbor when really it's happening to you too.

Speaker 2 (01:45):

Yes. Yeah. Unbeknownst to us that landslide was happening right before our eyes. And it relates to the IRA and the 401k as Ryan mentioned, because we don't even recognize when we start saving. Most people out there are spending the most money, setting it aside in a 401k or IRA. You feel really good about that, but you don't remember that there's taxes that you have to pay. And so what ends up happening is that when you get to retirement, it's too late, you don't recognize, oh my gosh, how am I gonna save these taxes? And it gets worse because when you start taking money out for your 401k, as far as income, you look at it from social security that you're taking an income stream. Maybe you have a pension and it push you into a higher tax bracket. So you're paying so much more in taxes that it ends up being literally a fraction of what you thought you were gonna have in retirement.

Speaker 1 (02:36):

So Ryan, what can our viewers watching do to protect themselves?

Speaker 2 (02:39):

Well, there's good news. Um, just like that day that we were watching our dreams be put on, hold up at the family cabin that our dad had worked so hard to build. You don't have to put your retirement dreams on hold. If you take action and you have a plan. And what we recommend that you do is you create a customized strategy. And in this customized strategy, what you're gonna do is you're gonna look at how, and when is the exact timing of how you should take your withdrawals from your 401k. And the good news is with planning. There's ways that you can save tens of thousands, if not hundreds of thousands of dollars in taxes, simply by the way you plan to take your withdrawals from your 401k or IRA.

Speaker 1 (03:18):

Is there a cost associated with this type of strategy?

Speaker 2 (03:21):

Great question. No, some advisors are charging hundreds of dollars to get this strategy in place. We're gonna do it for the next 20 callers. Absolutely free. It won't cost them a dime. So for the first 20 callers, if they've saved $200,000 for retirement, give us a call right now at (801) 701-8881.

Speaker 1 (03:42):

You too. What ages are we talking to out there? If people are watching and saying, is this for me? Is this for me right now?

Speaker 2 (03:46):

That's a really good question. If you are five years from retirement, that's a really good time to start talking about it. If you've recently retired, it is a great time to talk about it because this is when you can have a plan. And when you have that plan in place, um, we've helped 21,000 families now, um, with a plan on how and when take their social security, how and when to take a withdrawal. And that's something we're very proud

Speaker 1 (04:09):

Of and proud of this too. I bet boss retirement solutions, everybody. The winner of Utah's best of state award in 2019 for retirement planning. That's huge. Congratulations.

Speaker 2 (04:18):

Thank you. Yeah, we feel really proud of that as well. It, it's not only what we do as a team. It's what we give as peace of mind to each of those clients that we have at any of our six offices along the Wasatch front. Well, we

Speaker 1 (04:30):

Just gave viewers a little bit. Absolutely. You can give them so much more if you meet one on one.

Speaker 2 (04:34):

That's right. If you've saved at least $200,000 for retirement, be one of the first 20 callers right now to get your free tax reduction analysis. Call us (801) 701-8881. You don't wanna miss that again? 8 0 1 7 0 180 8 81. We'll help you with this analysis so you can keep more of that hard earned money in your pocket.

Speaker 1 (04:55):

That's what we all want. Boss, retirement solutions, Ryan and Tyson. Thank you so much.