Today is election day for the nation. Some are hoping for a change in office. Others are still hanging on for change with the current administration. The truth is, whoever is in office, taxes have to go up. The real question is: Are you prepared? If not, it is not too late. There is something you can do and come out ahead.
Working with the right insurance expert, there are strategies that you can still receive the upside gain of the market place and not the downside losses. To make it even better, if it is set up properly, the money comes out tax-free. This is regardless of the retirement age that you decide. American's no longer have to wait until 59 1/2 to take money out without a penalty. This is in addition to pulling out the money without having Uncle Sam in your pocket as well.
The politicians we have elected into office have leverage debt so much that American citizens will be paying for it in generations to come. With the right leaders, our yearly incomes should raise to offset the higher income taxes. However, when we retire, we usually have a fixed income. As taxes increase, and they will, the amount you take home from your retirement plan will now be less. Be prepared to work, at least part-time, while you are retired just to pay the taxes.
Expert insurance agents will use a private plan complying with IRS tax codes 7702 (a), 72(e) and 101(a) to achieve the tax-free retirement plan. The index products allow you gain the upside potential without taking the downside losses. This allows you fund a qualified vehicle with no contribution limits, no pre-59 1/2 IRS or State Penalties, not required to begin distributions at age 70 1/2, no withdrawal requirements, and no loan limits or repayment requirements. The money now becomes a tax-free distribution, and is allowed to be passed onto your heirs tax-free. This is in addition to not taking on the risk in a vulnerable market.
Achieving the finer things in life is everyone's goal. A comfortable retirement is one of those. With the right plan in place, you can enjoy it more and give less to Uncle Sam. Years before heading into retirement, you will be extra motivated to contribute to your plan knowing that you will have more of it in the golden years of retirement.
Butch Zemar
www.EliteBenefits.net