What Rich People Are Doing Show 31

Bloomberg recently ran an article that read, Rich Americans Who Fear Higher Taxes Hurry to Move Money Now. 

From the Social Security Administration’s website, “Currently, the Social Security Board of Trustees projects program costs to rise by 2035 so that taxes will be enough to pay for only 75% of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from three to two children per woman.” 

From NPR article in July of this year, “Most of those who watch Medicare finances agree that the larger problem right now is how much money is being collected for the trust fund. That money largely comes from the 1.45% payroll tax paid by employees and employers. With so many people out of work because of pandemic-related shutdowns, cash flowing in has dropped dramatically.”

I could write a book on why taxes are going to go up, but I think you’re probably convinced if you’re still reading. I never like to share a problem with you without sharing a solution also. 

Staging a transition from tax-deferred savings vehicles like 401Ks and IRAs to tax-free savings vehicles like Roth IRAs and other strategies may be essential to you being able to maintain your quality of life in retirement.

 Who does this make sense for? Let’s find out. We have software that we can run an analysis on to see if it makes sense for you from a financial standpoint. You don’t have to depend on “hope so” or “maybe so.” Let’s control what we can control and take charge of our destiny. 

Click here to schedule a 15-minute call with me to get started on your complimentary tax analysis on your accounts.

 - David C. Treece, 
Financial Advisor

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