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If
you have been saving for retirement using tax
deferred retirement plans such as IRAs and 401ks
you may be in for rude awakening when the time
comes to start withdrawing it for income.
It may have been true for past
generations that
when they retired their income taxes did go down
and they experienced a net increase in income based
on the fact that they were able to save more in these plans.
All of that is about to change
though!
The Rest of the Story!
What kind of income do you think
you would like
to have in retirement? do you think you can live
on less than you are living on today?
Most people that I talk to say that
they would like
to have about what they are spending now when
they get to retirement. What about you?
If you want to have the same income
as today
in retirement then you should expect to pay at
least the same in taxes as you do today, right?
Do you really think that taxes and
tax rates will
be lower in the future, or even the same as today?
There are many reasons why we
should expect
tax rates to increase in the future (some we will
discuss on the next page) but if you want a real
look at some of them you should read one or both
of the following books:
"Rich
Dad's Prophecy"
by Robert Kiyosaki
and
"The
Coming Generational Storm"
by Lawrence J Kautlikoff
If you have created a lot of tax deferred income,
you may be in for a rude awakening when it comes
time to start drawing on that income. how far will those
dollars go and how long will they last if your tax rate
goes up even 5% in retirement and what do you think
will be happening to the Government benefits you
are counting on?
Read on:
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"How the Affluent Manage Home Equity to
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