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Missed Fortune – Countering the Coming Triple Whammy

Posted on | December 30, 2012

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Find Your Focus

Many Americans are feeling stress and confusion as to what they should be doing to protect their financial future from the effects of rising taxes, higher inflation and ongoing market volatility.

These three factors combine to create a triple whammy that could drastically affect the retirement savings of millions of Americans. Whether you are a business owner or simply someone preparing for or nearing retirement, you must take ownership of your future. Those who do nothing are taking a huge gamble that could leave them outliving their retirement savings.

There’s no need to feel powerless or isolated by your circumstances when there are legitimate avenues by which the IRS code allows us to redirect otherwise payable taxes into better causes instead of simply rolling over and paying unnecessary taxes. This allows you to take greater responsibility for your own future instead of depending upon government to take care of you through entitlement programs.

Think of the peace of mind you’ll enjoy when you have in place a definitive game plan with the necessary steps to allow you to enjoy safety, security, and freedom to enjoy the most important people and things in your life.

Some of the most common roadblocks that prevent people from reaching these goals are market volatility, record low rates of return, and paying unnecessary taxes. Once you understand how these roadblocks could impact your future, you can eliminate them and actually enjoy the fruits of your labors. Countering these dangers allows you to seize the incredible opportunities that most people don’t even understand they have.

At this point, all indicators are that the next 4 years will likely bring continuing slow economic growth with a strong possibility of entering into a double dip recession. At the end of 4 more years, our national debt will likely stand at over $20 trillion. With higher taxes punishing business owners, it’s doubtful that unemployment will be coming down any time soon.

Even if the Bush tax cuts are allowed to expire and other taxes stay the same, the average middle-income American will be paying 29.6% more in taxes than they did last year. This means that for every $3,000 in taxes that they paid last year, they’ll be paying $4,000. Either way, taxes are going up and they’re going up noticeably.

Inflation is likely to become a factor as well, as is continuing market uncertainty and instability. These three obstacles combine to create a triple whammy for the unprepared.

Action Beats Reaction

The good news is that you don’t just have to sit back and hang on while the wild ride continues. You have options that can effectively position your retirement money to protect it from the coming triple whammy.

This includes knowing how to convert your retirement savings plan from the traditional IRAs and 401(k)s where your taxes are deferred to some future time into a better savings vehicle. This means a savings plan where your money can grow tax-free, distribute tax-free, and transfer tax-free to your loved ones when your life is finished. A strategic rollout can make a world of difference but only to those who do not procrastinate.

It’s never been more important than right now to learn why tax deferral is not a smart thing to do. Higher taxes, combined with rising inflation and continued market volatility and economic uncertainty are setting the stage for a triple whammy that will be a rude awakening for many.

You also can link your returns to those things that inflate so rising inflation actually helps you rather than hinders you. Using an indexing strategy that links your money to the market without putting it directly at risk in the market, you can enjoy the upside anytime the economy grows; yet not lose a dime when the economy goes down.

Your action plan for the future should enable you to have liquid assets safely earning predictable rates of return. The only thing holding most people back at this point is that they don’t know what they don’t know.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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