A recent Penn Wharton study found that the federal government will have to dramatically raise taxes within the next 20 years to avoid sliding into a debt spiral of high interest rates and debt payments.
Former comptroller General David Walker has stated several times that taxes would have to double by 2030 or the U.S. will go broke as a nation.
When it comes to retirement savings accounts, the federal government typically gives people a choice between paying taxes at the time of contribution or paying them on your distribution years down the road.
A big advantage of contributing to a Roth IRA is that you’d be paying taxes at today’s historically low tax rates.
David thinks that believing Walker and the Penn Wharton study means accumulating the lion’s share of your retirement savings in tax-free vehicles like Roth IRAs and Roth 401ks.
David shares the approach he recommends having when it comes to Roth Conversions.
The Roth 401k is one of David’s favorite tax-free investments – he explains why.
For David, the real allure of the LIRP is that it provides a death benefit that you can receive in advance of your death for the purpose of paying for long-term care.
David lists the pieces of the puzzle that make for a balanced and comprehensive approach to tax-free retirement.
Mentioned in this episode:
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
DavidMcKnight.com
DavidMcKnightBooks.com
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
David Walker
Penn Wharton study: “When Does Federal Debt Reach Unsustainable Levels?”
Here’s What Happens When You Put 30% of Your Retirement Savings into Cash Value Life Insurance
What Dave Ramsey DOESN’T Want You to Know About Indexed Universal Life
First Glimpse at Your Tax Bracket in 2026 (And What It Will Cost You)
How Gen Z Should Save for Retirement
Why Ken Fisher Does NOT Want You to Do a Roth Conversion
How Much of Your Social Security is REALLY Getting Taxed? (and At What Rate?)
Why Don't More Financial Advisors Recommend Indexed Universal Life?
Your Roth Conversion Roadmap for the Next 10 Years and Beyond
Clark Howard Says Fixed Indexed Annuities Stink! (My Response)
Is IUL the Dream Investment that Doug Andrew Claims?
The Two 5-Year Roth Rules Explained
Warren Buffet Says AVOID Financial Advisors Like the Plague (Is He Right?)
George Kamel Swings and Misses on Indexed Universal Life
Is Ken Fisher's Anti-Annuity Stance Illegal?
Suze Orman vs. Dave Ramsey on Sustainable Withdrawal Rates in Retirement
A Recent Penn Wharton Study Says that the U.S. has 20 Years to Fix Debt or Face Cataclysm
How to Figure Out How Much Money to Save for Retirement
The Best Way to Make Sure Your Money Lasts as Long as You Do
Exposing the IUL TikTok Trap
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