David discusses how much of your IRA you should convert, in what amounts and over what time frame.
If you’re not convinced by the possible dramatic increase in tax rates in 2031 to bump you into the 32% bracket, you’re not alone…
A whole battery of experts predict that tax rates will have to rise dramatically to help service the national debt and with the $200 trillion in shortfalls in Social Security, Medicare, and Medicaid.
In Comeback America, former Comptroller General David Walker predicted that effective tax rates for all taxpayers need to double by 2030.
David touches upon what would happen if the government doesn’t increase its taxes by 2043.
David mentions what your Roth conversion roadmap should look like in the next 10 years – and beyond – if you have the lion’s share of your retirement savings in tax deferred accounts like IRAs and 401(k) plans.
There’s one thing that you shouldn’t do before the “tax deadline.” You should not bump into the 32% tax bracket or higher.
David goes over what he refers to as a “wait-and-see approach.”
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
Comeback America: Turning the Country Around and Restoring Fiscal Responsibility by David Walker
Penn Wharton
The 5 Biggest IUL Mistakes (And How to Avoid Them)
How to Avoid Over-Converting Your Roth IRA
Why the Middle Class Could Soon Be Paying 45% Effective Tax Rates
How to Dramatically Lower the Tax Bill on Your Roth Conversion
The Top 2 Reasons to Have Indexed Universal Life
Indexed Universal Life--How to Find the Right Carrier, Product and Advisor
The Difference Between a Social Security Tax and a Penalty (And How to Avoid Them Both)
Three Claims Pro-IUL TikTokkers Make About IUL (And Why They're Wrong)
How to Transform a $1 Million Inheritance into a Tax-Free Juggernaut
Indexed Universal Life is Too Expensive! (Dave Ramsey Debunked)
Dave McKnight versus Chris Kirkpatrick (Debunking Anti-IUL Claims)
Dave Ramsey vs Indexed Universal Life--5 Claims Debunked
Is Artificial Intelligence the Future of Retirement Planning? (I put ChatGPT to the Test)
The 12 Rules of Tax-Free Investing (Updated and Revised)
Which LIRP is Best For You?
The Roth Conversion Mistake That Could Sink Your Retirement
The Top 5 Ways to Protect Yourself from Higher Taxes
What's the Latest Update for Secure Act 2.0?
Why Does Dave Ramsey Hate Permanent Life Insurance?
How Do I Protect My Pension From Rising Taxes?
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