Normally when I ask this question I get a variety of answers yes, no, I have no idea, it depends on politics and the list goes on. The reality is it has absolutely nothing to do with politics. It has to do with a 4 letter word and that word is MATH!
One of the things I love about learning about finance and money in general is that numbers don’t lie and there is historical data that is traceable. The reality is that our country is in such tremendous debt and there are so many federal programs that we are obligated to pay like Medicare, social security and too many other programs to count, that in order to be able to meet these obligations our government is going to have no choice but to raise our taxes.
Taxes could potentially double by the time we retire.
You may ask why is this important to me? Because my friends, if you don’t want the federal government to be in charge of your retirement then now is the time to educate yourself about what else is available.
Most people, if they are saving at all, which is a big if, are saving in a tax deferred account like a 401k, 403b or 457 and these are simply tax codes. The 401k in fact was developed in the 70s for the ultra wealthy who needed a tax break. Tax rates were as high as 70% in the 70s! Everyone else had pensions, but the reality is very few companies offer that any longer.
The good news is there are fabulous ways to save tax free, however so you don’t have to worry about what taxes are doing in the future.
The 6 questions you should be asking yourself when you are thinking about taxes and your financial future are:
Do I think taxes will be higher or lower when I retire?
Am I currently saving in a tax deferred account like an IRA or 4011K?
Am I saving in a tax free vehicle so it doesn’t matter what tax rates are like in the future?
At the rate of savings I am going, what will I have saved by age 65?
How much annual income will I need to live on at that age?
And finally what will I have left at age 85 for my family that is left behind?
If you are interested in learning more about these and other topics get in touch with us here at Lisa Williams Co. We teach classes every week about this and other topics to help you be in control and find power around your money!
As always, blessing to you in this amazing life journey and I hope we get a chance to meet soon!
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