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Eric Wilson
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Eric Wilson   My Press Releases

Where can I find the money to now so I can have a tax free retirement later??

Published on 11/26/2018
For additional information  Click Here

 

We have talked in the past of the advantages of a tax free retirement.  If you are like most people the common consensus is that in the future taxes will go up, so there is no guarantee that when you retire you will be in a lower tax bracket then you are while you are working.  It might make sense to pay your taxes on your seeds rather than your harvest.  Here are some ways to fund your 7702(a) tax free plan.

The source of this information is SAFE MONEY MILLIONAIRE pages 79 and 80.

1) How much is your tax return each year??  You can use that to fund your plan.  You can also change your tax form so you are getting more each pay check to put into your fund if you are paying it monthly.

2) Redirect your cash flow-often times you can take a cash from a risky investment and put it into a “safe money” plan.

3) Put your money to work- Do you have extra money just sitting in your savings account??  Often times we can make take this and get a higher return than the savings account.

4) Are you on the wall street roller coaster??-If you have money in stocks an mutual funds, it might be a good move to move some of it to a 7702(a) plan.

5) Withdraw from a 401(k) or an IRA.  I would consult my tax professional here, but if we are deferring until we retire and taxes go up, again might not be the best place.  Or maybe we just stop funding both of them and keep our money safe/

6) Reduce your personal expenses- Sometimes raising a deductible on your home and auto insurance or just modifying your lifestyle a bit will solve the problem.

7) In force insurance policies- sometimes you can just restructure a current policy and do a 1035 exchange to fund the new plan.

8) Chopping away at debt-Instead of chopping away at debt, use what you are paying at fund the 7702(a) plan, then you can use the cash build up in the plan to pay the debt.  Again consult your tax advisor.

9) Splurge on your future- this is kind of like what we said in number one- instead of taking a tax return and spending on a TV or a vacation,  invest it in your financial future.

10) Extra Mortgage Payments-If you are making extra mortgage payments to pay your house off sooner, you might want to consider using that money to put into a plan with a guaranteed growth, while still giving you access to the cash.

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