053: How to Prepare for Rising Tax Debt and Inflation

Once again, the tax bill is coming–and the biggest asset for so many Americans, with the exception of their real estate, is a pre-tax retirement plan. This could be a 401(k), a 403(b), a thrift savings plan, an IRA, or something else.  And no matter what people say, their biggest expense is not healthcare–it’s taxes. Taxes go up as retirees withdraw retirement income, they affect Medicare B, C, and D premiums, and they’re all but inevitably going up. In today’s episode, we discuss a number of issues: how Congress has failed to steward our money, why inflation is all but inevitable (and why it’s so hard to find products right now), and what you can do to protect yourself in the years (and decades) to come. In this podcast interview, you’ll learn:  Why so few people are aware of their tax situation until they enter into retirement. How healthcare and taxes go hand in hand to increase retirees’ expenses. Why every American citizen now owes over $470,000 in taxes to address the national debt. Why inflation is out of control right now. Ways to prepare for the coming tax debt, no matter what your retirement plan looks like. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/53 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com