Will Uncle Sam get half of your retirement money??

[Richard L]

Jim P,

It's not a website. He is a professional tax advisor and author named James Tippon. He has been on TV and gives seminars throughout the states. I'm not going to waste my time giving you any specifics since you are obviously not really interested. You can buy his book to find out all the details, but I doubt that you will since you probably don't read books and you get all your facts from the Internet, where all the real experts are.:smile0007::smile0007::smile0007:



...Rich

 

[Jim parnell]

Rich;

I don't have to buy his book as the info is available at several different sources, whether it be on the web or in paper print, all for free. Have not heard of Tippon. You are correct that I am not interested in your opinion of tax related issues as it appears you are not qualified to talk about tax related issues based on the statements you have made above. If you want to help people out, then just suggest they read Tippon's book, and stop making the tax advice comments with incorrect/inaccurate info, several points you tried to make were disputed by several different members.:smile0008:

 

[Richard L]

jim p,

You are correct, I am not qualified to give tax advice, but I clearly stated that I was not giving anybody tax advice. Just a tip about what may happen to 401K's when the inevitable tax increase comes. I also asked that people check with their tax advisors



I never said anything that was incorrect, people where throwing in non-existing scenareos "Like what if they decided to tax Roth IRS" like Estate taxes. All are subjective since Roth IRA's are not taxed now, and cannot be based on any existing facts. My guess is as good as yours.



As for you not hearing about Tippon, who cares! Lots of other people have heard of him, but not many have heard about you. He does not tell you how to get rich. He only discribes the techniques used by very wealthy people to pay as little tax as is legally required. The problem is that most lower to middle income people are not aware that they can do the same thing.



So, stop saying I am giving tax advice, I am only pointing out some usefull information that others may not be aware of and may want to discuss with their tax advisors. And I will continue to do so, whether you like it or not!



Other than that, Have a Merry Christmas



...Rich

 

[Jim parnell]

Rich;

in your very first post, you state that that the government requires you to withdraw all of your funds out of the 401K by age 70.5 (the 6th paragraph), so do not say that you never said anything incorrect, this was pointed out several times in this thread as incorrect.



No, not many people have heard of me, it doesn't matter if they have or have not. I would be willing to bet the techniques Tippon recommends in his book are not well guarded secrets to anyone who has a large estate and wants to do some estate planning to avoid estates taxes to the extent they can legally. Most lower to middle class income people do not need to do extensive estate planning as the IRS has been increasing the estate tax exemption on a periodic basis to where most of the public will not pay any estate taxes anyway.



If you want to make statements about financial issues on a public forum, you should have your all the facts straight, if not someone will correct you. Just be a man about and accept the fact that you made some inaccurate statements, and people pointed this out.



thanks, I do plan on having a Merry Christmas and Happy New Year as well.

 

[Richard L]

That was not the point! The point was regardless of when you take your money out of the 401K that a tax increase between now and then will mean you get less of your money back.



The other point is not to wait until you are 75 or even 65 to start to take you money out your 401K, but to tak it out before the taxes go up.



Yes, I'm sure that many millionairs know of the ways to avoid paying higer taxes that Tippon mentions. He is saying that we who are not millionaires can also use some of those same legal techniques to get our money out from under the tax laws.



Yes, the weathiest people in the USA rarely ever pay Estate taxes because the don't put their money into things that fall under the Estate Tax laws. Most of the wealthy people who normally would fall into the highest income tax bracket typically don't pay any more taxes than the average middle class wage earner.



I did tell those who pointed out my error on withdrawing all your 401k money vs starting withdrawls by age 70.5 thay they were probably right...So what's your problem !! The whole point is that the longer you leave your money in the 401K the longer it is being exposed to higher taxes. In my opinion, leaving your money in a 401K until you are 70.5 years old and then drawing it out a little at a time is just stupid, and most smart tax advisors/financial planners would agree, but you are free to do what you want.



...Rich