PART 2 OF 3: Money Expenses To Create The Retirement Of Your Dreams

Ever wondered if you could retire in the 0% tax bracket?

Curious about strategies to keep more of your hard-earned money in retirement?

Did you know your Social Security is taxable?

Hey there! I'm Jason Bergquist, the owner and founder of RetirementOfYourDreams.com.
Today, we're kicking off ...

1. How to manage your taxes.
2. How to maximize your social security income.
3. How to cut down on taxes for W2 or 1099 income.

Also, if you missed Part 1, click HERE to catch up!

Before we dive in, let me introduce myself if we still need to meet. I'm Jason Bergquist! I empower individuals and families to create the Retirement Of Their dreams.

I've been doing this for over 20 years through the ups and downs of the markets. My whole goal is to help educate people.

Empower them to understand how to set up the retirement of their dreams. And bring hope back into their lives.

I realized this was my calling in 2010 when I was going through a divorce. I was at a financial low at that time, and I realized that I wasn't practicing what I preached.

I committed to practicing what I preached and became an Independent Financial Professional ...

... and a Certified Financial Fiduciary.

This experience allowed me to always do what's in my client's best interests.

Now, I work with a team of experts to empower you to create the Retirement Of Your Dreams.

Again, we're kicking off Part 2 of our 3-part series: "How To Put In Place The 0% Tax Plan." This is all about Money Expenses to Create the Retirement Of Your Dreams.

We'll cover:

1. How to manage your taxes.
2. How to maximize your social security income.
3. How to cut down on taxes for W2 or 10-99 income.

Let's get into the nitty-gritty of "How To Implement The 0% Tax Plan" ...

Understanding taxes ...

... is a bit like figuring out the different buckets where you stash your money.

This is a conversation I have every day, and yes, even with my son.

He worries about moving up into a higher tax bracket as he makes more money.

Sure, earning more means paying more taxes, but it's not as complicated as it sounds.

Think of taxes as buckets ...

... there's a marginal rate ...

... You only pay taxes on the dollars that fit into those buckets.

But for today, let's zoom in on the tax buckets:

• tax later
• tax never
or
• tax never again

Our goal is to pay the least in taxes. My mission is to find legal ways for you to pay the least amount of taxes.

Now, let me share a story about Jim and Heather. When we first met, they weren’t putting ANY money into their tax-free bucket.

Our goal was to fix that.

If you keep putting money in your Tax Deferred bucket and keep pushing taxes down the road, Uncle Sam will catch up to you, and you'll eventually have to pay...

So, how do you fill up that tax-free bucket? There are options like a Roth IRA, cash value life insurance, Roth 401k, or your employer's Roth plans.

... now or later.

It's a balancing act.

Some want to lower today's taxes.

While others want more money for immediate investments.

So, what is Your task today?

Schedule a call with our Retirement Of Your Dreams expert. This way, you can explore your available options.

Whether you're self-employed or work for a company, we'll find the right plan for you.

Let's strike the perfect balance between what goes into your pocket today.

And what fuels your future investments by paying the least amount of taxes.

Have you seen my other videos on this topic on my website at www.retirementofyourdreams.com?

Social Security is a complex subject. And I could spend hours talking about it, but I'll share some key points today.

Did you know your Social Security is taxable?

It might seem like double taxation ...

... since you've already paid taxes when the money went into Social Security.

But there's a way to make it tax-free.

To keep Social Security tax-free ...

... you must stay below standard deductions and income limits.

Now, don't worry if this sounds a bit confusing. The crucial thing is to figure out how to get your Social Security tax-free.

It's a plan everyone needs.

Despite doubts about Social Security's future ...

... we must work with the information we have now.

Let me share a story about Eric.

He didn't realize there were actions he could take today ...

... to influence his future Social Security benefits.

If you want your Social Security tax-free ...

... you can’t show earned income while receiving Social Security...

... how do you do that, might you ask ...

Well, set up an appointment with a Retirement Of Your Dreams Expert, and let us show you what we mean.

This, among other considerations, needs to be discussed.

Yes, you can ... get your Social Security 100% tax-free!

How does that sound?

But, depending on your income, the IRS can count 50% or even 85% of your social security as
taxable income.

Doesn’t sound fair, does it!?

If you want to avoid this, give us a call.

Remember that these details might change, but it's essential to grasp these concepts now.

Let's unravel the secrets of saving on taxes for W2 or 1099 income:

Understanding the various investment options is key ...

... whether you're under an employer's umbrella or a self-employed individual.

For those with employers ...

... you might be familiar with employer-sponsored plans.

Or even a solo 401k for self-employed individuals.

If your company doesn't offer a 401k, you can set up a solo 401k or consider SEP IRAs or SEP Roth IRAs for the self-employed.

... it's crucial to explore different investment vehicles and comprehend how to fund them.

You must discern which ones offer future tax breaks.

While it might be tempting to enjoy tax breaks today ...

... it's essential to consider what you might sacrifice for your future.

We only know what we know. We can't leverage certain options to our advantage if we're unaware of them.

That's why meeting and discussing these options is crucial.

Now, let's talk about employer plans versus individual plans.

When you contribute to an employer plan, such as a Roth 401k or Roth TSP ...

... if your employer matches that ...

... it's contributing to the traditional side.

1. You are contributing to your ROTH (tax never again account), but your

2. Employer's contributions go to your tax-deferred (pay later) account, which means you get a tax benefit ‘today,’ but it will result in taxes in the future.

Almost no employers match your contributions into the Roth side, but IF they offer a match, they will still match regardless of where your contribution goes.

Your Roth contributions cap at $6,500 or $7,500 per year, depending on age, even if you contribute to your Roth 401k.

If you contribute to a Roth employer-sponsored plan ...

... your limits align with the employer plan, such as a 401k, allowing contributions of $23,000 - $30,000 per year.

Without restrictions, this still leaves room to contribute to a personal plan, like a Roth IRA or IRA.

I recommend you seek advice from one of our Retirement Of Your Dreams experts.

Your current action plan should involve identifying which options apply to you.

And the plans you have.

We can discuss and determine which plans are most fitting for your situation.

1. How to manage your taxes.
2. How to maximize your social security income.
3. How to cut down on taxes for W2 or 1099 income.

Now that you understand the pivotal role of a 0% tax plan in realizing the Retirement Of Your Dreams ...

... I extend an invitation for you to gain more insights:

Stay tuned for Part 3, where we'll delve deeper into the intricacies of Money Expenses.

We'll explore “How Fees Affect Your Retirement So You Can Choose The Best Options!”

Thank you for considering Retirement of Your Dreams as your partner on your financial journey!
What was your BIGGEST takeaway from this week's video?

Please scroll down and let me know in the comment section below!

I'm Jason Bergquist, empowering you to create the Retirement Of Your Dreams!