The Power of Zero How to Get to the 0% Tax Bracket and Transform Your Retirement David McKnight 9780989000192 Books
Download As PDF : The Power of Zero How to Get to the 0% Tax Bracket and Transform Your Retirement David McKnight 9780989000192 Books
Over 125,000 copies sold. There’s a massive freight train bearing down on the average American investor, and it’s coming in the form of higher taxes. The United States Government has made trillions of dollars in promises for programs like Social Security and Medicare it simply can’t afford to keep. The only way to deliver on these promises is to raise taxes. It’s simple math. Some experts have even suggested that tax rates have to double just to keep our country solvent. Unfortunately, if you’re like most Americans, you’ve saved the majority of your retirement assets in tax-deferred vehicles like 401(k)s and IRAs. If tax rates go up, how much of your hard-earned money will you really get to keep? In David McKnight’s ground breaking book The Power of Zero, he provides you with a step by step roadmap on how to get to the 0% tax bracket, effectively eliminating tax rate risk from your retirement picture. Why is the 0% tax bracket so powerful? Because if tax rates double, two times zero is still zero! The day of reckoning is fast approaching. Are you ready to do what it takes to experience the power of zero?
The Power of Zero How to Get to the 0% Tax Bracket and Transform Your Retirement David McKnight 9780989000192 Books
I have helped clients navigate the path from working years to retirement. This transition can be difficult to plan for. With the help of this book, you can easily understand the concepts being presented. You will even learn just how to implement them in your personal retirement portfolio. Taxes in the future could be higher based upon any number of factors we currently face. All time highs in the national debt, a generation of baby boomers retiring, distressed Social Security and Medicare programs, interest rates that are artificially low. Anyone of these could cause higher taxes in our future; all of them combined virtually guarantee higher taxes.If taxes will be higher in the future, why not pay the tax on our retirement portfolios now, while taxes are at low levels we haven't seen in our lifetimes? The Power of Zero will open your eyes to the how, why and when to successfully transition your assets to be in just the right place. Even if you are already retired, there is still time to act and compelling reasons to do so.
As a successful professional financial planner with over 2 decades of experience helping clients, this book encapsulates the strategies our clients have utilized. Now you can be 'in the know' and not left behind.
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Tags : The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your Retirement [David McKnight] on Amazon.com. *FREE* shipping on qualifying offers. Over 125, 000 copies sold. There’s a massive freight train bearing down on the average American investor,David McKnight,The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your Retirement,Acanthus Publishing,0989000192,BUSINESS & ECONOMICS Personal Finance Retirement Planning
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The Power of Zero How to Get to the 0% Tax Bracket and Transform Your Retirement David McKnight 9780989000192 Books Reviews
The concepts in this book are outside of the box in terms of conventional retirement strategies. It was a true eye opener for me and forced me to rethink the way I was going about saving for retirement. The strategies in this book are genius. If you want to save more of your hard earned money in retirement rather than spending it on unnecessary taxes, this is a must read! --Dustin
Read this book if you're in your 50's preparing to retire with IRA's and other pre tax accounts you are planning to retire with
Full disclosure-I’m a financial advisor and I often share the book with my clients as David explains it better than I do.
David has done a wonderful job in building the case about the Power of Zero. He’s connected all the dots that others couldn’t see to tell a compelling story about taxes and retirement planning. Fortunately, the government has reduced cost of implementing the strategy, and you have eight years at the best to prepare your portfolio for future tax increases. I frequently asked people - Do you think taxes will be higher in the future. 75 -80 percent say yes. However, when I look at the amount of money they have in 401(k)s or IRAs, it’s clear that they don’t understand the implication of higher taxes on their retirement assets and therefore it’s impact on their retirement income. David explains a few different strategies you can use to prepare yourself and your family for higher taxes. Some reviewers complain that he may be biased towards LIRP over Roth IRA. However, you can decide what is better for you and your retirement. Some complain that they may never get to the zero percent tax bracket, but they are missing the message that if you can pay lower taxes today verses higher taxes tomorrow that is a winning strategy for you and your heirs.
I see this as an immediate opportunity to arrange my affairs over the next 7-8 years as taxes are guaranteed to go up as the current law sunsets at the end of 2025. This was wake up call for me, a boomer, who has the majority of retirement money in tax deferred 401(k) type plans. I fully expect Tax Rates to increase substantially to pay for the $20 Trillion of current debt and the debt of unfunded future Medicare liabilities.
Clearly shows how to make maximum use of tax deferred and tax free retirement savings plan. The part about reducing taxable income for Social Security was something I had never considered.
I thought this book was great...until I realized that it ignores the 10% and 15% tax rate brackets.
A large portion of the book tells you that if you are going to have more income than your standard deduction/exemption in retirement you do not want to have any tax deferred money like a 401K. He explains that when it comes to the money you want to invest, if you are paying a 25% Federal tax rate now, you will likely be paying at least a 25% rate in the future and when you do the math both a 401K and a Roth IRA would come out the same. Thus he says you should generally choose a Roth type of investment because taxes are likely to be higher in the future and if they are even 1% higher you will come out better off.
I pulled out the actual tax tables and materials from last year. I quickly realized that for many people the money you are currently investing in a 401K may in fact be taxed at the 25% federal rate like the book provides in most of its examples. However, I also quickly realized that for many people when they go to take distributions in future years they will never go above the 15% rate. Thus, if tax rates did not go up a person in this situation should be better off with the 401K. Even if they did go up, they could go up from 15% to 25% and just make it back to the rate currently being paid.
In all fairness the author does say that whether or not you should invest in a Roth over a 401K comes down completely to whether or not you will be paying a higher tax rate in the future. The problem is that all the examples and illustrations are situations where you are paying as high or higher a tax rate in retirement. He never talks about the fact that a tax rate exists that is lower than the 25% but higher than 0%. But I believe a lot people in retirement will end up in one of these brackets when they were in a higher bracket while working.
I do also have to add that in some cases it might be better accepting the higher 25% rate now with a Roth rather than paying 15% in the future on a 401K distribution if that allowed you to avoid paying any taxes on your social security. He explains in the book how you could do this if you do not have much regular or deferred income in retirement. I did not try to go through all those calculation to see when that would pay off because if you have any significant pension or other income it throws you out of that possibility.
I originally started to give it one star because I felt it left out very critical information needed to understand. However, I changed it to two because it does give you a lot of information that is good...you just have to remember there is a 10% and 15% rate and figure out for yourself how those rates affect your situation.
In all fairness,
I have helped clients navigate the path from working years to retirement. This transition can be difficult to plan for. With the help of this book, you can easily understand the concepts being presented. You will even learn just how to implement them in your personal retirement portfolio. Taxes in the future could be higher based upon any number of factors we currently face. All time highs in the national debt, a generation of baby boomers retiring, distressed Social Security and Medicare programs, interest rates that are artificially low. Anyone of these could cause higher taxes in our future; all of them combined virtually guarantee higher taxes.
If taxes will be higher in the future, why not pay the tax on our retirement portfolios now, while taxes are at low levels we haven't seen in our lifetimes? The Power of Zero will open your eyes to the how, why and when to successfully transition your assets to be in just the right place. Even if you are already retired, there is still time to act and compelling reasons to do so.
As a successful professional financial planner with over 2 decades of experience helping clients, this book encapsulates the strategies our clients have utilized. Now you can be 'in the know' and not left behind.
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