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You didn't happen to name your spouse, children or grandchildren beneficiaries of your IRA, 401k, 403b, 457 plan etc.?

THE STORY

Most people are distracted now…

  • January 1, 2020: The US Government passed a new tax act called the SECURE Act.

The act was meant to give the government increased taxes and reduced deficits, not to make the American citizen more secure. If the government needed our money before the pandemic, they really need our money now! One of the largest assets of the American people are their retirement plans, and this pool of money has never been taxed.

The government not only wants more of your assets. They want them quicker.

DID YOU KNOW?

The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.

DID YOU KNOW?

The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.

The SECURE Act will make seniors insecure.

What does that mean to you? Taxes. Taxes. Taxes.

This affects qualified money: IRA, 401K, 403B, 457, and SEPs

Two parts to the SECURE Act every senior needs to know:
  • The Stretch IRA was eliminated
  • ​It extends the RMD age to 72 73-75 over the next 10 years

THE CONSEQUENCES

Consequences of Stretch IRA Elimination

Forced Distributions = Ten Year Tax Curse

  • Higher tax bracket for surviving spouse
  • ​Higher taxes for children or other beneficiaries
  • ​Biden has promised to raise taxes in wealthier income brackets
  • ​The stock market is unpredictable

Consequences of RMD Extension to 72

Forces larger distributions, which are more taxable

  • 47% of seniors aged 65 will pass away before life expectancy
  • ​70% of people over 65 will need extended care
  • ​90% of couples over 65 will need extended care for one or both members
  • ​Most seniors will scramble for money
The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.

DID YOU KNOW?

The new tax act of January 1, 2020 destroyed any multi-generational planning for qualified funds.

DID YOU KNOW?

What can be done about it?

Meet Paul Himmelstein

Paul Himmelstein, CLU, ChFC, began his career in 1978 with Prudential Insurance Company.
 In 1980, he began his own financial planning firm, Himmelstein & Associates, specializing in estate, business, and retirement planning.

From 1994 until 2003, Paul was the Regional Manager for ING and Washington Square Securities (now known as ING Financial Partners) in the state of Connecticut. Paul also has his series 7, series 24, series 63, Life, Health, and Variable Insurance products licensing.

Paul’s combination of over 30 years of experience and education in both, the retail and brokerage sides of financial planning has prepared him with the skills and knowledge to be an excellent resource to other advisors and agents.

Knowing what it takes to be a great financial advisor, Paul is always interested in helping and educating others in his field.

Currently a Supervisory Registered Principle for a branch of Advisory Group Equity Services LTD., member of FINRA SIPC.

To Discover How To Protect Your IRA
Email Himmelstein Financial Today

paul@himmelsteinfinancial.com
We are not giving tax advice. Please seek counsel from your tax professional before implementing these ideas.
Securities Offered Through: Advisory Group Equity Services, Ltd.,
444 Washington Street, Woburn, MA 01801 781-933-6100
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