Details and Analysis of Democratic Presidential Nominee Joe Biden’s Tax Plan. Money Not Math 91

Have you considered how his tax plan could affect your business and future retirement planning?

Some of the highlighted details=

è Raise tax revenue by ~$3.3 trillion over the next 10 years.

è Reduce the United States GDP by 1.62%.

è Reduce the top 1% of taxpayer’s after-tax income by about 7.7%.

è Reduce the after-tax income of all other taxpayers by about 1.9% on average.

è 542,000 less full-time equivalent jobs.

è Eliminates step-up in basis for capital gains taxation.

è Almost doubles capital gains tax rates by increasing them to normal income tax rates with a maximum of 39.6% from the current maximum capital gains tax rate of 20%.

è Imposes a 12.4% social security payroll tax on income earned above $400,00.

è Reverts the top individual income tax rate for taxable incomes above $400,000 from 37% to 39.6%. Also affecting capital gains tax rates that will be raised to ordinary income tax rates.

è Expands the Child and Dependent Care Tax Credit up to $8,000/ child (maximum $16,000). Also adds additional tax credit opportunities for individuals and businesses.

è Increases the corporate income tax rate from 21% to 28%.

YouTube: https://youtu.be/h8hftItAsdI

Article referenced, https://taxfoundation.org/joe-biden-tax-plan-2020/

More information on step-up in basis, https://taxfoundation.org/step-up-in-basis/

US Debt Clock, https://www.usdebtclock.org/#

There are multiple strategies to get to the world series (retirement). Are you using the best options available for you based off your personal beliefs and goals? Money Not Math 90

The Tampa Bay Rays and LA Dodgers got to the world series through completely different strategies that worked well for them. The key is they used strategies that made sense for their financial situation and goals.

Without a plan it would have been impossible for either team to get where they are today. Do you have a personalized financial plan built for you?

YouTube: https://youtu.be/3MmsUVq-NoE

Should I pay off debt faster or save more earlier? Money Not Math 89

The importance of liquidity, use and control of your money for unexpected life events and to take advantage of wealth creating opportunities.

Have you considered the difference between compounding and amortizing interest?

In this example 5% compounding over 182 months is about 35% more efficient than paying off a 5% debt faster. In fact, in this example we would only need a 2% return on our compounding money to be more efficient than paying off a 5% debt faster.

Paying off debt faster is better than spending more. But, saving more is often better than paying off debt faster.

YouTube video: https://youtu.be/5Dd451vp7Yo

Over 600 podcast listens! Thank you everyone.

What a dumpster fire of a debate and Twins game yesterday. How comfortable are you letting your financial future be dependent on things you cannot control? Money Not Math 88.

Try not to worry about what has happened in the past. Instead focus on taking positive steps towards the future.

Are you confident your family would survive financially if you or your spouse unexpectedly died? Life insurance awareness month. Money Not Math 87.

Is it important to you to protect your family while you are alive? If yes, isn’t it equally as important to protect them once you are gone?

“Nearly 1 in 3 families said they would face financial challenges within a month if the primary wage earner died.”

“46% of Americans are uninsured and many more do not have enough coverage.”

YouTube video, https://youtu.be/4pdbcIuKpdY

LIMRA website referenced, https://www.limra.com/en/newsroom/liam/#:~:text=September%20Is%20Life%20Insurance%20Awareness%20Month&text=Despite%20the%20fact%20that%20people,do%20not%20have%20enough%20coverage.

Are you one of the 4 in 5 Americans who Lack Retirement Planning Knowledge? Money Not Math 86

Are you willing to take the “2020 Retirement Income Literacy Survey” they refer to (link below) without cheating and send me your score?

è I give a few clues in my video/podcast.

Can you guess what score I got on the survey they referred to?

Give me a call if you have questions or would like to discuss any of the topics covered in this article or within the survey.

YouTube video: https://youtu.be/K0bw98zAEjE

Article referenced https://www.thinkadvisor.com/2020/09/17/4-in-5-americans-lack-retirement-planning-knowledge-survey/

The 38-question quiz referenced from the article https://www.surveymonkey.com/r/2020-retirement-income-survey

How are you planning around your current or future social security benefits? Money Not Math 85

Do you believe social security beneficiaries get a cost of living adjustment in 2021?

YouTube video: https://youtu.be/0YTV555V9hc

Article referenced: https://www.financial-planning.com/news/senior-group-predicts-1-social-security-cola-in-2021

How to Survive as a Retiree in a Down Market. Money Not Math 84

YouTube Video https://youtu.be/QV9PSkqLtfU

Article I reviewed https://money.usnews.com/money/retirement/401ks/articles/how-to-survive-as-a-retiree-in-a-down-market

5 Crucial expenses to consider when planning for your retirement! Money Not Math 83

1) Health Care

2) Taxes

3) Long-term care

4) Providing family support

5) Not having access to your money when you need it

YouTube link for this conversation: https://youtu.be/dU8iSJVPCjg

https://www.usatoday.com/story/money/2020/07/29/making-retirement-plans-4-crucial-expenses-to-consider/112417398/

What will be your largest expense or cost in retirement? Money Not Math 82

Will it be your lifestyle, traveling, golfing, your house or…Will it be taxes?

YouTube: https://youtu.be/u_zjyJhOB8Y

Plus, some retirement planning tips from Man’s best friend.

https://www.forbes.com/sites/stevevernon/2020/07/10/retirement-planning-tips-from-mans-best-friend/#496b0b21180f