What would an extra $20,000 mean for you?
It’s completely tax-free AND 100% legal.
The government doesn’t advertise this, because the unclaimed cash gets pushed back into their pockets, but I’m going to show you how you can cut the government off, and take your tax-free $20,000…
The government consistently turn a blind-eye to shady business, as long as it means the officials are getting more money in their pockets.
The sad thing about this scheme is that they’re scamming people who are on their way to retirement.
It’s always devastating when I hear about the government partaking in dirty deals like this, but when I hear that they’re taking money from people who’ve worked so hard their whole life I need to expose it.
They’re able to get away with this because they’re technically not doing anything physical to keep this up, they’re just holding back information from people as they approach retirement.
But they’re not going to steal from you anymore.
So, what exactly is this information they don’t want you to know?
It’s all to do with the taxation on your retirement accounts.
You might already know, but you’re allowed to contribute $18,000 per year to your 401k and none of that succumbs to income tax. That’s $36,000 a year that you and your spouse can use to dodge income tax.
But the government keeps awfully quiet about the other $12,000 you’re allowed to wipe clean of income tax…
This extra tax-free $12,000 a year comes from something called “catch-up” contributions, which can be utilized through most retirement accounts.
“Catch up” contributions allow people over 50 to stash away another $6,000 each… that means you and your spouse are missing out on this $12,000.
So, for instance, if you and your spouse make $50,000 per year each, you’d be shielding $24,000 from income tax each.
That’d push your income into the next lower tax bracket, and would save you each $10,000 a year on income taxes.
That’s an extra $20,000 a year that you and your spouse are missing out on.
I hope by bringing this to your attention that you’ll act on this and take back what’s rightfully yours.
Talk to your accountant or 401k fund manager about “catch-up” contributions as soon as you get the chance.