QUIZ: In Retirement Will You Pay More Than Your Fair Share in Taxes?
Have you calculated what your taxable required minimum distributions (RMDs) will be through your retirement years?
Yes, I have had that calculated
No, but that's not a bad idea
I'm not sure how but would be interested
Don't know
Have you calculated what your voluntary distributions will be in retirement to avoid an income gap?
Yes, I know how much I will need and from what accounts
No, but I would like to figure that out
I'm not sure...
I'm not worried about an income gap
Do you know how much you can comfortably withdraw from your IRA each year in retirement without running out of money?
Yes, I know this exactly adjusted for inflation
No, I've not yet calculated this
I'm not sure
Are you using municipal bonds as part of your retirement plan?
Yes
No
I'm not sure
In retirement, what will be your primary source(s) of income?
401k
IRA
ROTH IRA
Social Security
403b
Annuity
Cash Value Life Insurance
SEP
Rentals
What tax-advantaged savings vehicles are you currently using?
Muni bonds
Private Placement Life Insurance
Cash Value Life Insurance
ROTH IRA or 401k
None of the above
Annuity
When Biden's tax legislation passes, what will your capital gains tax rate be?
20%
23.8%
32.5%
39.6%
Not sure
How often do you offset gains against losses to reduce capital gains tax (tax harvesting)?
Quarterly
Semi-annually
Annually
As often as needed
That's a thing?
Do you know what your lifetime tax liabilities will be if you live to age 95?
No, never thought much about it
Yes, I've had an analysis done
No, I don't know but I would like to learn more about how to get this calculated for me
If you've never calculated your lifetime tax liabilities, you should consider getting an Income Tax Reduction Analysis (ITRA). You can view this sample and find out how to aquire one of your own at the end of the quiz.
With an Income Tax Reduction Analysis, we can calculate what your income tax liabilities will be if you do nothing, making no changes to your current plan. Alongside that we calculate how much your taxes will be reduced by if you employ certain tax-reduction strategies. Each analysis is customized based on the particularities of your financial situation.
If you've never calculated your lifetime tax liabilities, you should consider getting an Income Tax Reduction Analysis (ITRA). You can view this sample and find out how to aquire one of your own at the end of the quiz.
With an Income Tax Reduction Analysis, we can calculate what your income tax liabilities will be if you do nothing, making no changes to your current plan. Alongside that we calculate how much your taxes will be reduced by if you employ certain tax-reduction strategies. Each analysis is customized based on the particularities of your financial situation.
How open are you to alternative retirement savings and investing vehicles?
Not very
Curious but I don't know much about them
Very interested and would love to learn more
I'm already using some and am happy as I am
I'm already using some but would love a free second opinion
Are you familiar with the specific retirement benefits of private placement life insurance?
Yes, I have a policy of my own
Somewhat but I'm unclear on the benefits
No, but I would like to learn
No, not interested
The New York times has called private placement life insurance "the secret of the affluent." There’s a smart way to use life insurance as part of a legal tax reduction plan. This method of tax-reduction planning is hailed by the wealthiest Americans (from Malcom and Steve Forbes, to Tony Robbins and many more). Continue on to the end of the quiz to book a clarity call to find out more.
The New York times has called private placement life insurance "the secret of the affluent." There’s a smart way to use life insurance as part of a legal tax reduction plan. This method of tax-reduction planning is hailed by the wealthiest Americans (from Malcom and Steve Forbes, to Tony Robbins and many more). Continue on to the end of the quiz to book a clarity call to find out more.
Great job! Thanks for helping us get to know your retirement and tax situation. Your score will be displayed at the end of the quiz.
The next few questions are meant to test your knowledge and inform you on the current tax realities. If you seek further explanation on a particular question, feel free to reach out to events@ronaldgelok.com for clarification.
Great job! Thanks for helping us get to know your retirement and tax situation. Your score will be displayed at the end of the quiz.
The next few questions are meant to test your knowledge and inform you on the current tax realities. If you seek further explanation on a particular question, feel free to reach out to events@ronaldgelok.com for clarification.
True or False. There is a special type of IRA where no RMDs need to be taken before the age of 85?
True
False
In fact, there is a special type of IRA annuity that gives the owner special permission to delay RMDs until the age of 85. There are an incredible number of special accounts/tools one can use to reduce taxes in retirement.
In fact, there is a special type of IRA annuity that gives the owner special permission to delay RMDs until the age of 85. There are an incredible number of special accounts/tools one can use to reduce taxes in retirement.
In President Biden's new tax bill, what is the highest capital gains tax rate?
20%
25.7%
30.4%
39.6%
Not sure
In President Biden's new tax legislation, the highest capital gains bracket will be 39.6%! That is a massive leap from the current rate of 23.8%. All it takes to reach this bracket is to have an income of $452,700. You'd be surprised how many wise investors hit retirement and get pushed into this top bracket because of smart planning early on.
In President Biden's new tax legislation, the highest capital gains bracket will be 39.6%! That is a massive leap from the current rate of 23.8%. All it takes to reach this bracket is to have an income of $452,700. You'd be surprised how many wise investors hit retirement and get pushed into this top bracket because of smart planning early on.
When you pass away, how much of your IRA's value can be lost to income taxes before passing to the next generation?
39.6%
45.6%
50.3%
60.3%
It is possible to lose up to 50.3% of your IRA to the income taxes owed upon death, especially if the person inheriting it is in a high income tax bracket and lives in a state with high state income taxes. If you don't do proper tax planning/allocation of retirement funds before you pass on, you may lose a great deal more than you wish to taxes!
It is possible to lose up to 50.3% of your IRA to the income taxes owed upon death, especially if the person inheriting it is in a high income tax bracket and lives in a state with high state income taxes. If you don't do proper tax planning/allocation of retirement funds before you pass on, you may lose a great deal more than you wish to taxes!
Based on current law, when passing on your estate to the next generation, what is the maximum tax loss possible to a combination of federal estate, state estate, and inheritance taxes?
39.6%
45%
50%
55%
The answer is 55%. Based on current (2021) law, when you combine state estate (depending on where you live), federal estate, and inheritance taxes (also depending on where you live), a person could lose up to 55% of their money upon death. These taxes are due within 9 months of you (or the second death between you and your spouse) passing away.
The answer is 55%. Based on current (2021) law, when you combine state estate (depending on where you live), federal estate, and inheritance taxes (also depending on where you live), a person could lose up to 55% of their money upon death. These taxes are due within 9 months of you (or the second death between you and your spouse) passing away.
True or false: Based on current tax law, it is possible for an individual to lose 100% of their IRA to a combination of certain taxes?
True
False
Believe it or not, in some rare cases it IS actually possible to lose up to 100% of your IRA when passing on to an heir. If you are in the maximum tax brackets for income, estate, and you are passing on your IRA to a non-direct lineage family member (ie - niece or nephew), for example, this is possible.
When you combine federal estate, state estate, federal income, state income, and inheritance tax, there have been instances of 100% of a person's IRA being lost to taxes.
Believe it or not, in some rare cases it IS actually possible to lose up to 100% of your IRA when passing on to an heir. If you are in the maximum tax brackets for income, estate, and you are passing on your IRA to a non-direct lineage family member (ie - niece or nephew), for example, this is possible.
When you combine federal estate, state estate, federal income, state income, and inheritance tax, there have been instances of 100% of a person's IRA being lost to taxes.
What is the average lifetime savings a high-earning retiree could achieve by using alternative tax-advantaged savings and investment strategies?
$50-100k
$100-250k
$250-500k
$500k-$1mil
With advanced tax reduction planning, we see the average high-earning retiree set up to reduce their lifetime taxes by $250-500k! In some instances, the savings are even higher (closer to $500k-1mill) and in other cases they may be lower. It all depends on your particular situation and what advanced tax reduction strategies you employ.
With advanced tax reduction planning, we see the average high-earning retiree set up to reduce their lifetime taxes by $250-500k! In some instances, the savings are even higher (closer to $500k-1mill) and in other cases they may be lower. It all depends on your particular situation and what advanced tax reduction strategies you employ.
What percentage of tax on required minimum distributions (RMDs) could be eliminated by using tax-advantaged retirement strategies?
20%
30%
40%
50% or more
You can eliminate over 50% of the amount of taxes you pay on RMDs by using specific strategies. Required minimum distributions go up as you get older typically, and by reducing these as early as possible, you can save yourself hundreds of thousands of dollars in lifetime tax savings.
You can eliminate over 50% of the amount of taxes you pay on RMDs by using specific strategies. Required minimum distributions go up as you get older typically, and by reducing these as early as possible, you can save yourself hundreds of thousands of dollars in lifetime tax savings.
Well done! Your score is on the next page.
If you are curious about advanced tax reduction strategies, feel free to visit our online webinar archive to learn more.
If you're interested in learning more about how these strategies could work for you, schedule a call with one of our advisors and they'll walk you through the most popular options and how they could benefit you.
Well done! Your score is on the next page.
If you are curious about advanced tax reduction strategies, feel free to visit our online webinar archive to learn more.
If you're interested in learning more about how these strategies could work for you, schedule a call with one of our advisors and they'll walk you through the most popular options and how they could benefit you.
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