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The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your Retirement, by David McKnight
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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?
- Sales Rank: #6060 in Books
- Published on: 2014-01-22
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .24" w x 6.00" l,
- Binding: Paperback
- 104 pages
About the Author
David McKnight graduated from Brigham Young University with Honors in 1997. He is a nationally recognized speaker and his popular workshop “The Power of Zero” has been seen by thousands of Americans from coast to coast. This workshop was recently showcased at Forum 400, an annual gathering of the top 1% of financial advisors in the nation. In 2014, David will be a Focus Speaker at the world wide annual conference for Million Dollar Roundtable in Toronto, Canada. David has trained thousands of advisors on the power of the zero percent tax bracket and currently serves as mentor to an exclusive group of financial advisors from across the country. He is the President of David McKnight & Company located in Mequon, Wisconsin. David is very involved with his family, church and community. He currently resides in Grafton, Wisconsin with his wife Felice and their six children. Learn more at www.thepowerofzeropercent.com
Most helpful customer reviews
16 of 18 people found the following review helpful.
A Definite Must Read!
By Paula Brennan
Everyone who listens to mainstream financial advisors is in for an unpleasant surprise at retirement time! It's not how much you make that counts, it's how much you keep! David McKnight shows you how to position your assets so taxes won't erode the wealth you've built for your family. Keep more of the hard-earned money you've saved in your pocket and not give it up to Uncle Sam, who, by the way, is broke!
39 of 52 people found the following review helpful.
Minimizing taxes in retirement with reservations
By Fascinated explorer
McKnight thinks that taxes are very likely to increase. To protect your retirement income he feels it is necessary to target a 0% tax bracket in retirement. He aims for a taxable income small enough that you would be covered by your personal exemptions and the standard deduction, currently about $20,000. If you achieved then there is no tax on your Social Security income. The author brings up some excellent points. In particular the fact that large accumulations in tax-deferred accounts can generate large MRD requirements after you reach 70.5 years old. This in turn can make most of social security payments taxable, it’s similar to double taxation. He suggests thinking of three portions or buckets of investment resources. The first bucket is 6 months income. This is to protect against adversity, and is taxable.
The second is the tax-deferred bucket, which would contain IRAs, 403b, etc. After you retire and reach 70.5 years old you are required to take out a minimum required distribution each year. If you have a large accumulation then the taxable MRD can be quite large and can cause your Social Security income to be taxable. He suggests moving as much as possible of this money from the IRA or other retirement account into a tax-free bucket such as the Roth IRA.
The third is the tax free bucket made up of a Roth IRA and the life insurance retirement plan (LIRP), and some possible tricks you might be able to do with your IRA or other plans. The Roth IRA is the least controversial and a great deal, but is very limited in the amount you can contribute while working. In retirement you can contribute up to the amount you earn working. Since most people don’t work in retirement they cannot contribute anything. However 403b and other deferred accounts can be converted to a regular IRA then the money is converted to a Roth IRA. This process requires you to pay Federal tax and probably State tax on this conversion.
His argument is that this is worthwhile since he believes that taxes are currently lower than they will be in the future. So converted funds overall will require less taxes now than you would pay on MRD in retirement, and could keep your Social Security benefits untaxed. This strategy might allow you to pay fewer regular taxes and keep Social Security benefits from being taxed. It also has the advantage that the Roth is not subject to estate taxes.
His other suggestion is to use a life insurance retirement plan, LIRP, that could possibly serve as life insurance, long-term health insurance, a source of possibly untaxed return of funds. The money in the insurance policy can be invested in various ways all of which supposedly tax exempt. He considers the long term cost us about 1 �% over long time periods for this type of annuity. Most other estimates are much higher for these costs.
Although there appeared to be advantages to this annuity generally these plans are in reality found to be restricted, costly, and very difficult to get out of. If you search the Bogleheads site with the title of this book you’ll find a wide-ranging discussion on the disadvantages of this type of insurance plan. In particular the author appears to have connections with the insurance area. This is an area with some possibilities, but they are complicated instruments that are difficult to understand, and have a lot of potential problems.
6 of 7 people found the following review helpful.
Wall Street Is Totally Missing It!
By Rick White, American Planning Group, Inc.
David hits the nail on the head with this book. Wall Street is totally clueless when it come to strategic planning to avoid making the IRS and State Taxing Authorities a partner in your retirement plan. This is an absolute must read for anyone who is serious about keeping more of what they actually make!
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