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June 22, 2023 - Stew Peters Show
32:58
LIVE @5PM: Scriptures And Wallstreet- Defund Your IRA- THINGS YOU DIDN'T KNOW
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Thank you.
Thank you.
Hey, guys.
Hope you are doing well.
I just came back from Dallas, and I've got some crazy allergies going on, so bear with me.
It was awesome.
I was at a Rise Up Kings event, and more importantly, I just volunteered.
So roughly what I do every six months is I I volunteer for a Christian business.
A bunch of CEOs is a Christian personal developmental camp.
And the whole end of it is that they accept Jesus at the end of this three-day camp.
And so I was able, here are some pictures, I was able to volunteer and help these men and watch these men really transform in their pillars, their faith, their family, their fitness, and in their finance.
Huge, huge blessing.
If you haven't had a chance to look up Rise Up Kings, I highly recommend you do.
If you're a man just struggling with your why and your identity and really want to focus on your fitness, your faith, and your family and your finance, no better place.
Number one Christian outfit for personal development.
Pretty amazing.
Unfortunately, when you're dealing with the Tony Robbins of the world, they really just take God out of the equation.
Or the Grant Cardones, he's a Scientologist.
So this is a really good group of men that hold each other accountable for...
And that will help you grow closer to the cross.
And at the end of the day, that's what everything is about.
This platform is dedicated to God's word, to the light.
And so speaking about today's topic, today's topic is going to be about defunding your IRA. I want to just get back to the basics on what an IRA is.
Many of you don't understand the ins and outs of the IRA, and that's okay.
You never went to retirement planning school.
So I'm going to do my best not to ramble, to cut right to it.
IRAs are the number one and number two retirement accounts in America.
Pretty much...
Pretty much all of America has some form of IRA. If you don't have an IRA, typically what most people do is they have a 401K. So the 401Ks, as you guys have watched me for years now, a 401K is simply just a participating account.
A participating account means you are abiding by the rules of the plan administration.
So if they change something inside of a 401k, because you are a participant, you have no control.
You have no choice.
If your plan administrator wants to not match you, they don't have to.
By the way, the matching is not obligated.
It is not a requirement for the employer to match you at all.
And it's not even a requirement for them to even create a 401k.
Don't forget that.
So, a lot of people say, oh, well, I had my 401k.
I used to have a match, 5%.
Now it's 3%.
They don't have to give you any percentage.
So, what we recommend is if you do have a 401k, be very mindful because you've never paid taxes on this money.
When you pull money out of your 401k...
And your IRAs.
It is considered ordinary income.
Now ordinary income is as if you're working a job.
So if you're 69 years old and you're on Social Security and you're over their full retirement age that the government pins on you and mandates on you, Yeah, you will not get an earnings test penalty, but it still counts towards a calculation of your Social Security.
So the number is, on Social Security, if you make over $44,000 a year and you're married, 85% of your Social Security will be taxed.
So this is a major, major mistake when it comes to IRAs because most people don't realize when you build up your IRA, It is ordinary income.
It's not a problem.
It's not a problem you haven't paid taxes on it.
The problem is when you take Social Security.
That's the problem because you can't make over $44,000 outside of Social Security while on Social Security because you'll pay a tax, a lifetime tax.
This tax never goes away.
And guess who controls the taxation on your money?
You guessed it.
The bad boy government.
Uncle Sam, supposedly.
So do you trust the government with your tax-deferred accounts?
Now, for many of my clients that have IRAs, I'm not bashing them.
I'm just letting you know the reality.
The truth behind them is that if you have an IRA, the best thing to do is just to protect it right now.
I mean, it is a retirement account.
It can generate you an income.
It is a great account if that's all you have.
Now, if you have less than $300,000, I wouldn't really worry about it in the IRA. But for those of you that have $600,000, $800,000 over a million dollars in the IRA, there are different strategies you can do to fund your IRA and convert it into a tax-free bucket.
So the government feels since you've never paid taxes on this money, they will tax you later.
I mean, they feel like it's their money since they've never taxed you.
And, excuse me, printing money and printing money will keep on continuing to do because most people don't realize that There's so many, there's so much qualified dollars in 401ks and IRAs.
They act in one and the same.
They're called qualified accounts.
They act so much in the same that when you pull money out of your 401k and IRAs, it is ordinary income.
So for 2023, for those of you that have an IRA, the maximum contribution amount is $6,500.
If you're 50 and older, it is $7,500.
And a 401k is $22,500.
The max contribution is out of 401k.
But here is another caveat and a major, major problem.
When it comes to these qualified accounts, IRAs, 401ks, what have you, is that there is something called an RMD, a required minimum distribution.
A required minimum distribution basically means that you have to take money out in accordance of what the government deems that you need to take out.
So, for instance...
At age 80, it roughly is 5%.
Well, a little known secret is they can continue to increase those withdrawal rates.
So if you're 80 years old, you're taking out 5.5%.
Who's to say the government is going to say, you know what, at 80 years old, you need to take 9%.
Because many of you are like, well, I'll just keep on funding my 401k IRA. I'll never take money out.
It's going to just grow, grow, grow, and I'll pass it on to my children or to my spouse.
Well, then that's another issue.
Then we get into estate planning issues.
So the SECURE Act of 2.0, just so you know, you can move your IRA to IRAs from spouse to spouse.
No problem when a spouse passes away.
The only problem is that the Secure Act 2.0 took out the non-spousal inherited IRA provision.
So what that basically means is you should be able to stretch out your IRAs if your children got it, and they could basically pay smaller portions of the taxes for their life.
You could stretch it all over their life.
Excuse me, I've got to take a drink.
The allergies are killing me.
So, the stretch IRAs.
The stretch IRAs, you can literally, back in the day, you'll be able to stretch it out over your lifetime if you received an IRA from mom and dad.
Those are all gone.
They don't have them anymore.
So, the government has now deemed in the Secure Act 2.0...
Is when you pass away, and if you're single, and if you don't have a spouse, then they go to your kids.
Well, your kids now have to pay taxes on it.
Your kids have to pay taxes on this money, and it's between 5 to 10 years.
It's no longer a stretch provision.
It is so confusing that most insurance and financial institutions will not even do inherited IRA anymore.
Non-spousal inherited IRAs.
Yeah, because the law is very finicky there.
But if that's you, give us a call, 813-448-3446.
If you have an inherited IRA issue or any IRA issues at all, we'd love to give you a second opinion.
More importantly, this podcast is for educational purposes.
I am securities licensed.
I am a financial advisor.
Please do not take this content as financial advice and you need to seek financial help from a licensed professional.
We make our sales available 813-448-3446 or simply visit our website at CortezWM.com.
To learn about our tax-free IRA conversion, just go to AmericaFirstRetirementPlan.com.
You can download a free guide on how our process is, and you can learn a little bit about us, why we're so different, why we never sell out to the big banks, and why we want to keep America first, God, country, and family in alignment and what we believe in.
Alright, so defund your IRA, getting back to that.
So they keep on printing and printing and printing money.
Guys, what they're basically doing is, in my opinion, they can keep on printing money because they know who's going to pay for it.
And it's through taxation of your qualified retirement accounts, such as your 401k and IRAs.
Very, very simple.
And it even gets even sweeter when you're on Social Security.
If you take Social Security early, holy smokes, you are going to be scammed.
You will be paying, literally, a 50% penalty in the amount over $21,000 in income.
So if you have an IRA and say, you know what, I'm going to take Social Security at 63.
You're not full retirement age.
You took it early.
And then you take over $30,000 in your IRA that one year plus your Social Security.
Any amount over that $21,000, so if you took $30,000, that's going to be penalized at that $9,000 difference from 21 and 30.
That $9,000 difference is going to be penalized $4,500 because you went over that $21,000 while accepting or receiving Social Security benefit early.
So the best thing to do is if you're taking Social Security early, and I get it, you know, you don't know when Social Security is going to run out.
You don't know how long you're going to live.
A lot of people take it early.
But mathematically, it makes more sense.
It makes financial sense to take it at full retirement age.
Because at full retirement age, you can literally take $50,000 Without any penalty.
So that's a livable wage.
I mean, with Biden and inflation, I don't know anymore.
Jeez.
But $50,000 is a lot better than $21,000.
So be mindful with the IRAs is what I'm getting at, guys.
The fact of the matter is that, yes, they have limits on how much you can put in.
Your 401k has limits.
But try not to build all your massive wealth into a traditional IRA. Now, for those of you that have over half a million dollars in a traditional IRA, there's two ways to slice the cat here.
You can keep it and just protect it with our safe money strategies.
We call this the non-medical way, taxable way, and we have great programs for that using safe money techniques.
Then for those of you that want to convert it into a tax-free bucket, there are two options.
You can do a backdoor Roth IRA. For instance, if you had half a million bucks I mean, right off the bat, $350,000 will show up in a tax-free bucket in a Roth IRA. You will have to pay taxes on that money, and it really sucks because now you just lost $150,000 in taxes.
But we can grow that money every single year with no losses, and that becomes your Roth IRA funds, never to be taxed.
So the government says, do you trust the government on the Roth IRAs?
So here's my take on the Roth 401ks and Roth IRAs.
I really believe that since it's been taxed, I really believe that they're not going to tax it.
They're going to try to figure a way out to tax it.
But what I honestly believe, and this is not fact, this is just opinion...
I believe they're going to count the Roth IRA, the income that you pull from your Roth IRA, I believe they're going to count it towards the calculation of your Social Security.
I could totally see that happening.
And the reason why is because they did it with tax-free bonds.
Tax-free bonds used to be a tax-free income source and they still are.
You don't pay any taxes.
You don't pay any income taxes on it.
But if you're on Social Security, it does count towards the calculation of the $21,000 earnings test or the $50,000 earnings test if you're full retirement age.
I could totally see the Roth IRA doing that.
Now, I can't say...
That is factual.
I'm just giving you the evidence, giving you the information, and use your own discernment.
We can talk about it if you're interested in talking about it, 813-448-3446, or book an appointment with us at CortezWM.com.
We're more than happy to basically have a discussion on that.
And it's one of those things that you have to be proactive on.
Like, what do we do to protect IRAs?
Not just from market losses, but over taxation.
So if you get in the gist of this discussion today, this podcast, is that we need to be proactive on the taxation of our IRAs.
Many of you have a lot of money in IRAs, and that's totally fine.
But what we have to do is just simply let's protect it.
We know we're going to be taxed on it.
The best thing to do is just protect it.
Now, the other option that we do is we use 7702, which is a life insurance contract.
And with the cool part about the life insurance contract, we use a high growth one.
You can borrow against it.
You can loan against it.
If you get sick, you no longer have to die in order to collect.
Like if you get sick, like heart attack, stroke, cancer, or you cannot perform two of six ADLs, even long-term care situation, your death benefit becomes active while you're alive.
Pretty amazing stuff.
You also can borrow against it.
A lot of times clients are going to buy a car and they don't want to take a loan out.
They don't want to take a loan out, so they borrow against their own policy.
Pretty much tax-free.
They will pay a nominal interest rate, 2% or 3%, but that 2% or 3% goes back into your account.
So you truly have borrowing capabilities and the IRS code 772 allows you To borrow against your own policy.
Now what's beautiful about this is it's no longer considered an IRA. So the government doesn't have any jurisdiction.
So what a lot of my successful clients have done is they've taken a portion of their 401k.
Typically, if you have over $300,000, this is a good strategy for you.
What they'll do is they'll take, let's just say you had a half a million bucks and $100,000 each year.
Well, the $100,000 goes in first year.
The second year, the $100,000 goes in the second year and the third and fourth and fifth year.
After the first year, you pay the taxes on it.
So, yeah, you'll pay taxes, ordinary income taxes on $100,000, maybe $25,000, $30,000 in taxes.
But now, year two, you still pay your $100,000 into this tax-free bucket.
Now we're borrowing against the death benefit.
We're borrowing against the policy values.
And so what happens is the Supreme Court has deemed death benefits as a collateralized asset.
So you literally can pull away from this death benefit to pay the taxes on your IRA. Okay.
We can do that years two, years three, years four, years five.
And this is much better, in my opinion, than a Roth conversion.
We just do an IRA conversion into a tax-free bucket, utilizing a high-growth, principal-protected life insurance contract.
That can get you some growth.
I'm talking 7% to 15% a year.
And when the market goes down, it is indexed.
So you guys know I'm a big fan of indexing.
The index allows you to protect your principal when the market goes down like it's doing now.
Year to date, the market's up, so our clients are going to be up.
But last year, the bond market was down 28%, and the actual stock market was down as well.
So our clients either got a zero or now they're in profit because all of the volatility they don't participate in, they only participate in the upswings.
So you have the ability to borrow against it, loan against it.
You want to buy a car or fund college, do whatever you want to do.
There's no requirements.
Also, there's no age requirements either.
Like you could retire at 55 because you're out of the IRA system.
So a lot of my doctor clients, a lot of my million dollar clients, they will literally just start working on this process.
And it's amazing.
It takes about five to seven years to totally complete.
But the end result is that the IRS has no stronghold on you.
You can pull money out anytime you want.
There's no age limit.
There's no RMD situation.
There's no pre-penalty.
There's nothing.
If you're interested in learning about an IRA conversion strategy give us a call.
Our number again 813-448-3446 And we truly, truly love this strategy.
Now, we're going to use A-rated companies that are America first, that are here, that have been around for at least 100 years.
The insurance companies will live longer than you.
Now, some of you are saying, well, what happens with all the vaccine?
The insurance companies will lose money.
Guys, let me just kind of let you know that insurance companies have a credit rating system.
They have to have dollar for dollar in reserves if they're A-rated or close to 93.5 cents to a dollar.
The FDIC, they only need 1% to 2% of your money in a bank account to claim their FDIC.
And then you're waiting on the government.
Secondly, insurance carriers, what they do is they have to basically get together and the actuaries get together.
And they have to plan for every 50 years there's like a Spanish flu event or an act of God event, they call it, where half the population gets obliterated.
And so these A-rated and strong carriers, they already have, you know, the vaccine.
They already have acts of God-like events, Spanish flu events, pandemics already actuarially tested and stress tested in their portfolios.
So I'm not really worried about the jab and people dying because they're getting very, very picky on who they bring on.
I remember seeing one application where if you took the vaccine, they basically denied you.
So you want that as a policy owner.
You want a conservative insurance carrier to hold your assets.
And that's what we provide.
We provide an extra layer of protection, making sure you're not funding the cabal and doing business with these Luciferians.
We want to make sure that you have the ability to To control your assets with a highly rated carrier that's founded in America.
That represents your values.
And more importantly, give you the keys to success to retirement.
So that's my strategy, guys, today.
The IRA. Defund your IRA. Don't build your nest egg into it.
Now, I know many of you have IRAs, and that's cool.
And many of you have already started this IRA conversion process.
That is totally fine.
It does take a while for it to...
To go through.
But I want to...
I believe as long as our country has a second amendment, and we're the only country in the world that has a second amendment, we will still be powerful.
The government cannot just tyrannically come over and take our IRAs, like these 87,000 agents.
They're not going to do that.
We are fully loaded and ready to rock.
More importantly, Christian gun owners should be aware of the unfortunate trend that's putting people in danger.
Millions of concealed carrying gun owners have made a huge mistake with their gun holster Sadly, their holster is so uncomfortable, they basically stop using it.
I know I have.
Meaning, their right to defend can be completely questionable.
So that's why I brought on my new sponsor, Vanish.
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I also will have the link in our description and I appreciate them supporting our show so we can continue the quest of defending the truth when it comes to Wall Street and what a biblical twist, obviously.
Thank you for your support, Vanish.
I'm sorry that my voice is shot today, but I will get better.
I'll be drinking some hot tea and taking some vitamins as well.
But as you guys know, in Florida, the heat, every time the heat comes in, the allergies just flare up for me or even infects my voice.
Anyways, with that being said, guys, I really appreciate it.
Also, you want to defund the woke companies.
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Guys, now keep in mind, I wouldn't recommend...
More than 20% of your liquid assets in precious metals.
Precious metals is still red money.
It is volatile.
It's just a hedge.
It's not a retirement account.
And if you have a gold or silver IRA, you basically want to start converting that to a tax-free bucket.
It's still an IRA. Just because it's in gold doesn't mean it's not protected from taxes.
The government still owns it.
Even if it's in Texas or Delaware.
So be very mindful of that.
Also, if you're interested in learning more about us, check us out on scripturesinwallstreet.com or give us a call.
You can email me any questions you have, info at corteswm.com or scan the QR code if you would like an appointment or simply call us, 813-448-3446.
With that being said, guys, I do want to share one quick verse with you.
In my prayer time this morning, I've been...
I've gone through the depressions.
I've gone through personal growth, self-sabotage.
I've been through the rollercoaster of rides.
And one of these verses that really hit home to me, if you're struggling with depression or anxiety like I was, Psalms 34 4 I sought the Lord and He heard me and delivered me from all my fears.
I sought the Lord and He answered me and delivered me from all my fears.
I prayed to the Lord and He answered me.
He freed me from all my fears.
So there's different versions there, but just that simple verse of Psalms 34 4 If you're going through anxiety, if you're going through depression, Just say those quick words.
I sought the Lord.
He heard me and delivered me from my fears.
So I encourage you to spend that time with Christ.
Open up your Bible.
Spend 5-10 minutes every morning.
It's not that hard.
You know, it takes 66 days to develop a new habit.
And if you do it in 66 days, your life will start to change, I promise.
God will improve your finances.
God will improve your health.
He'll improve your marriage.
He'll improve your relationships because you are seeking His face.
And He is the King of Peace.
So it is my prayer that you grow closer with God and that you accept Him if you've never accepted Him.
And if you haven't, then what are you waiting for?
The best things in life are free.
And it doesn't cost you anything.
So accept Christ into your heart.
You can do it right now.
Say, God, I am a sinner.
I cannot live without your grace.
You are my personal Lord and Savior.
And use me as your vessel.
That's all you have to say.
Say a quick little prayer, and God will come into your heart, restore you.
And I would like, and also you can say, I would like my name in the book of life.
If you're listening to this, we get 30,000, 40,000 views.
It's amazing.
That's what I'm all about.
So, anyways, guys, I'm out of here.
I'm actually going to do a really cool thing I've always wanted to do since I was a little boy, and that is go get my dad a gift.
I'm flying to Raleigh to buy him a gift that I've always wanted to give him.
I'll share that next week to be continued.
God bless you guys.
I'm out of here.
Stop doing business with these woke companies that do not have your best interests at heart.
You have options.
You can literally fund and secure your retirement and still honor God, the country, and your family.
Give us a call for more information.
813-448-3446.
Secure your retirement.
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