From Dr. David Eifrig, editor of Retirement Millionaire:
In about four months, the government will close an amazing loophole... one that affects 60% of the U.S. population.
Once this special loophole closes December 31, 2010, it could trigger a series of shutdowns as the government closes other tax laws that support this one.
You see, the government is doing everything it can to keep money flowing to Washington. The only way to do that is to raise taxes. It turns out, there are close to 90 million people holding a combined $7 trillion in either IRAs or 401(k) plans. Some of you are holding it in the wrong accounts.
In an attempt to collect taxes today to pay for its excesses, the government is letting us move retirement money around in exchange for a promise to never tax it in the future. It sounds too good to be true, but it's the real deal.
The government is so hard up for the money, it is offering individuals a sweetheart deal to pay their long-term tax obligations sooner. And to encourage us to take the deal, the government will let you spread your payments out over three years... if you sign up by the end of 2010.
I doubt we will ever see a deal this good from the U.S. government again. And this loophole has created several other opportunities, too.
If you're one of the millions with an IRA, taking advantage of this loophole could save you thousands of dollars in retirement. For example, a 45-year-old who applies $25,000 to this loophole could easily end up with $90,000 more to live off during his retirement.
Crux Note: In his latest Retirement Millionaire issue, “Doc” Eifrig explains exactly how to take advantage of this government loophole to increase your retirement savings, and shares two secrets that will maximize your savings while limiting what the IRS claims. This single issue of Retirement Millionaire could easily save you tens of thousands of dollars in taxes. To learn more, click here…
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