Is H.R. 1865 After your IRA?

I recently received an email from Marc Lichtenfeld concerning the financial bill, H.R. 1865 (and the SECURE Act).

In it, he claimed that your retirement could be at risk as the now assented law allows the IRS to deduct more from your Individual Retirement Account (IRA)

In this review, I look into the presentation and determine whether you should be worried about what he considers “the single most dangerous financial bill in history.”

Keep reading to get all the details.

Before I start…

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Is H.R. 1865 After your IRA? 3

H.R. 1865 Review

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Introduction to H.R. 1865 and the SECURE Act

H.R. 1865

Marc begins the presentation by sounding the alarms on a new law that has been unanimously passed by Congress and that goes into effect in 2020. It is called the SECURE Act.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was passed by Congress unanimously in May 2019. It stalled in Senate for a while before it was added to the Further Consolidated Appropriations Act, 2020 (H.R. 1865), which was passed and signed by the President on December 20.

H.R. 1865 is an end-year funding bill that keeps the government open up to September 2020.

He fears that in passing the SECURE Act into law, Congress has granted IRS the power to deduct up to a third of your retirement savings, giving the agency greater access to your annuity plans.

He says that the new law will affect you if you have based your retirement plans on an IRA or 401(k) account.

Why have they decided to go after people’s retirement savings?

Marc says that they have found it the most convenient place to acquire money to service the runaway public debt. Income taxes alone have been found inefficient to settle the deficit.

Marc’s sentiments about unsustainable public debt are similar to what Sean Bodrick says in his Wealth Supercycle presentation.

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Who is Marc Lichtenfeld?

Marc Lichtenfeld is the founder of Wealthy Retirement and the chief income strategist at the Oxford Club. Most of his work centers on retirement planning.

Wealthy Retirement’s goal is to enable every American to live a dignified and comfortable retirement through prudent management of finances.

He also edits the Oxford Income Letter, a newsletter that provides its readers with the best income-generation and preservation practices to prepare them for retirement.

He is an author of two bestsellers titled You Don’t Have to Drive an Uber in Retirement and Get Rich with Dividends.

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How can you get around H.R. 1865 provisions?

In the presentation, Marc shares details on how you can ensure that the IRS does not make massive deductions to your retirement package.

He claims to have consulted with various experts on the same. Among those, he has reached out to insurance experts, CPAs, and estate planners.

From his consultations, he has discovered special investment accounts that have good tax advantages to prevent you from over-taxation, even allowing you to pass a tax-free inheritance to your heirs.

These accounts are also immune to market downturns; they can survive financial crises and possibly grow during these periods.

They also pay dividends, which are separate from the profits you make from the returns accrued from account growth.

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How to access Marc’s H.R. 1865 recommendations

Since the SECURE act assented into law, Marc wants to show you how to protect your savings from the new law.

He has put every important detail about the SECURE Act that affects you, including how to set up a retirement account that will not be affected by the IRS, into a report called The Secret of the IRS-Proof Retirement Account.

In it, he has also included contact information on the most trusted Pillar One Advisors in estate planning and taxes. You can book free consultations with them if you need to ask anything about your retirement account.

You receive these contacts for free in addition to the report if you subscribe to The Oxford Income Letter.

Other perks for joining the newsletter are monthly newsletters, weekly portfolio updates, access to model portfolios, access to special investment reports, SafetyNet Pro email updates, access to the members’ portal, and invitations to the five-star subscriber events.

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Bonus

In addition to the main report, you get the following for free when you join The Oxford Income Letter:

Marc Lichtenfeld’s book called 101 Ways to Grow and Protect Your Retirement Savings. It contains tips on how to add money to your retirement accounts and social security while cutting down on taxes.

His second book, Get Rich with Dividends that will help you use compounding interest to increase your earnings.

Subscription Fee

There are three membership plans:

  • Premium plan: annual fee of $79 plus four bonus reports
  • Standard plan: annual fee of $129
  • Basic plan: annual fee of $49

The basic plan is good enough as it provides you with the lowest rate and everything you’d want from The Oxford Income Letter.

Guarantee

A subscription to The Oxford Income Letter is backed up with a 365-day money-back guarantee.

Are Marc’s recommendations regarding H.R. 1865 Legit?

H.R. 1865 is a funding bill that was passed by Congress and signed into law by the president in December. Therefore, it is legit.

As for Marc Lichtenfeld’s presentation, he raises valid points that are worth looking into. He is not unscrupulous or fraudulent for doing that. You need only to hear him out and do a bit of research before you follow his recommendations.

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H.R. 1865 Verdict

The SECURE Act (H.R. 1865) contains provisions that will affect retirees in one way or another. Some of the provisions rewrite some core elements of traditional IRAs that Marc has not touched on.

What Marc does is issue a rallying call, pitting retirees against the government for what he sees as an unfair law. Some of the articles he quotes were written before the Act was passed in Senate, so it would be prudent to consult a tax professional to ascertain what the passed version means for your savings.

That being said, you should at least hear him out as he could be raising some valid points that could potentially save you money; just don’t forget to talk to a tax professional before you make any major decisions.

Before you leave

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Is H.R. 1865 After your IRA? 3