Do you remember the four questions I implore you to ask every person you come in contact with? They are:
- Do you think taxes will be higher in the future?
- Do you think benefits will be lower in the future?
- Do you believe inflation will be a significant problem?
- Will volatility harm your investments and retirement?
While they are all spectacular queries, the question that gets the most beneficial response is the first one: What impact will taxes have on the success or failure of your investments and retirement?
Many agents and advisors don’t realize how many sales pass them by because they do not understand income taxes. They miss opportunity after opportunity to convert taxable money into non-taxable money.
Our industry does a poor job of explaining why paying taxes now could be more beneficial than paying taxes in a higher or much higher tax environment in the future.
According to Ed Slott, the number one benefit in the tax code today is the tax benefit afforded cash value life insurance. If you haven’t attended one of Ed’s seminars, then you are missing the chance to improve your career. He is one of the finest speakers in our industry. He explains tax strategies and pitfalls in easy to understand and many time humorous phrases. Attendance at his seminars is well worth the money many, many times over. He has clearly contributed to my continuing success.