119. National Debt, Rising Taxes, and Inflation: Is Your Retirement Ready for What Lies Ahead?

Aug 31, 2022

National Debt, Rising Taxes, and Inflation

Most people don’t understand the connective tissue that exists between government spending and how that impacts us all because it’s our responsibility to pay that money back. David Walker, the seventh Comptroller of the United States, is one of the handful of well-respected experts that are telling us that America is facing large economic problems due to recent fiscal policy and growing national debt.

As Walker points out in his latest book, becoming a global superpower requires a country gaining power in four areas: economic, diplomatic, military, and cultural. That economic strength being the most important because it impacts the ability to influence through diplomacy, build the military, and increases opportunity to make a cultural impact. And that’s where our country is currently wavering. 

In order to address the issue of rising debt and inflation, you have to reduce spending or cut some of the entitlements. That likely means higher tax rates – potentially significant – could be on the horizon and you need to be prepared for that risk. Taking a proactive approach to tax planning right now is critical because of that tax rate risk facing you in retirement based on the fiscal trajectory we’re on as a country. So we’ll take you through the steps that retirees need to consider knowing that this could be the next Black Swan event around the corner and discuss how our planning process helps address these major concerns.

Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/

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Schedule a Review: https://redefiningwealth.info/schedule/

Timestamps (show notes):

3:25 – Similarities between Roman Empire and today’s USA

7:09 – Four things to become superpower and how they’re related

12:49 – The media’s impact  

16:42 – What’s in the Inflation Reduction Act?

23:36 – What do you need to do?

26:24 – Planning goes well beyond investing

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