It’s hard enough to make ends meek with higher health car costs, and less money coming in. However, I was a little shocked to find out that next year, I will have to start liquidating my my IRA investments the year after I turn 70 1/2. it starts at about 3.75% and it can go up to almost 16% if I reach the age of 100. In essence that next year I will have to pay an additional $250.00 a month in federal taxes. You wonder why most Americans are broke. The government, especially those politicians that make 6 figure pay checks and are millionaires, should allow every American family to inherit a little financial cushion from their belated love ones. Let’s say that the RMD is calculated after $ 100,000.00 dollars, there can be certain restrictions given to this amount, perhaps a limitation of only 5% distribution, this would certainly help million of seniors pay their medicare supplement plans, or for families who received this inheritance can also use the payout on their health insurance premiums, in either way, it would take the burden of so many of us who cannot afford health insurance.
President Trump won’t admit to us that he and the Republican party do not have a better replacement for Obama Care. If he can alleviate the RMD IRA tax, he find himself with a possible solution for million of us getting affordable health care.
What do you think?
to be continued