Stephen Ng, CLU, ChFC, CEP Founder of Stephen Ng Financial Group, Interviewed on the Influential Entrepreneurs Podcast Discussing IRA Rescue to Leverage Retirement Wealth

Stephen Ng discusses the importance of IRA rescue strategies. 

Listen to the interview on the Business Innovators Radio Network: 

Converting an IRA to tax-free money is a crucial strategy for retirement planning that can help individuals maximize their wealth and minimize their tax liabilities. In a podcast episode of Influential Entrepreneurs, Stephen Ng, the founder of Stephen Ng Financial Group, discusses the concept of IRA Rescue and how it can be used to leverage retirement wealth.

The term IRA Rescue refers to various strategies that can be employed to convert traditional IRA assets, such as qualified plans like 401(k)s, 403(b) plans, and deferred compensation plans, into tax-free money. The primary goal of IRA Rescue is to avoid excessive taxation on IRA funds, especially as individuals age and are required to take mandatory distributions (RMDs) from their accounts. As Stephen Ng points out, the IRS imposes increasingly higher RMDs as individuals grow older, which can significantly impact their tax burden in retirement.

One of the key reasons why converting an IRA to tax-free money is essential is the looming threat of rising tax rates and government debt. With the U.S. debt reaching trillions of dollars, it is evident that the government needs to generate revenue, and taxing retirement accounts is one way to do so. By proactively converting IRA assets to tax-free funds, individuals can protect their wealth from being eroded by taxes and ensure a secure financial future.

Furthermore, some misconceptions and pitfalls can hinder retirement wealth growth if not addressed. Many individuals mistakenly believe that traditional IRAs are tax-deferred assets that will be taxed at a lower rate in retirement. However, as tax rates are unpredictable and likely to increase, relying solely on traditional IRAs for retirement income can lead to higher tax liabilities in the long run. Additionally, failing to take required minimum distributions (RMDs) from IRA accounts can result in severe penalties and further tax consequences.

Stephen Ng explained: “The IRA rescue strategies will not only complement traditional retirement planning, but it has a big impact on one’s financial plan when a client is alive, and more importantly, when a client is not around, of the transfer of wealth to the beneficiaries.”

Stephen also said: “We help clients to grow, protect, and leverage their wealth.” 


About Stephen Ng

Stephen Ng, whom you may have seen in NBC, Forbes, Wall Street Journal, U.S. News and World Report, New York Daily News, and others. He has also been interviewed by Fox TV and Christian Television Network. Stephen is the Author of “10 Financial Mistakes You Should Avoid” which has been a wonderful resource for many of his clients. All of the proceeds from the book sales go to benefit World Vision International. Stephen is also the Founder and President of Stephen Ng Financial Group.

Stephen is married, has 3 children, and resides in New Jersey and Florida. Stephen is a warm and passionate communicator who loves to share his financial wisdom and insights. He served as a Deacon at Trust In God Baptist Church in New York City and was the Chairman of the Board from 2008 to 2016. Currently, he serves as a trustee for Doxa Church in New York City. Stephen attends Bell Shoals Church, in Brandon, Florida. He loves to travel and frequently speaks internationally during mission trips with his church.

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The views expressed are not necessarily the opinion of Stephen NG, and should not be construed directly or indirectly, as an offer to buy or sell any securities or services mentioned herein. Investing is subject to risks including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure a profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.
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