Here are my interview notes from today’s interview with John Harper host of the Relevant Radio Morning Air Show.

Jesus was like us in all things but sin…and taxes and how it relates to retirement.
Here is a good natured talk, somewhat humorous by challenging our belief system. Specifically,

  • The Fourth Eucharistic Prayer. “He was conceived through the power of the Holy Spirit, and born of the Virgin Mary, a man like us in all things but sin.”
  • Hebrews 4:15: ”For we do not have a high priest who is unable to empathize with our weaknesses, but we have one who has been tempted in every way, just as we are—yet he did not sin.”
  • Matthew 17:24-27: Jesus, said “So go cast a line into the lake and pull out the first fish you hook. Open its mouth and you will find a coin. Use it to pay your taxes and mine.”
  • The recent Internal Revenue filing deadline of April 18, 2017.

For the record, my heart is filled with great joy and goes out to everyone who had the good fortune of paying taxes this year. Whether you are underemployed, gainfully employed or running a successful business it’s a sign of profitability and the economic wealth of our nation depends on you. Still, we need to continue praying for those still looking for work or are under-employed.

On the other hand, my heart goes out to everyone who had the good fortune of paying a LOT of taxes this year, because if they are in the higher tax rates, they may have paid;

39.6% Federal Tax
3.8% Affordable Care Act Surtax
6.25% Illinois State Tax
Social Security Tax, Medicare Tax, Property Tax, tax on juice, drinks, and entertainment. You name it. What isn’t taxed?
Clearly more than 50% to 65% of our annual income goes to taxes!

My point being is that we do not have the luxury of pulling a coin out of the mouth of a fish to pay our taxes like Jesus. So clearly he was not like us in taxes! What is an honest tax payer supposed to do?


The most important thing is to begin again. BEGIN TODAY when the pain of seeing how much you paid in taxes is still fresh in your mind. Recently I’ve met about a dozen people in their early 30’s to mid-50’s that still do not still have an Individual Retirement Account (IRA). They are not contributing to a company 401(k), or they left it behind at a previous employer.

If you have your own business, you still haven’t opened a Self-Employment Plan (SEP-IRA).

In 2016, a regular IRA permits a max contribution of about $5,500 while a SEP-IRA maximum contribution is almost 10x times that. For High Net Worth Individuals, (HNW) there are advanced tax strategies to permit contributions almost 100x the maximum IRA contribution. ( contact us to learn more about The Super 401(k) Plan Design)

In other words, the government has provided vehicles to save money in direct proportion to your ECONOMIC POSITION.

Will taking these steps will assure us of enough money for retirement?

I was at a networking event last week and all three people at my table told me stories of how their parents ages 78 to 92 have outlived their nest egg and were broke.

In every single situation they had one thing in common. They spent too much money and they lived too long. Their parents spent money as though they were still working. There was a certain momentum to their spending habits.

Shopping sprees with the grandchildren, $250 a month cable TV bill, they owned two cars with only one driver, $1,000 a month (organic food) grocery bill, they were members to a country club and rarely played golf. The parents were paying for things they didn’t use much.

What steps can be done to help money last longer?

  • Hire the services of a Daily Money Manager. They help control expenses with a solid budget & accountability for parents in retirement
  • Hire an estate attorney specializing in Asset Protection Trusts
  • Use an independent investment advisor to identify, and potentially reduce annual expense of the investments still available
  • Don’t leave your 401(k) behind at your previous job and ignore it. Time grows money!

If you need help with any of these, call Bill at 847.686.4800 or email [email protected]

Respectfully submitted,

Bill Ulivieri-Owner