Retirement planning is full of unknowns, from how long you’ll live to how much you’ll spend. But according to Grant Cardone, there’s one threat that could quietly sabotage your future: taxes. Up Next: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth For You: 5 Clever Ways Retirees Are Earning Up To $1K Per Month From Home Here’s why the private equity fund manager and real estate investor believes that taxes can easily derail your retirement plans. Why Future Tax Rates Could Crush Your Nest ...

Core Insights - Many Americans overlook taxes as a significant expense, which can skew financial planning priorities [3][4] - On average, Americans pay 29.2% of their income to federal, state, and local taxes, with some paying between 25% and 40% [4][5] - Investing in income-generating assets, such as real estate, can help reduce tax burdens and build wealth [5][6] Tax Awareness - Grant Cardone emphasizes the importance of recognizing taxes as the largest expense for most Americans [3][4] - Many individuals focus on visible expenses like rent and food, neglecting the impact of taxes on their overall budget [4][5] Wealth Building Strategies - To create a wealth plan, the focus should be on strategies to reduce taxes, as they represent a significant financial drain [5] - Wealthy individuals often utilize tax write-offs associated with real estate investments, unlike stocks or cryptocurrencies [6]