SHOW NOTES
In this episode, we tackle the often-overlooked topic of taxes in retirement with expert Erin Coe, an enrolled agent. Discover how to avoid unexpected penalties and interest on your IRA distributions and Roth conversions. We also share an inspiring retirement success story from Lottie, reminding us of the importance of clarity and simplicity in planning. Tune in for practical advice that will help you rock your retirement!
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- (00:00) Today Erin Coe joins Roger to talk through penalties and interest during retirement, what those things are.
ROCKIN’ RETIREMENT IN THE WILD
- (01:30) Lottie says she got caught up in ideas about the perfect retirement and it was getting in her way.
PRACTICAL PLANNING SEGMENT WITH ERIN COE
- (03:31) Today we're going to talk about penalties and interest when it comes to taxes.
- (04:52) Erin explains the difference between a tax penalty and interest.
- (11:14) Roger asked Erin how to calculate an estimated quarterly tax if not doing safe harbor?
- (13:55) Erin shares her tips on tax returns.
- (16:08) Being prepared is always better than being taken by surprise when it comes to taxes.
LISTENER QUESTIONS
- (16:40) Roger makes a correction on a past statement.
- (17:25) Jeff asks a question about the pie-cake explainer video.
- (20:30) Dave asks a question about helping his elderly mother with her finances.
- (26:11) Robert asks about getting two mortgages near retirement.
SMART SPRINT
(32:15) Over the next seven days, download the 1040 form and review how it applies to your retirement income. Decide whether you’ll handle taxes through estimated payments, safe harbor payments, or automatic withholdings from distributions.
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