#94 - How to Save on Taxes and Pay for Christmas

Welcome once again, to the only retirement focused show that gives you ME - Roger Whitney, the Retirement Answer Man. In this episode I’ve got a ton of great things to share with you - everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen!

 Would YOU like to get a free retirement plan done by THE Retirement Answer Man? 

One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to www.RogerWhitney.com/RPL

 A mutual fund mistake I made years ago that I want you to avoid! 

When I first started out as a retirement advisor - you know, way back before I was THE retirement answer man - a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry? Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was?  You’re going to hear it in this “true confession” time on this episode.

 You can save for Christmas by saving on your taxes. I’m going to show you how! 

The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer man I’m going to give you 3 ways that you can do that. Take a listen!

 A “S.M.A.R.T. Sprint” for the Thanksgiving season. 

I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff - as you’ll see from my examples - but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode.

 OK, so what’s with the “time traveling” reference? 

No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry, and all the other things that get into our heads and cause us to live anywhere but in the present. When we do that we actually make ourselves unhappy - because we’re focusing on things that we can’t do anything about. What I’m learning is that I can keep myself in the present moment, focusing on the things in my life that are going well, and keep myself from “time traveling” to those places that do nothing but bring harm to my life. Want to know more? You can, by listening to this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN 

• [0:29] Welcome - and Happy Thanksgiving!
• [0:39] A HUGE announcement - the 2nd edition of “Retirement Plan LIVE”
• [3:10] How you can connect with Roger to be considered as a candidate for the RPL.

JARGON TALK SEGMENT 
 

• [4:32] DEFINITION: Capital gains and dividend distributions.
• [6:47] Why you need to understand what these terms mean! 

HOT TOPIC SEGMENT

• [8:03] Christmas is right around the corner!
• [8:15] How would you like to have a free Christmas? It only takes some wise tax planning in many cases.
• [9:10] Review how you could offset your realized capital gains.
• [11:58] Contribute to a charity or make gifts to family to offset taxes.
• [12:41] Maximize your IRA contribution.

PRACTICAL PLANNING SEGMENT

• [13:06] Introduction of today’s guest: Emily Guy Birkin
• [13:25] What can people learn about retirement from Emily’s book?
• [14:42] Coming to terms with where you’re at in your retirement goals.
• [16:42] How does “dreaming big” figure into the retirement picture?
• [18:44] Learning how you are wired when it comes to money.
• [20:47] How your wiring can impact your close relationships.
• [23:58] The biggest retirement myths that impact how you plan for retirement.
• [25:47] The many aspects of retirement beyond saving and investing.
• [27:49] The reason great balance is needed in retirement planning.
• [28:49] 

TODAY’S SMART SPRINT SEGMENT

• [29:49] What lessons are you thankful for that came from bad things that happened?
• [30:43] The lesson Roger learned when his mother died young.
• [31:22] What Roger’s marriage problems taught him.
• [32:22] How almost bankrupting his family taught Roger good things.
• [33:21] Losing big clients taught Roger some great lessons.
• [34:04] The lesson learned when Roger hurt his back (numerous times). 

THE “BE HAPPY” SEGMENT

• [35:06] A concept Roger just “got” that is helping him become more happy.
• [35:38] “Stop Time Traveling?” What’s that all about?

RESOURCES MENTIONED IN THIS EPISODE
 
www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
Emily’s book: Choose Your Retirement