Join experts Deb Meyer, a financial coach for parents, Sean Mullaney, a tax strategist for financial independence, and Doc G, a personal finance podcaster, as they unpack the intricacies of tax planning. They challenge the myth that poor tax planning can wreck retirements, while shedding light on essential strategies about Roth vs. traditional accounts. The trio discuss the 'tax torpedo' affecting Social Security, and provide a humorous take on historical tax evasion, making complex tax strategies accessible and entertaining for everyone.
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Tax Planning Importance
Consider current and future tax brackets when making financial plans.
Account for taxes in Roth contributions and conversions, especially for retirement.
insights INSIGHT
Taxes in Financial Planning
Taxes are embedded in all financial planning areas (investments, retirement, taxes themselves).
Tax planning offers opportunities, especially for those focused on financial independence.
insights INSIGHT
Tax Mistakes and Optimization
Overestimating the impact of tax mistakes is common.
Getting good advice and being thoughtful, rather than perfect, is key.
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Have you ever met someone whose retirement was wrecked by poor tax planning? While tax planning is essential, one big-named figure in the financial community who's a tax expert says that tax planning may be over-emphasized. But is it? Today, we're joined by experts Deb Meyer (Beyond Budgets podcast), Sean Mullaney (FI Tax Guy YouTube Channel), and the guy behind the Earn & Invest podcast, Doc G. Our financial experts will debunk common tax myths and provide actionable insights for a secure financial future. They'll explore the essential differences between marginal and effective tax rates, and you'll learn how effective tax planning can positively impact your retirement. Discover how to leverage tax calculators to avoid dreaded tax surprises and understand the nuances between Roth and traditional retirement accounts. Our enthusiastic experts bring humor and real-life examples into the mix, making complex tax strategies accessible to everyone, whether you're an entrepreneur or planning for retirement. In the second half of our discussion, we shift focus to practical financial advice. Discussions revolve around the temptation to overly optimize tax shelters and the importance of balancing tax efficiency and accessible funds. We cover concerns about the 'tax torpedo' affecting Social Security taxes and highlight the nuanced approaches required for better tax planning in an investor's journey. The insights shared aim to demystify tax planning for listeners, helping them shape sound financial strategies tailored to their personal circumstances.
At the midway point, we'll pause for Doug's trivia question, today focused on a BIG tax case: Al Capone's run-in with the IRS. We'll share stories about his untaxed empire and discuss Walt Disney's clever tax maneuvers. We think you'll laugh through valuable tips on diversifying tax statuses and recovering tax bases. Hopefully, you'll leave with a better grasp of maximizing your tax efficiency and preparing for a financially stable future.
The Stacking Benjamins Show