Marshall Johnson, a co-host specializing in retirement tax planning, delves into the implications of recent tax policy changes following the 2024 elections. He discusses how the Tax Cuts and Jobs Act is set to expire in 2026, impacting future tax rates. Johnson provides insights on navigating state and local taxes, estate tax planning, and strategic financial planning for retirees. He emphasizes the importance of staying informed to maximize retirement tax opportunities and shares advice for optimizing personal financial strategies.
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insights INSIGHT
Tax Reform History
The Republican Party's immediate priority in 2016, after gaining unified control, was tax reform.
This resulted in the Tax Cuts and Jobs Act (TCJA) of 2017, which aimed to simplify the tax system but ultimately made it more complex.
insights INSIGHT
TCJA and Expiration
The TCJA lowered tax rates but added complexity, with current tax brackets set to expire on December 31, 2025.
This expiration could lead to about a 20% tax increase, prompting discussions about potential extensions, amendments, or a return to pre-2017 tax codes.
insights INSIGHT
Trump's Negotiation Tactics
Trump's campaign trail proposals, like abolishing income tax and relying on tariffs, might be negotiation tactics rather than concrete plans.
He uses extreme positions to push the opposition off balance, similar to negotiating a lower price when buying a house.
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The Science of Retiring with Confidence; The Art of Living with Purpose
Casey Weade
Job Optional is a thoughtful and down-to-earth guide to retirement planning. The book offers unbiased, commonsense advice based on the author's experience as a retirement planning professional. It acts as a primer to the financial world, making complicated topics accessible, and provides a step-by-step guide to planning your own retirement. The book focuses on identifying a life purpose and creating a plan to organize assets efficiently to achieve that purpose. It covers various financial concepts, strategies, and terms, including purpose-based asset allocation, liquidity planning, income planning, growth planning, and estate planning. The author interweaves personal stories to make financial planning real and understandable, emphasizing that success is not just about money but about purposeful living.
With the 2024 presidential election now behind us, what does that mean for the future of tax policies, tax rates, and their impact on your lifelong savings?
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Retire With Purpose - The Retirement Podcast 