#243: Discover smarter strategies to grow your wealth and create financial flexibility. We dive into when it makes sense to invest beyond retirement accounts, how to access savings early through Roth conversions and 72(t) distributions, ways to reduce taxes with HSAs, tax-advantaged accounts, and charity, and so much more.
Michael Kitces is the Head of Planning Strategy at Focus Partners Wealth, co-founder of XYPN and publisher of a continuing education blog for financial planners, Nerd’s Eye View.
Link to Full Show Notes: https://chrishutchins.com/smarter-savings-retirement-michael-kitces
Partner Deals
Mercury: Help your business grow with simplified finances
Oceans: Best proactive global talent to level up your work and life
OpenPhone: 20% off the first 6 months of your own business phone system
DeleteMe: 20% off removing your personal info from the web
Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth
For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals
Resources Mentioned
Michael Kitces: Website | Focus Partners Wealth | XYPN
Blog Posts
72t Distribution Calculator
ATH Podcast
Full Show Notes
(00:00) Introduction
(00:53) Should You Max Out Your Retirement Accounts?
(05:08) Investing in Your Career as a High-Return Strategy
(09:55) Saving in a Taxable Account vs. Retirement Account
(13:40) Tax Advantages of a Retirement Account vs. Brokerage Account
(16:19) How to Think About Emergency Savings
(18:06) Choosing the Best Retirement Accounts
(24:21) Reimbursing Medical Expenses via HSA
(27:02) Evaluating the Core Retirement Accounts
(29:19) Nuances of the Backdoor Roth IRA
(30:53) Traditional vs. Roth IRA
(32:12) Why the Majority Shouldn’t Worry About Tax Brackets
(36:58) Roth Conversions in Low-Income Years (Sabbaticals)
(39:52) Consolidating and Managing Old 401(k)s
(42:05) Can You Access Retirement Funds via Roth Conversions?
(42:44) Why Michael Doesn’t Practice Roth Conversions Before Retirement
(45:36) The Rules for 72(t) Distributions
(48:35) Tackling the Account Sequencing Problem
(52:16) Leveraging Charity for Tax Deductions
(53:58) What Happens When You Leave Money to Your Kids
(1:00:43) Where to Find Michael, His Work and Services
Connect with Chris
Newsletter | Membership | X | Instagram | LinkedIn
Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Learn more about your ad choices. Visit megaphone.fm/adchoices
All the Hacks with Chris Hutchins