In this episode, financial advisors and retirement planners Jim Martin & Casey Three-Point Bibb discuss how taxes can often be the largest expense for retirees and what can be done to mitigate their impact. The conversation covers common tax pitfalls, strategic use of tax-deferred accounts like IRAs and 401(k)s, and effective strategies such as Roth conversions, tax-efficient withdrawal plans, and Qualified Charitable Distributions (QCDs). The hosts provide actionable insights and highlight the importance of working with a tax-aware financial advisor. The show concludes with answers to listener questions...
In this episode, financial advisors and retirement planners Jim Martin & Casey Three-Point Bibb discuss how taxes can often be the largest expense for retirees and what can be done to mitigate their impact. The conversation covers common tax pitfalls, strategic use of tax-deferred accounts like IRAs and 401(k)s, and effective strategies such as Roth conversions, tax-efficient withdrawal plans, and Qualified Charitable Distributions (QCDs). The hosts provide actionable insights and highlight the importance of working with a tax-aware financial advisor. The show concludes with answers to listener questions about managing old 401(k)s and handling market volatility in retirement.
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00:00 Introduction to Retirement Taxes
01:10 Understanding Tax Pitfalls in Retirement
01:42 Welcoming Casey to the Show
02:38 The Reality of Tax Deferred Accounts
05:52 Strategies to Lower Your Tax Bill
06:04 Roth Conversions Explained
07:40 Tax Efficient Withdrawal Plans
09:57 Qualified Charitable Distributions (QCDs)
11:35 Harvesting Tax Losses
13:07 Common Financial Planning Mistakes
13:22 Strategic Filing for Social Security and Medicare
14:23 The Butterfly Effect in Financial Planning
15:48 Using Tax Calculators and Projections
18:11 Finding the Right Financial Advisor
20:13 Listener Q&A: Managing Old 401(k)s
22:09 Listener Q&A: Market Volatility Concerns
23:14 The Three Pointer Story
24:32 Conclusion and Final Thoughts
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