Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient.
We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.
What we discuss on this episode:
1:17 – Thanksgiving plans
3:15 – Tax planning year-round
6:09 – Deductions you can take today
6:48 – Things that will help you in the future
7:46 – End of year tax planning
9:00 – Opportunities towards the end of the year
10:28 – How do taxes impact retirement?
11:55 – Taxes in the future
13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA?
15:27 – Mailbag: Can I catch up on my 401(k) and IRA?
More Resources:
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
Rethinking Longevity in Retirement Planning
10 Biggest Money Mistakes In Retirement Planning
Dismantling the Top Social Security Myths of 2023
Building a Spending Plan with the FaithFi App
Ep 89: Estate Planning Vs. Wealth Transfer
Ep 88: Fore Your Retirement - What Golf Teaches Us About Financial Planning
Ep 87: The Chessman Sponsorship Launch featuring Keyla Hernandez of Compassion International
Ep 86: Five Beneficiary Mistakes - Are You Accidentally Spoiling Your Retirement Plan?
Ep 85: Four Ways The SECURE Act 2.0 Might Impact You
Ep 84: Reaching Financial Contentment with Ron Blue
Ep 83: At the Intersection of Faith & Finance with Rob West
Ep 82: How Bonds Work - What Retirees Need To Know
Ep 81: Contribution Limit Changes for 2023
Ep 80: Making Smart Decisions During Major Life Events
Ep 79: 5 Common Questions People Asked When Forced Into Retirement
Ep 78: Warning Signs - How to Spot Problems in Your Financial Life
Ep 77: Tools to Help You Budget Better
Ep 76: Going Against the Grain
Ep 75: Smart Choices Wealth Management Solution
Ep 74: Smarter Giving at Compassion International with Jim Kirk
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast