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Maximizing Retirement Spending & Minimizing Your Overall Tax Bill
Retire Ready with Kyle Hammerschmidt
English - May 10, 2024 13:00 - 20 minutes - 13.9 MB - ★★★★★ - 1 ratingInvesting Business News Business News retirement mokan financial planning retirement plan retire ready kansas ira 401k roth Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Summary
In this episode, Kyle and Kolin discuss steps three and four of a tax-efficient retirement plan. Step three focuses on understanding the order of withdrawals, which involves categorizing money by tax impact and developing a withdrawal strategy. The goals of a withdrawal strategy include maximizing retirement spending, minimizing taxes, enhancing portfolio longevity, reducing long-term tax bills, and eliminating or reducing taxes on Social Security benefits. Step four involves understanding tax bracket capacity and planning for tax-efficient withdrawals. The hosts provide examples and case studies to illustrate these concepts.
Takeaways
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Disclosure: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This podcast is intended for educational purposes only. Nothing in this podcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. MOKAN Wealth Management is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.