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Paying Taxes Now vs Paying Taxes Later
Retire Ready with Kyle Hammerschmidt
English - May 20, 2024 20:00 - 25 minutes - 17.8 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, Kolin and Kyle discuss steps five and six of a tax-efficient retirement plan. Step five involves deciding whether to pay taxes now or later, considering factors such as income levels, deductions, and retirement account contributions. Step six focuses on the ongoing management of the plan, including diversifying income sources, maximizing Social Security, and adjusting strategies based on tax law changes. The episode highlights common mistakes to avoid, such as assuming lower taxes in retirement and withdrawing from retirement accounts in the wrong order.
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.