The Implications of Taxes in Retirement | Episode #1

Welcome to the first episode of "Assets & Taxes" In this podcast, we dive into the dynamic world of financial planning, tax strategies, investment, and retirement ideas! Think of assets and taxes as the yin and yang of your financial journey – you want your assets to grow and your taxes to shrink. Whether you’re an individual looking to maximize your wealth or a small-mid sized business owner navigating complex financial landscapes, our podcast brings you timely discussions, expert interviews, and actionable ideas and strategies. Join us as we explore how to make your money work harder, keep more of what you earn, and have a little fun along the way. In this episode, Asset Strategy Managing Director and Senior Financial Consultant Kent Fitzpatrick, AIFA®, GFS®, CBFA sits down with Asset Strategy Senior Financial Consultant David O’Brien, CFP®, CAIA® to talk about everything you need to know about the implications taxes have in your retirement. They discussed ERISA, 401k plans, IRAs, Social Security and Medicare, Roth IRA Conversion Strategies, Tax-Smart Distribution Strategies, Legacy and Estate Planning, and Qualified Charitable Distributions. BOOK A FREE DISCOVERY CALL WITH US: ⁠https://assetstrategy.com/contact/#AS_Discovery_Call⁠ WHERE TO FIND US: ⁠https://linktr.ee/assetstrategy⁠   (00:16) A Brief Overview of Asset Strategy (01:34) What You Can Expect With Assets & Taxes (02:15) What Will Be Discussed In This Episode (03:11) Episode Start (07:27) What Should Retirees Be Thinking About (09:00) Differences between a Roth IRA and Traditional IRA (10:25) IRA Contribution Example (12:06) What is a Backdoor Roth Conversion? (13:15) What are the 401(k) limits and what the pre and post tax options are (15:40) What is IRMAA and how to deduct taxes from it (18:27) How to do a partial conversion (20:05) What are the seven tax brackets? (22:20) SECURE 2.0 Act Changes (23:20) The Estate Tax (25:20) Qualified Charitable Distributions (27:00) Wrap-Up Because investor situations and objectives vary this information is not intended to indicate suitability or a recommendation for any individual investor. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance. Advisory Services are offered through Asset Strategy Advisors, LLC (ASA), an-SEC Registered Investment Advisor. Securities offered through registered representatives of Concorde Investment Services, LLC (CIS), member of FINRA/SIPC. Insurance Services offered through Asset Strategy Financial Group, Inc. (ASFG). ASA, CIS, and ASFG are independent of each other.