November 10, 2024
Wealth Management

Has Anyone Ever Gone Broke From Bad Tax Planning? (SB1589) » The Stacking Benjamins Show


Have you ever met someone whose retirement was wrecked by poor tax planning? While tax planning is essential, one big-named figure in the financial community who’s a tax expert says that tax planning may be over-emphasized. But is it? Today, we’re joined by experts Deb Meyer (Beyond Budgets podcast), Sean Mullaney (FI Tax Guy YouTube Channel), and the guy behind the Earn & Invest podcast, Doc G. The group explores the vital distinction between effective versus marginal tax rates and how they impact financial decisions, especially in retirement planning. They emphasize the importance of understanding one’s current and future tax brackets, addressing myths and realities around tax planning, and discussing strategies like Roth contributions or conversions and handling required minimum distributions (RMDs). The conversation also touches on the challenges faced by small business owners and the need for tax status diversification in the unpredictable landscape of tax laws and brackets to optimize financial outcomes effectively.

In the second half of our discussion, we shift focus to practical financial advice. Discussions revolve around the temptation to overly optimize tax shelters and the importance of finding a balance between tax efficiency and accessible funds. We cover concerns related to the ‘tax torpedo’ affecting Social Security taxes and highlight the nuanced approaches required for better tax planning in an investor’s journey. The insights shared aim to demystify tax planning for listeners, helping them shape sound financial strategies tailored to their personal circumstances.

Be sure to stick around for Doug’s tax evasion-related trivia, too!

RUN OF SHOW

  • Welcome to the Stacking Benjamin Show
  • Meet the Money Nerds
  • Tax Talk with Experts
  • Introducing the Guests
  • Beyond Budgets with Deb Meyer
  • Tax Nerd Hat On with Sean Mullaney
  • Effective vs Marginal Tax Rates
  • Tax Planning in Financial Plans
  • Tax Strategies for Entrepreneurs
  • The Importance of Tax Diversification
  • Doug’s Trivia!
  • Financial Nerds and Tax Concerns 41
  • Debating Tax Strategies and Investments
  • The Role of Annuities and Life Insurance
  • Podcast Highlights and Final Thoughts

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201

Enjoy!


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