Today, Kyle Hammerschmidt dives deep into the crucial topic of tax planning for retirement, focusing on Roth conversions, tax diversification, and essential strategies for those within 10 years of retirement. Tax planning is a vital, yet often overlooked, part of retirement preparation. By understanding how to manage your taxes effectively, you can save thousands and ensure you’re not leaving money on the table.

In this video, we’ll explore:

- Tax Diversification
- Roth Conversions
- Timing Roth Conversions
- Integrating Roth Conversions into Your Overall Strategy
- Potential Pitfalls to Avoid
- Bonus Section

By the end of this podcast, you’ll have a clear understanding of the five key aspects of tax planning that could significantly impact your retirement. Don’t let tax inefficiencies eat into your hard-earned savings—learn how to optimize your tax strategy today!

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👍 Like, Rate, and Review if you find this video helpful, and leave your questions or thoughts in the comments below!

Time Stamps:

00:43 - Introduction to Tax Planning and Its Importance
02:19 - Understanding Roth Conversions
04:32 - Timing Your Roth Conversions
06:49 - Integrating Roth Conversions into Your Tax Strategy
09:14 - Pitfalls to Avoid in Tax Planning
11:39 - Bonus Section: Roth Conversions After Age 73

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#taxplanning #RothConversions #RetirementPlanning #FinancialFreedom #retireready

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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.

This episode of Retire Ready with Kyle Hammerschmidt is your ultimate guide to maximizing Social Security benefits for married couples. Whether you’re approaching retirement or just starting to plan, you won’t want to miss these crucial strategies that could put thousands of extra dollars in your pocket.

In this episode, you’ll learn:

• Understanding Social Security Basics: How benefits are calculated based on your earnings record and what options are available for married couples.
• Spousal Benefits Explained: The ins and outs of claiming spousal benefits and how to potentially receive up to 50% of your spouse’s benefit.
• Effective Strategies: Key strategies like the "split strategy" and the benefits of having the lower-earning spouse claim first.
• Survivor Benefits: How to plan for survivor benefits and ensure financial security for the surviving spouse.
• Advanced Claiming Strategies: The "restricted application" for those who turned 62 by the end of 2015 and how it can benefit your long-term financial plan.
• Important Considerations: How to evaluate your full retirement age, health, and overall financial situation when planning your benefits.
• Common Pitfalls to Avoid: Mistakes to watch out for, such as not coordinating claiming strategies and the impact of continuing to work while receiving benefits.
• Action Steps: Practical steps to get estimates of your benefits and the value of consulting a financial advisor.
• Real-Life Example: A case study of John and Jane, showcasing how different claiming strategies can maximize lifetime benefits.

Listen now to discover how careful planning and strategic claiming can enhance your retirement security and ensure you and your spouse get the most out of Social Security!

Don’t forget to subscribe and leave us a review if you found this episode helpful. For personalized advice, consult with a financial advisor to tailor these strategies to your specific situation.

Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

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.

Welcome to the Retire Ready Podcast! In this episode, hosts Kolin and Kyle explore essential tips to avoid common retirement planning mistakes. Key topics include:

• Emotional Investing: How letting emotions drive your investment decisions can impact your long-term financial health.
• Social Security Timing: The consequences of claiming Social Security at the wrong time and how to make strategic decisions based on your overall plan.
• Estate Planning Essentials: Why having a comprehensive estate plan is crucial, regardless of your wealth level, and the key elements you need to include.
• Income Planning: The importance of having a detailed income strategy, understanding cash flow, and preparing for market fluctuations.

Tune in to gain practical insights and strategies for a secure and successful retirement. Don’t let common mistakes derail your plans—learn how to navigate your retirement journey with confidence!

Subscribe to The Retire Ready Weekly Newsletter
Get more information on The Retire Ready Academy
Looking for personalized financial planning? Visit our website

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.