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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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.

In this episode, Kyle and Kolin dive into the crucial topic of control in retirement planning. They discuss three aspects you can’t control, such as tax rates, inflation, and market volatility, and how to navigate these challenges effectively. They also explore three critical elements you can control, including withdrawal rates, risk management, and lifetime taxes.

Join us as we cover:

• Uncontrollable Factors: How future tax laws, inflation, and market volatility impact your retirement plan.
• Controllable Factors: Strategies for managing withdrawal rates, investment risk, and lifetime taxes to optimize your financial future.
• Proactive Planning: Why taking control now can significantly benefit your retirement and tax strategies.

Whether you’re preparing for retirement or already in it, understanding what you can and cannot control will equip you with the tools to build a resilient and rewarding retirement plan. Don’t let uncertainty hold you back—tune in and start planning your retirement with confidence.

Catch us every week for more insights and practical advice. If you enjoy the show, please like, rate, and review. For more resources and to start your retirement planning journey, visit retirereadyacademy.org and mocanwealth.com.

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.

In this episode of the Retire Ready Podcast, Kyle and Kolin dive into the common investment pitfalls that can derail your retirement planning. From the risks of confusing short-term and long-term investments to the dangers of letting emotions and media hype dictate your decisions, they cover essential strategies to help you stay on track. Tune in for practical advice and insights to keep your retirement plan robust and resilient.

In this episode, you’ll learn:

• Understanding Short-Term vs. Long-Term Money: Why distinguishing between these types of investments is crucial for managing risk and returns.
• Avoiding Election-Driven Investment Decisions: How political events and media fear-mongering can impact your investment choices and why staying informed is key.
• The Perils of Blindly Picking Stocks: Why random stock selection and following unverified tips can undermine your long-term investment success.
• The Mistake of Relying on Hope: How hoping for favorable market conditions isn’t a strategy and why a solid financial plan is essential.
• The Risks of Media Influence: Why relying on TV personalities or social media for stock advice can lead to poor investment outcomes.
• Emotions in Investing: The impact of emotional decisions on your investment strategy and how education can help mitigate these effects.
• Timing the Market vs. Staying Invested: Why trying to time the market can be detrimental and the benefits of long-term investment strategies.

Join us for actionable insights that will help you navigate the complexities of investment planning and move confidently towards a secure retirement.

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.

In this episode of the Retire Ready Podcast, hosts Kyle and Kolin delve into the crucial questions you need to consider before entering retirement. Whether you're planning to retire soon or just starting to think about it, this episode is packed with practical insights and advice to help you prepare.

The hosts cover seven essential questions, including:

1. When to Claim Social Security?
2. Planning for Healthcare and Unexpected Costs?
3. Managing Inflation and Economic Changes?
4. Tax Planning?
5. Generating Income in Retirement?
6. Assessing Your Savings Needs?
7. Creating a Legacy?

Join Kyle and Kolin as they break down these topics and provide actionable advice to help you navigate the complexities of retirement planning. Tune in to gain clarity on your retirement journey and ensure you're well-prepared for the future.

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.

Are you nearing retirement and wondering when to start claiming Social Security? In this episode, Kyle and Kolin dive deep into one of the most crucial financial decisions you'll make in retirement. They discuss:

Timing Your Claim: When is the best time to start claiming Social Security benefits? Should you take it early, at full retirement age, or delay for maximum benefits?
Impact of Other Factors: How do your cash needs, life expectancy, marital status, and employment status affect your decision?
Tax Implications: Understand how Social Security benefits are taxed and strategies to minimize your tax burden.
Strategic Planning: Learn about integrating Social Security with other retirement income sources, including IRAs, 401(k)s, and pensions, to optimize your overall financial plan.

Whether you're just two years out from retirement or planning for the future, this episode will provide valuable insights to help you make an informed decision about your Social Security benefits. Don’t miss out on these essential strategies to ensure you maximize your retirement income!

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.

Summary

The conversation discusses the importance of tax diversification in retirement planning. It explains the concept of tax diversification and how it can help individuals control their taxes over their lifetime. The conversation also explores the three tax buckets: non-qualified taxable money, tax-deferred money, and tax-exempt money. It emphasizes the need to spread out money across these buckets to optimize tax planning. The conversation further delves into strategies such as Roth conversions and tax gain/loss harvesting to maximize tax efficiency. It concludes by highlighting the benefits of tax diversification in reducing tax bills, maximizing Social Security benefits, and leaving a tax-friendly legacy.

Takeaways

• Tax diversification is an important aspect of retirement planning to control taxes over a lifetime.
• Spreading out money across different tax buckets, such as non-qualified taxable money, tax-deferred money, and tax-exempt money, can optimize tax planning.
• Strategies like Roth conversions and tax gain/loss harvesting can help maximize tax efficiency.
• Tax diversification can reduce tax bills, maximize Social Security benefits, and leave a tax-friendly legacy.
• Understanding the impact of tax rates, RMDs, and Social Security claiming strategies is crucial in tax diversification.

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.