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.

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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.

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.