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Taxes In Retirement Part 2: Are You Retiring to a Lower Tax Bracket? (Ep. 35)

Taxes In Retirement Part 2: Are You Retiring to a Lower Tax Bracket? (Ep. 35)

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Americans are depleting their excess savings, credit card debt has reached a record high, and student loan payments will resume soon. 

In the previous episode, John Mints discussed the reality of our Government’s spending problem and the complexity of the tax code.

In this episode, he dives further into the Tax Cuts and Jobs Act of 2017 and its effects on individuals and corporations. With the high probability of taxes rising in the future, and most people remaining in the same or higher tax brackets in retirement, he explains the need for proper tax-planning strategies to avoid paying excessive taxes.

John discusses:

  • The impact of the Tax Cuts and Jobs Act of 2017 on individuals and corporations
  • The expiration of temporary tax cuts in the near future and the myth of retiring to a lower tax bracket
  • What we can learn from the history of tax rates
  • The unsustainability of the current debt-to-GDP ratio
  • The only two possible solutions to solve our nation’s debt-to-GDP ratio problem and their implications
  • The importance of proactive tax planning
  • And more!

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Taxes In Retirement Part 1: Plan For Your Taxes (Ep. 34)

Taxes In Retirement Part 1: Plan For Your Taxes (Ep. 34)

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What will taxes in retirement look like? They’ll likely be your largest expense. That’s why we’re dedicating a series to it!

In this episode, John Mints introduces a new series about taxes in retirement. He emphasizes the significance of maintaining financial balance during this phase of life and discusses the impact of the Secure Act on tax distribution and required minimum distributions. Additionally, John expresses concerns about the national debt and government spending.

John discusses:

  • How the complexity of taxes makes tax planning even more important in retirement
  • The impact of the Secure Act on tax distribution and RMDs
  • The government’s handling of the revenue problem and national debt
  • Why prioritizing financial well-being is so important
  • And more!

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What Does a Balanced Retirement Look Like? (Ep. 33)

What Does a Balanced Retirement Look Like? (Ep. 33)

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Suppose you were 65 years old, won the lottery, and had sufficient funds to support your desired lifestyle, cover any potential future needs, and leave behind a satisfying inheritance.  Would you continue working?

Would you put all of your assets in investments that are at risk of losing value?

In this episode, John explains the importance of having a balanced retirement portfolio. He illustrates this with the example of balancing three buckets: market risk, liquidity/income, and tax risk.

John discusses:

  • The need for a balanced income distribution plan
  • How taxes, social security, and Medicare play into your portfolio planning 
  • The complexity of retirement planning and the significance of working with someone who can help put all the pieces of the puzzle together
  • The three buckets you need to look to when managing your portfolio for retirement
  • And more!

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The Fate of Social Security and Planning Secrets with Jeremy Pillow (Ep. 32)

The Fate of Social Security and Planning Secrets with Jeremy Pillow (Ep. 32)

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Traditional retirement plans focus on three parts: Pension, Social Security and assets. Now clients require an alternative as retirement income options are changing.

In this episode, John Mints is joined by Jeremy Pillow, Senior Associate with Biltmore Financial, to discuss Social Security and why clients’ retirement plans require strategies beyond one source of income. They explore examples of Social Security reliance failing and how they have helped clients find modern strategies.

John and Jeremy discuss:

  • The problem with Social Security in future retirement plans
  • Strategies to optimize Social Security
  • Complications that arise from relying solely on Social Security
  • Alternative ways to generate income outside of Social Security
  • And more!

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About our Guest:

As a Senior Associate of the Biltmore Financial Services Team, Jeremy Pillow drives much of the planning and follow up involved in the client advisory process. Areas of focus include net-worth management, asset protection, estate strategies, education planning, and tax-advantaged strategies. He also helps retirees plan for consistent and predictable streams of income. In addition, Jeremy is constantly finding ways for the team to best utilize technology in an effort to make the planning process as clear and simple for clients as possible.

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Harvesting in Mansfield’s Mission to Help Families in Need with Lisa Richardson (Ep. 31)

Harvesting in Mansfield’s Mission to Help Families in Need with Lisa Richardson (Ep. 31)

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1 in 4 families in Texas doesn’t receive enough food on a daily basis, yet many are too embarrassed to seek help from food banks.

In this episode, John Mints speaks with Lisa Richardson, the CEO of Harvesting In Mansfield Ministry Center, Inc. about her work providing groceries and nutrition to people in need. She also discusses the growth and value of her business philosophy, the reach of Harvesting to other counties in Texas, and shares some recent stories of families she has helped.

Lisa discusses:

  • How she helps folks in need with groceries and nutrition
  • Why it’s harder for people to return the second time than it is to go the first time
  • Why her business philosophy and growth in reach are valuable to the community
  • How rising food costs have created new challenges for families and H.I.M.
  • A few recent stories of the families they have helped
  • And more!

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About our Guest:

Lisa Richardson is the CEO of Harvesting International Ministry Center, Inc. She grew up in Mansfield, where her family still resides and was a graduate of Mansfield High School.

Lisa has 17 years of non-profit/grant writing experience and 25 years of experience in the corporate government contracting industry.  Operations, fundraising and community outreach are her strong suits and will help The HIM Center continue to impact the community.

Lisa has been married for 30 years to her amazing husband, Stewart, and they have one son, Tyler who is in the criminal justice field.

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The Power of Measuring Progress: How Tracking Your Habits Can Help You Achieve Your Goals (Ep. 30)

The Power of Measuring Progress: How Tracking Your Habits Can Help You Achieve Your Goals (Ep. 30)

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Do you struggle with sticking to new habits or achieving your goals? Maybe you just need to start measuring your progress. 

According to a study by the American Psychological Association, frequently monitoring progress towards your goals can increase your chances of success. 

In this episode, John Mints shares his 75-day commitment to developing new habits, and how the power of measuring progress has helped him stay accountable and achieve his goals.

John discusses:

  • How measuring progress towards goals increases the chance of success
  • Why measuring activity is essential before setting a goal
  • Why accountability is crucial to achieving goals, and how an accountability journal can help measure progress and ensure consistency
  • And so much more

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2023’s New Years Resolution: Protect My Retirement (Ep. 29)

2023’s New Years Resolution: Protect My Retirement (Ep. 29)

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Have you made your 2023 New Year’s resolutions yet? If you’re approaching retirement or are already retired, one of your resolutions should be to protect your assets.

In this episode, John Mints emphasizes the importance of taking the time to protect your finances, investments, and ultimately, your lifestyle in retirement. He compares the current market to previous years and provides some insights on why you want to focus on protecting right now.

John discusses:

  • Why investors, pre-retirees, and retirees need to protect right now
  • Why some people wait so long to protect their finances
  • Examples of how you can protect your investments and finances
  • How to decide if you should be protecting your assets right now
  • And more!

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Tax Planning in Retirement Made Easy (Ep. 28)

Tax Planning in Retirement Made Easy (Ep. 28)

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Taxes are on everyone’s mind these days. One of Biltmore Financial’s three core pillars is tax planning and management, and we have a secret to share about it.

In this episode, John shares the details about the one-of-a-kind tax planning and tax management software Biltmore Financial uses to serve their clients. He explains how this technology is helping their clients potentially save money in tax dollars.

John discusses:

  • What this tax planning software is, what it does, and how it’s used to benefit clients
  • How the tax planning tool has helped build trust with clients
  • The type of technology this software uses to ensure the accuracy of data 
  • What safety measures are in place to protect clients’ confidential information
  • And more!

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The Secret to Avoid Overpaying Your Property Taxes With Francis Kafor (Ep. 27)

The Secret to Avoid Overpaying Your Property Taxes With Francis Kafor (Ep. 27)

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Did you know you can appeal the property tax assessment from the county appraisal district? Many property owners don’t.

As a result, they end up overpaying in property taxes.

In this episode, John Mints speaks with Francis Kafor, property tax consultant at Texas Tax Protest, about the process of filing a protest for your property taxes.

Francis discusses:

  • Why there is nothing to lose even if you protest your property tax every year
  • The benefits of seeking professional help instead of protesting taxes on your own
  • What sets Texas Tax Protest apart from other tax consulting firms
  • How business personal property (BPP) owners can avoid paying a 10% penalty
  • And more!

Resources: 

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About our guest:

Francis Kafor, a former Texas Registered Professional Appraiser (RPA) is one of our lead commercial specialists. He is a real property valuation expert with several years of diverse experience in ad valorem mass appraisal, property tax consulting, tax research, and valuation. His specialized knowledge and multi-state experience cover a wide range of industries and property types.

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A Review of The Inflation Reduction Act of 2022 (Ep. 26)

A Review of The Inflation Reduction Act of 2022 (Ep. 26)

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The new Inflation Reduction Act of 2022 comes as a promise to reduce the high inflation that the country is currently experiencing.

However, do we know if this bill could achieve its intended objectives?

In this episode, John Mints outlines the new Inflation Reduction Act and why it could significantly raise taxes and potentially have no effect on controlling inflation. In addition, he stresses the importance of being prepared for tax increases, especially during retirement.

John discusses:

  • A summary of the Inflation Reduction Act bill and how much it could affect inflation
  • Why consumer spending is not slowing down despite high inflation
  • Why everyone might have to be prepared for a tax raise
  • What baby boomers could do to avoid excess taxation and running out of money in retirement  
  • And more!

Resources:

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The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Biltmore Financial Services Inc. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.