Tag: Tax Planning

Facts vs. Feelings (Ep. 37)

Facts vs. Feelings (Ep. 37)

Is your financial plan written down? Or do you have a plan in mind but need something more solid? Your plan may need some changes based on current financial circumstances.

In this episode, John Mints explores the importance of creating a financial plan and the potential pitfalls of relying solely on Social Security for retirement. He reveals the need for a written financial plan, understanding one’s financial needs in retirement, and preparing for potential tax increases during retirement.

John and Patrice explore whether the following statements are facts or feelings:

  • 32.9 % of Americans aged 18 and older have no more than $100 in their savings account
  • Only 33 percent of Americans have a written financial plan
  • Can most retirees survive in retirement on Social Security alone?
  • Examining the belief that market crashes recover quickly
  • Will Medicare cover all your medical needs?
  • Will money coming from tax-sheltered retirement plans be taxed at rates lower than when you were working?

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Taxes In Retirement Part 3: Retirement Tax Strategies (Ep. 36)

Taxes In Retirement Part 3: Retirement Tax Strategies (Ep. 36)

Tax strategies are important not only for saving money but are particularly needed when it comes to retirement planning. These strategies play a pivotal role in determining how much money you’ll have at your disposal during your golden years. With effectively managing your taxes, you can potentially reduce the impact they have on your retirement account withdrawals, and ultimately enjoy a more financially secure and comfortable retirement.

In this episode, John Mints welcomes Wendy McConnell, the new producer and co-host of the Secrets of the Wealthy podcast. They finish the 3 part “Taxes in Retirement” series with a conversation about retirement tax strategies. John and Wendy talk about the importance of Roth IRAs and the potential benefits of converting to a tax-free bucket, and explain strategies for saving on taxes, such as donating directly from tax-deferred accounts and Roth conversions.

John covers:

  • A brief recap of parts 1 and 2 of Taxes In Retirement
  • Tax strategies for taxes in retirement
  • The misconceptions and lack of knowledge around Roth IRAs
  • What Qualified Charitable Distributions (QCD) are and how  to use them to potentially save money on future taxes 
  • How to reduce the impact of your future taxes with Roth conversions
  • And more!

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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)

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)

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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Tax Planning in Retirement Made Easy (Ep. 28)

Tax Planning in Retirement Made Easy (Ep. 28)

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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