Tag: Taxes

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!

Resources

Connect with John Mints:

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

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

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:

Connect with John Mints:

Top 10 Questions You Should Be Asking Your Advisor Right Now, Part One (Ep. 23)

Top 10 Questions You Should Be Asking Your Advisor Right Now, Part One (Ep. 23)

During times of a market downturn, people tend to reach out to financial advisors more often because of the added financial stress from the economy. 

In this episode, John Mints answers questions that you may have right now.

John discusses:

  • The definition of a fiduciary
  • Using the stress test to prepare yourself for anything that could happen
  • Is your retirement income protected?
  • Reducing retirement taxes efficiently
  • And more!

Resources

Connect with John Mints:

Saving Your Retirement Funds (Ep. 16)

Saving Your Retirement Funds (Ep. 16)

Congress is currently debating a $1.5 trillion spending bill. This new bill has a number of different tax provisions pertinent to those with IRAs, 401(k)s, Roth accounts and other retirement accounts.

In this episode, John Mints explains the details of this new bill that is being discussed in Congress. John explains the potential ramifications these changes could have on you.

John discusses:

  • How to potentially protect your retirement funds from being heavily taxed
  • An in depth analysis on the proposed tax bill 
  • The potential future of the Roth IRA
  • And more!

Resources

Connect with John Mints:

 

401(k) vs Roth IRA (Ep. 15)

401(k) vs Roth IRA (Ep. 15)

What is a Roth IRA, and why may it be the best option for you? When it comes to saving for your future, and with the current state of taxes, it’s important to look for solutions that could be the right fit for you.

In this episode, John Mints fills you in on some myths about 401(k)s and warns not to get trapped into paying unexpected taxes. He explains the importance of understanding which account is right for you and describes Roth IRAs. 

John discusses:

  • The best place to put your money given the current tax situation
  • Potential penalties when incorrectly withdrawing funds from your Roth IRA
  • The truth about 401(k)s 
  • And more!

Resources

  1. What Secrets? Part One
  2. What Secrets? Part Two
  3. Your Inheritance May Be In Danger

Connect with John Mints:

 

Your Inheritance May Be In Danger (Ep. 14)

Your Inheritance May Be In Danger (Ep. 14)

There are a few bills being discussed on Capitol Hill that involve trillions in spending. 

If you think this sounds too good to be true, you may be right. 

In this episode, John Mints shares his thoughts about these proposed bills. With this potential, increased government spending, this generation and future generations could be subject to increased taxes on inheritances and retirement plans.

John discusses:

  • The bills being discussed on Capitol Hill and how they may affect you
  • How these proposed changes could negatively impact us all
  • And more!

Resources

Connect with John Mints: