Putting Your Retirement Interests First
Putting Your Retirement Interests First

Episode · 10 months ago

Tax Tips and Strategies to Keep More of Your Money from Going to the Government

ABOUT THIS EPISODE

The government doesn't go away during your retirement years. In fact, many times they are more aggressive. Learn how you can plan today to lower your tax liabilities during your retiremnt years.

And welcome to the pudding, yourretirement interest, first podcast with financial export and never wone, Amazon,Best Elin author Robert Cannon, each episode features healthful insidepractical tips and reliable strategies to help make Yo retirement as enjoyableas possible for the next few minutes enjoyed listening as cohost BethanyeDilson tosks, with Robert Cannon about putting your retirement interests, for I am here with Robert Cannon. Robert isthe author of putting your retirement interests. First, it's a prioritizedapproach to protect your future and turn your dreams into a reality. Rober.Thank you so much again for joining me and sharing your thoughts and yourexpertise. I really appreciate it. Thank you absolutely so this week thethe fifth chapter of your book we're going to be going over the Tack Shield, so you describe in this chapter. Taxesis kind of being the time bomb of...

...retirement. So can you explain why thatis and and your experience do you find a lot of clients are kind of blindsidedby taxes, sure sure so? Just to imagine, I made a deal with you right. I saidYou ge you, you give me your money now and ten twenty thirty forty fifty yearsdown the road we're going to make a deal, I'm not going to charge you a lotin taxes, so you could take your money off yourtaxes and we'll make a deal down the road I'll charge. You small amount, buttrust me. It's not going to be a lot you're, basically making a deal withthe government you'R in partnership now with the IRS. This is the problem. Thisis the problem that people don't realize they can change the rules. They can change the rules at any pointand they just recently did...

...so right. Now, look historically right.Look at a tax chart what they used to charge you in taxescompared to what they charge you in now. Now, if you look at the the start, thecharts been doing this silly now. What what are we doing? WE'REPRINTING MONEY? We're printy money like you can'timagine so we're at I don'en. We have to check the charttwenty six trillion dollars. Okay, so we're printing money like this. We're charging t lower a mountain taxes,look at the chart, hi stori glows. Where do you think taxes are going togo hmmrealistically mathematically speaking, they have to go higher so now the government realized. You know wehave these baby boomers. We have this incredible amount of wealth in IRA's inthese form. One KS.

Where do you think they're going to gotax that money yeah? So now youe built up this incredible amount ofmoney that you got a tax benefit right? Thetax benefit of taking off your taxes. Now you en have to pay taxes Mo thatMone the myth. The premise right is in your retirement years, your tax ratewill be lower. Hopefully that's true, but you Gamlin.So what we do? We actually come out with a plan to make sure that that taxbomb in the future won't hit HMAND. We mitigate that and you mentioned thatthe government can change the rules at any point and you said that they justdid what what rule was that that they changed so the Careis Act. So if youhad inherited IRA used to be able tostretch it over your entire lifetime now as stresched over ten years Thouh,a lot of people are quate of guard with...

...that inhebited IRA. I get clients allthe time that they realize that the rules have just changed recentlyand now they have to make other plans with that money, but they were planningon using that money for different things, but now they have to be taps onit go they believe they were receiving they're going to receive less becausethey have to pay taps. Oh they go the pay tax and e going to receive lessmoney, so the tax planning is best to have a planvery early, not at the last minute people wait to the last minute and thenthey decide all. You know what I need to plan for my taxes. You need a plannow hm, so go ahead, yeah plan immediately,because if you don't plan now the IRS is going to plan for you anddon't think they're going to plan in your favor. I think gi it AI, morefavor,...

...so maybe for somebody that'that'slistening there thinking. Okay, I do need to plan now what are somepracticalstrategies to help him be in a good position going into retirement withwith their taxes. Super Simple one is a rough conversionIRA. The idea is very simple and it could besimple, but there's a lot of moving parts even with that, because theresdiversification eside, your wroth is diversications like the cash aspect of your taxes. So we have to look at yourcash, your tax, free, the diversfication deside both and make adetermination on how much we need to convert, and you know we'll walk youthrough that process and we'll adalyze it together figure out. You know howmuch you can bear in taxes, because you have to pay taxes on it. You you knowyou have to pay the Piper Right. Do you have...

...kind of in a storior and experiencethat you coan share of somebody that was blindsited by the timebomb ofretirement and how you help them or somebody that makes some good decisionswith their taxes yep? Actually, both Feh so ave, a young lady, Sixty Fi, bleve she', sixty four yearsold and she saved a lot of money. He's I'm really really well, but now she'ssitting in with over a million dollars in her IRA account so now she's goingto retire and she's going to have to start taking distributions right. Imean net RMDS ARMD Eso this seveny two now, but she would like to live offsome of that money and now he's realizing she's going to have to paytaxes, sowe're developing a plan now to mitigate that tax bom for her we're going to mitigate hertaxes- and you now don't know if we're...

...going to bring her down to zero whereshe wants to go but we'll definitely bring it down. You know a a lot andthat's with careful careful tax planing without ver CPA and tax strategist yeah,and what about somebody that made some good decisions and mean o haveanexperience wit, client. That's made some some solid choices. There P. Yes,we have a doctor, okay, who realized very early, really young smart doctor,and he came to US super early and said you know what I know I'm going to makea lot of money. I want to save money and I don't want to pay taxes down theroad. Let's come out with the plan now and let's be practive and put togethera plan that, in the future, my kids and my family will be secure and right now,wear really have an incredible tax plan for the for this guy were down the roadhe's going to be fine. Well, and I think you use a word I like, which isproactive. I think that's what this is...

...all about. It's making decisions,practivaly and making choices ahead of time, where you're not caught off guardlater in life, a great verse step to being proactive and making smartchoices. I think, is picking up a copy of your book. It's called E, puttingyour retirement interests. First, it's a priortized approach to protect yourfuture and turn your dreams into a reality. It's by Robert Cannon, you canpick up a copy on Amazon. BE SHOULD A go! Do that Robert? Thank you so muchfor talking with me. Thank you. APROR shoultdive, thanks for listening to the puttingyour retirement interest. First podcast with financial expert and number oneAmazon, Bestelin author Robert Cannon, to request a copy of Robert'sbestselling book or to have a conversation with him about yourfinancial future connect with Robert through his website cannon wealth,solutionscom.

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