#243: Discover smarter strategies to grow your wealth and create financial flexibility. We dive into when it makes sense to invest beyond retirement accounts, how to access savings early through Roth conversions and 72(t) distributions, ways to reduce taxes with HSAs, tax-advantaged accounts, and charity, and so much more.
Michael Kitces is the Head of Planning Strategy at Focus Partners Wealth, co-founder of XYPN and publisher of a continuing education blog for financial planners, Nerd’s Eye View.
Link to Full Show Notes: https://chrishutchins.com/smarter-savings-retirement-michael-kitces
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Resources Mentioned
Michael Kitces: Website | Focus Partners Wealth | XYPN
Blog Posts
The Four Phases Of Saving And Investing For Retirement
3 Types Of Retirement And Their Very Different Savings Strategies
Supplemental Saving In An HSA For Retiree Medical Expenses
IRA Aggregation Rule And Pro-Rata IRA Taxation
Effective Backdoor Roth Strategy: Rules, IRS Form 8606
Strategies For Maximizing (Or Minimizing!) Rule 72(t) Early Distribution Payments
Systematic Partial Roth Conversions & Recharacterizations
72t Distribution Calculator
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Full Show Notes
(00:00) Introduction
(00:53) Should You Max Out Your Retirement Accounts?
(05:08) Investing in Your Career as a High-Return Strategy
(09:55) Saving in a Taxable Account vs. Retirement Account
(13:40) Tax Advantages of a Retirement Account vs. Brokerage Account
(16:19) How to Think About Emergency Savings
(18:06) Choosing the Best Retirement Accounts
(24:21) Reimbursing Medical Expenses via HSA
(27:02) Evaluating the Core Retirement Accounts
(29:19) Nuances of the Backdoor Roth IRA
(30:53) Traditional vs. Roth IRA
(32:12) Why the Majority Shouldn’t Worry About Tax Brackets
(36:58) Roth Conversions in Low-Income Years (Sabbaticals)
(39:52) Consolidating and Managing Old 401(k)s
(42:05) Can You Access Retirement Funds via Roth Conversions?
(42:44) Why Michael Doesn’t Practice Roth Conversions Before Retirement
(45:36) The Rules for 72(t) Distributions
(48:35) Tackling the Account Sequencing Problem
(52:16) Leveraging Charity for Tax Deductions
(53:58) What Happens When You Leave Money to Your Kids
(1:00:43) Where to Find Michael, His Work and Services
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