Tailoring Your Financial Jersey for a Perfect Retirement Fit

Imagine your retirement plan as a sports jersey, customized just for you. Today, we're exploring how every detail from numbers to names can define your financial future.

 

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Transcript: 

 

Marc Killian:

Imagine your retirement plan as a sports jersey, customized just for you. Well, today we're going to explore how every detail, from numbers to names, can define your financial future, here, on Plan With The Tax Man.

 

Speaker 2:

Look up in the sky.

 

Speaker 3:

It's a bird.

 

Speaker 4:

It's a plane.

 

Speaker 5:

No, it's the tax man. He may not be a superhero, but Tony Mauro has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for Plan With The Tax Man.

 

Marc Killian:

Hey, everybody, welcome into the podcast, Tony Mauro and myself here to talk about tailoring your financial jersey for the perfect retirement fit. How's that for a little metaphor? Action going on? Tony and I are going to have some fun. It's preseason football time, and so I figured, hey, what the heck, right? Let's have a good conversation about this kind of stuff, Tony. And people are getting excited, geared up for the new sports seasons coming around. Hockey will be back. I'm a hockey fan. So, hockey will be back in about two months. So, why not? We'll have a little fun with this stuff. How you doing, my friend?

 

Tony Mauro:

I've been good. We're approaching the end of summer here, so state fair time here, and everybody knows that everybody goes out and has fun at that, but then everybody gets into the fall mode. So I figure, yeah, like you, football season around the corner, college football for us here, and everybody gets excited this time of year.

 

Marc Killian:

Yeah, yeah. We're taping this second week of August, I guess. So, we'll be dropping this this week, I believe. Yeah. So, it's right around that time. College football, professional football's about to hit us. Like I said, several other sports will be back soon. So, good stuff. Of course, baseball's obviously going. Seems like baseball goes forever anyway.

 

Tony Mauro:

Forever.

 

Marc Killian:

But let's have a little fun with this analogy, Tony. So, every jersey, well, has a number, I guess, unless... Well, wait, the Yankees don't have names, right?

 

Tony Mauro:

No.

 

Marc Killian:

But they have their numbers, right?

 

Tony Mauro:

Yeah. Numbers, no names. Yeah.

 

Marc Killian:

All right. So in some sports, though, the jersey number is dictated by the position you play, or at least it used to be. I still have trouble sometimes with some of the football stuff nowadays. It used to be linemen only wore certain numbers, like fifties, sixties, seventies, that kind of thing. And quarterbacks were always 19 and below, kickers, punters. But it's gotten a little looser, I guess, with the restrictions on some of that stuff nowadays.

 

I think some of the players, when they came from college, where I don't think those rules applied as much, I think they were really adamant about keeping their number if it was particularly lucky for them or whatever. So, therefore, they wanted to keep it, right? You might have a wide receiver that's a number two, even though that didn't used to be the norm. They used to be... Mostly, all receivers were in the eighties, right?

 

Tony Mauro:

Yep.

 

Marc Killian:

That was the norm for that position. Anyway, so if you've got numbers tied to the jerseys, well, you're probably definitely going to have numbers tied to