In Episode 77 of Accessible Finance, we tackle a pressing question: 'How do I reduce my tax bill before I retire?' Eric and Rachael discuss critical strategies for those nearing retirement, including deferring income, maximizing pre-tax contributions, leveraging donor-advised funds for charitable giving, and planning Roth conversions. They delve into the importance of preparing for retirement well in advance, ideally five years prior, and touch upon key concepts like marginal effective tax rates, RMDs, and more. Tune in to learn how to set yourself up for a secure and tax-efficient retirement.
00:00 Introduction to Episode 77
00:38 Deferring Income Before Retirement
02:41 Maximizing Charitable Contributions
07:03 Planning for Roth Conversions
09:14 Understanding Marginal and Effective Tax Rates
11:28 Avoiding Tax Cliffs and Hidden Landmines
14:33 Required Minimum Distributions (RMDs) Explained
17:17 The Importance of Early Financial Planning
19:28 Conclusion and Contact Information
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