In this episode of 'Retire With Style', hosts Alex Murguia and Wade Pfau delve into the intricacies of tax planning for retirement. They introduce the Retirement Income Challenge, discuss the importance of understanding tax impacts on retirement income, and explore strategies such as Roth conversions and gains harvesting. The conversation also covers the evaluation of 401k versus Roth 401k contributions, maximizing charitable contributions through Qualified Charitable Distributions (QCDs), and addressing listener questions, providing valuable insights for effective retirement planning. Listen now to learn more!
Takeaways
- The Retirement Income Challenge helps participants assess their retirement readiness.
- Tax planning is crucial for maximizing retirement income.
- Roth conversions can be beneficial, but gains harvesting at 0% tax rate is also a viable strategy.
- Understanding the tax implications of income sources is essential for retirees.
- Qualified Charitable Distributions (QCDs) can significantly reduce tax bills for charitable donations.
- The TaxMAT calculator workshop will provide practical tools for tax planning.
- Evaluating 401k versus Roth 401k contributions requires understanding long-term tax impacts.
- Medical deductions can be affected by income levels and tax planning decisions.
- Effective tax planning can help avoid higher tax brackets in retirement.
- Engaging with listeners through questions enhances the podcast experience.
Chapters
00:00 Introduction to Retirement Income Challenge 02:58 Exploring Tax Planning Strategies 05:55 Understanding Tax Impacts on Retirement Income 09:11 Roth Conversions vs. Gains Harvesting 12:02 Evaluating 401k vs. Roth 401k Contributions 14:51 Maximizing Charitable Contributions and QCDs 27:46 Listener Questions and Wrap-Up
Links
Purchase access to Wade's Retirement Researcher Academy Workshop, Using Tax Maps to Enhance Tax Planning Decisions! Sign up now for one-time fee of $99 to attend the Workshop live on 2/19/25 and have on-demand access to the recording: https://Retirement-Researcher.ontralink.com/tl/500
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
Register to attend Retirement Researcher's FREE 4-Day Retirement Income Challenge on March 10-13th from 12:00 - 2:00 PM ET each day: https://risaprofile.com/podcast
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!