Tax Breaks for Retirees: How to Plan Like the Wealthy

In this episode, financial advisors and retirement planners Jim Martin & Casey Three-Point Bibb discuss how taxes can often be the largest expense for retirees and what can be done to mitigate their impact. The conversation covers common tax pitfalls, strategic use of tax-deferred accounts like IRAs and 401(k)s, and effective strategies such as Roth conversions, tax-efficient withdrawal plans, and Qualified Charitable Distributions (QCDs). The hosts provide actionable insights and highlight the importance of working with a tax-aware financial advisor. The show concludes with answers to listener questions about managing old 401(k)s and handling market volatility in retirement.

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00:00 Introduction to Retirement Taxes 01:10 Understanding Tax Pitfalls in Retirement 01:42 Welcoming Casey to the Show 02:38 The Reality of Tax Deferred Accounts 05:52 Strategies to Lower Your Tax Bill 06:04 Roth Conversions Explained 07:40 Tax Efficient Withdrawal Plans 09:57 Qualified Charitable Distributions (QCDs) 11:35 Harvesting Tax Losses 13:07 Common Financial Planning Mistakes 13:22 Strategic Filing for Social Security and Medicare 14:23 The Butterfly Effect in Financial Planning 15:48 Using Tax Calculators and Projections 18:11 Finding the Right Financial Advisor 20:13 Listener Q&A: Managing Old 401(k)s 22:09 Listener Q&A: Market Volatility Concerns 23:14 The Three Pointer Story 24:32 Conclusion and Final Thoughts

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