July 24, 2025 • 9 mins
Greg Taylor, President of Legacy Retirement Group has the latest ways to save you money so you know where you stand for retirement
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Let's go over to the Legacy Retirement Group dot com
phone line from a Legacy Retirement Group. It's the founder,
Greg Taylor, joining us. Greg, it's been a minute. How's
the family. How are you guys doing all.
Speaker 2 (00:10):
We're doing great. We just got back off of vacation
and you know, settling into the summer and just enjoying
this beautiful weather.
Speaker 3 (00:18):
Yeah, good for you. Do you guys go anywhere exciting,
anywhere fun?
Speaker 2 (00:21):
We did. We took a Disney cruise to Alaska. It
was a blast. We had such a great time.
Speaker 3 (00:27):
Good for you.
Speaker 2 (00:27):
Awesome. Yeah, we saw some amazing things. So yeah, everything
was good at the Taylor House.
Speaker 3 (00:33):
Good. I'm glad to hear that.
Speaker 1 (00:34):
Yeah, we got back from an East Coast trip. We
did Cape Cod and did Boston and some places out
that way, and it's always good to get away, but
it's always good to get home too, So welcome back.
Speaker 3 (00:44):
Glad.
Speaker 1 (00:45):
You're glad you had a good, RESTful vacation. Wanted to
check in with you on a couple of different things.
Speaker 3 (00:50):
Greg.
Speaker 1 (00:50):
You know, we're in the middle of the year now,
it's July. People kind of starting to look ahead towards
the end of the year. And the holidays and what
they might be expecting when it comes to their personal
fun ants and looking towards twenty twenty six and one
of the big changes coming is, of course, the Big
Beautiful Bill is now law, and there's a number of
different components in that that can impact someone's financial planning.
Speaker 3 (01:16):
One of those tax rates and tax laws.
Speaker 1 (01:19):
I mean the law, the new Big Beautiful Bill law
permanently extends the Trump era tax rates, but also introduces
some temporary tax breaks through twenty twenty eight, federal tax
no federal tax on tips, and over time there's a
new senior deduction, the expanded State and local tax deduction.
So the question is for you is should you what
(01:41):
should you be paying attention to? Should you change your withholdings,
should you change your deductions? Should you pre pay state
taxes to minimize the salt deductions? What should people be
paying attention to when it comes to some of the
tax law changes coming.
Speaker 2 (01:55):
Well, the nice part is it's what we've been used
to for the past eight years. So when Trump came
into office back in twenty sixteen, he brought with him,
you know, those tax changes. So the the fifteen percent
rate went to twelve and the twenty five went to
twenty two and we've been used to that for eight
years and it was supposed to sunset at the end
(02:17):
of this year. So water relief for us to say, Okay,
now we don't have to worry about, you know, for
a for a normal everyday worker that's you know, trying
to make ends meat that was getting a twelve percent
tax rate, they don't have to worry about a twenty
percent increase. Yeah, that's a big, huge, that's huge, it
(02:38):
really is. The other part is they did increase the
standard deduction, so for an individual it's now fifteen thousand,
seven hundred and fifty dollars. For a married couple filing jointly,
it's thirty one thousand, five hundred dollars, So you know,
we get to you know, take that right off the top.
(03:00):
And then for seniors, uh twenty twenty five through twenty
twenty eight, they get a six thousand dollars additional deduction,
which is essentially supposed to cut out the tax they
would pay on their Social Security right right.
Speaker 1 (03:16):
So are you saying then then, because this is sort
of the old uh, you know, tax policies that have
been in place since sixteen that we really don't need
to make too many changes.
Speaker 2 (03:26):
No, But one thing I think we need to think
about is, you know, because I've been talking from the
rooftops on this thing about with these tax rates being low,
do we want to defer our tax till later or
do we want to pay our taxes now? I think
now more than ever, these you know, people that are
putting money into their four one ks or four to
(03:47):
three b's, or they're you know, four fifty seven defer comps,
they should really really looking out that raw option. Unless
they're in the thirty two, thirty five or thirty seven
percent brackets, twenty four percent or lower, look at that
ROTH option. Pay your taxes now, get tax free growth forever.
It's it's a good deal. Thirty two percent or higher. Okay,
(04:11):
Now we need to have a.
Speaker 1 (04:11):
Conversation so with and you know some of these other
speaking with Greg Taylor from Legacy Retirement Group by the way,
So with some of these these changes, should you shift
contributions to the iras the WROTH What about HSA's or
five twenty nine plans to optimize some growth and tax efficiency.
Speaker 2 (04:33):
Yeah. So I'm a big believer in the HSA. Why
because you get a tax deduction when you put it in,
you get to grow tax free and guess what to
use it for a qualified health expense. You get to
pull it out tax free too. It's the best thing ever,
So take definitely take advantage of that HSA. The five
twenty nine plan can now even be used for people
(04:55):
who are sending their children to you know, a cloak
or a private school, or maybe they're even homeschooling their children.
In many cases, those costs qualify. You know, you can
get the deduction to contribute to a five twenty nine
and then use that money for your homeschooling expense or
(05:18):
your private education. So those are things that people should
be paying attention to when it comes to the five
twenty nine and also the new Trump accounts. Do you
hear about those?
Speaker 3 (05:30):
I did?
Speaker 2 (05:32):
Yeah, So, if you have a child born between December
thirty one, twenty twenty four in January first, twenty twenty nine,
the government is going if you open the account, the
government's going to give you one thousand dollars. Now you
can't take it out right away, and the parents can
contribute up to five thousand dollars annually per child. Now,
(05:54):
the funds have to be invested in what they call
diversified index fund and they don't allow withdraws until the
child's eighteen. But the caveat here is if they're used
for qualified things such as education or purchasing a new home,
instead of paying ordinary income tax rates on that gain
over the time, you only pay long term capital gains
(06:17):
tax rates, which in many cases is going to be
much much lower.
Speaker 3 (06:20):
That is, that is that's free money, Greg.
Speaker 1 (06:23):
People if they're if you're you have a child, that is,
you'd be foolish not to take advantage of that.
Speaker 3 (06:29):
That is free money.
Speaker 2 (06:31):
Oh I love free money, just like the match with
your employer. Take advantage of that, take advantage of the
government money. If you're going to have a child anyway,
not you know, if the government's going to give you
a thousand dollars and you're having a child to get
the thousand, probably not going to make make out on
that deal over time.
Speaker 1 (06:49):
So we talked we've talked taxes, Greg, We've talked savings
for retirement. What about investing? I mean, when you look
at some of the items in the big beautiful bill,
some of the corporate tax rates have been lowered, some
of the bonus appreciations have been changed, the uh R
and D expensing has changed, some of the pass through
small business deductions have changed. So should you change your
(07:13):
investments and maybe go heavy into different sectors like technology
or manufacturing to take advantage of some of these tax
changes for corporate For corporations.
Speaker 2 (07:24):
Well, you know when it comes to sectors, that tends
to be a moving target, you know, because I would
say right now, things like AI are really have really exploded,
you know, technology innovation, uh you know, those sectors have
really exploded, especially you know since the end of last
(07:45):
year they've really taken off. And even things like consumer
debt companies like Visa and MasterCard and and things like that,
they've you know, they've done really really well. So you
have to look look at where things are at certain times,
and that's where you need someone that's watching it, that
(08:08):
can make adjustments when things change. They're looking at momentum,
they're looking at things like that to say, okay, this
sector is slowing down, maybe we need to start shifting over.
And it's an ever fluid mindset. Now you don't need
to be day trading, but you should be constantly having
someone focus on the shift in changes. Really, it's almost
(08:31):
like the wind, right, It shifts and then things change
and you need to adjust with them.
Speaker 1 (08:35):
Sure, and that's what you folks do, at LEAs your
retirement group is better than anybody. And you still encouraging
people to go to testmiretirement dot com and get a
quick snapshot of what their situation looks like.
Speaker 2 (08:49):
Yeah, because test my retirement dot com helps people understand
on their tax deferred accounts what the tax bill could
be later, and that can help you realize, you know,
maybe it does make sense pay taxes now instead of
wait till later. And each situation is different and definitely
not a one size fits all, but that can at
least give you an idea where you stand.
Let's go over to the Legacy Retirement Group dot com
phone line from a Legacy Retirement Group. It's the founder,
Greg Taylor, joining us. Greg, it's been a minute. How's
the family. How are you guys doing all.
Speaker 2 (00:10):
We're doing great. We just got back off of vacation
and you know, settling into the summer and just enjoying
this beautiful weather.
Speaker 3 (00:18):
Yeah, good for you. Do you guys go anywhere exciting,
anywhere fun?
Speaker 2 (00:21):
We did. We took a Disney cruise to Alaska. It
was a blast. We had such a great time.
Speaker 3 (00:27):
Good for you.
Speaker 2 (00:27):
Awesome. Yeah, we saw some amazing things. So yeah, everything
was good at the Taylor House.
Speaker 3 (00:33):
Good. I'm glad to hear that.
Speaker 1 (00:34):
Yeah, we got back from an East Coast trip. We
did Cape Cod and did Boston and some places out
that way, and it's always good to get away, but
it's always good to get home too, So welcome back.
Speaker 3 (00:44):
Glad.
Speaker 1 (00:45):
You're glad you had a good, RESTful vacation. Wanted to
check in with you on a couple of different things.
Speaker 3 (00:50):
Greg.
Speaker 1 (00:50):
You know, we're in the middle of the year now,
it's July. People kind of starting to look ahead towards
the end of the year. And the holidays and what
they might be expecting when it comes to their personal
fun ants and looking towards twenty twenty six and one
of the big changes coming is, of course, the Big
Beautiful Bill is now law, and there's a number of
different components in that that can impact someone's financial planning.
Speaker 3 (01:16):
One of those tax rates and tax laws.
Speaker 1 (01:19):
I mean the law, the new Big Beautiful Bill law
permanently extends the Trump era tax rates, but also introduces
some temporary tax breaks through twenty twenty eight, federal tax
no federal tax on tips, and over time there's a
new senior deduction, the expanded State and local tax deduction.
So the question is for you is should you what
(01:41):
should you be paying attention to? Should you change your withholdings,
should you change your deductions? Should you pre pay state
taxes to minimize the salt deductions? What should people be
paying attention to when it comes to some of the
tax law changes coming.
Speaker 2 (01:55):
Well, the nice part is it's what we've been used
to for the past eight years. So when Trump came
into office back in twenty sixteen, he brought with him,
you know, those tax changes. So the the fifteen percent
rate went to twelve and the twenty five went to
twenty two and we've been used to that for eight
years and it was supposed to sunset at the end
(02:17):
of this year. So water relief for us to say, Okay,
now we don't have to worry about, you know, for
a for a normal everyday worker that's you know, trying
to make ends meat that was getting a twelve percent
tax rate, they don't have to worry about a twenty
percent increase. Yeah, that's a big, huge, that's huge, it
(02:38):
really is. The other part is they did increase the
standard deduction, so for an individual it's now fifteen thousand,
seven hundred and fifty dollars. For a married couple filing jointly,
it's thirty one thousand, five hundred dollars, So you know,
we get to you know, take that right off the top.
(03:00):
And then for seniors, uh twenty twenty five through twenty
twenty eight, they get a six thousand dollars additional deduction,
which is essentially supposed to cut out the tax they
would pay on their Social Security right right.
Speaker 1 (03:16):
So are you saying then then, because this is sort
of the old uh, you know, tax policies that have
been in place since sixteen that we really don't need
to make too many changes.
Speaker 2 (03:26):
No, But one thing I think we need to think
about is, you know, because I've been talking from the
rooftops on this thing about with these tax rates being low,
do we want to defer our tax till later or
do we want to pay our taxes now? I think
now more than ever, these you know, people that are
putting money into their four one ks or four to
(03:47):
three b's, or they're you know, four fifty seven defer comps,
they should really really looking out that raw option. Unless
they're in the thirty two, thirty five or thirty seven
percent brackets, twenty four percent or lower, look at that
ROTH option. Pay your taxes now, get tax free growth forever.
It's it's a good deal. Thirty two percent or higher. Okay,
(04:11):
Now we need to have a.
Speaker 1 (04:11):
Conversation so with and you know some of these other
speaking with Greg Taylor from Legacy Retirement Group by the way,
So with some of these these changes, should you shift
contributions to the iras the WROTH What about HSA's or
five twenty nine plans to optimize some growth and tax efficiency.
Speaker 2 (04:33):
Yeah. So I'm a big believer in the HSA. Why
because you get a tax deduction when you put it in,
you get to grow tax free and guess what to
use it for a qualified health expense. You get to
pull it out tax free too. It's the best thing ever,
So take definitely take advantage of that HSA. The five
twenty nine plan can now even be used for people
(04:55):
who are sending their children to you know, a cloak
or a private school, or maybe they're even homeschooling their children.
In many cases, those costs qualify. You know, you can
get the deduction to contribute to a five twenty nine
and then use that money for your homeschooling expense or
(05:18):
your private education. So those are things that people should
be paying attention to when it comes to the five
twenty nine and also the new Trump accounts. Do you
hear about those?
Speaker 3 (05:30):
I did?
Speaker 2 (05:32):
Yeah, So, if you have a child born between December
thirty one, twenty twenty four in January first, twenty twenty nine,
the government is going if you open the account, the
government's going to give you one thousand dollars. Now you
can't take it out right away, and the parents can
contribute up to five thousand dollars annually per child. Now,
(05:54):
the funds have to be invested in what they call
diversified index fund and they don't allow withdraws until the
child's eighteen. But the caveat here is if they're used
for qualified things such as education or purchasing a new home,
instead of paying ordinary income tax rates on that gain
over the time, you only pay long term capital gains
(06:17):
tax rates, which in many cases is going to be
much much lower.
Speaker 3 (06:20):
That is, that is that's free money, Greg.
Speaker 1 (06:23):
People if they're if you're you have a child, that is,
you'd be foolish not to take advantage of that.
Speaker 3 (06:29):
That is free money.
Speaker 2 (06:31):
Oh I love free money, just like the match with
your employer. Take advantage of that, take advantage of the
government money. If you're going to have a child anyway,
not you know, if the government's going to give you
a thousand dollars and you're having a child to get
the thousand, probably not going to make make out on
that deal over time.
Speaker 1 (06:49):
So we talked we've talked taxes, Greg, We've talked savings
for retirement. What about investing? I mean, when you look
at some of the items in the big beautiful bill,
some of the corporate tax rates have been lowered, some
of the bonus appreciations have been changed, the uh R
and D expensing has changed, some of the pass through
small business deductions have changed. So should you change your
(07:13):
investments and maybe go heavy into different sectors like technology
or manufacturing to take advantage of some of these tax
changes for corporate For corporations.
Speaker 2 (07:24):
Well, you know when it comes to sectors, that tends
to be a moving target, you know, because I would
say right now, things like AI are really have really exploded,
you know, technology innovation, uh you know, those sectors have
really exploded, especially you know since the end of last
(07:45):
year they've really taken off. And even things like consumer
debt companies like Visa and MasterCard and and things like that,
they've you know, they've done really really well. So you
have to look look at where things are at certain times,
and that's where you need someone that's watching it, that
(08:08):
can make adjustments when things change. They're looking at momentum,
they're looking at things like that to say, okay, this
sector is slowing down, maybe we need to start shifting over.
And it's an ever fluid mindset. Now you don't need
to be day trading, but you should be constantly having
someone focus on the shift in changes. Really, it's almost
(08:31):
like the wind, right, It shifts and then things change
and you need to adjust with them.
Speaker 1 (08:35):
Sure, and that's what you folks do, at LEAs your
retirement group is better than anybody. And you still encouraging
people to go to testmiretirement dot com and get a
quick snapshot of what their situation looks like.
Speaker 2 (08:49):
Yeah, because test my retirement dot com helps people understand
on their tax deferred accounts what the tax bill could
be later, and that can help you realize, you know,
maybe it does make sense pay taxes now instead of
wait till later. And each situation is different and definitely
not a one size fits all, but that can at
least give you an idea where you stand.
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