Taxes will be one of your biggest enemies in retirement. Are you ready to face them head on? This episode focuses on how to potentially reduce your tax liability by implementing smart strategies and taking advantage of tax-free growth in your retirement accounts. Learn more about Roth IRAs, 401(k)s, the Section 121 Exclusion and much more. Don’t let taxes eat away at your savings – follow along as Joe and Al break it down & make sure to subscribe for new videos every week for more retirement tax planning.
0:57 “Taxes will take way more from you than probably any other expense in retirement. You have to have a forward-looking tax strategy”
3:32 “If you pay the least amount of tax in your overall income strategy, you can take significantly less risk”
5:28 “Here’s the rule if you had a rental and you’re converting it to a residence – you have to prorate your rental use, and as a result you don’t necessarily get all of the exclusion”
9:25 “If I sell my principal residence at a loss, I can deduct that loss on my tax return – the answer to that is false”
11:42 “I think it’s likely that they’ll (IRS) limit our ability to put money in a Roth, but as far as what’s in a Roth, I feel confident that it will stay tax-free”
16:27 “You can maneuver your taxes in such a way that you could avoid capital gains tax altogether”
17:25 “There’s another way to pay no taxes on your capital gains, and that’s with something called tax loss harvesting”
19:06 “Two things to consider when you look at a [Roth] conversion or the 401(k) contribution: there’s no AGI limitation; you can make as much as much as you want…there is no income limitation”
22:16 “The strategy is to have money in all three pools then figure out how much to pull out of each one. That’s how you get tax-efficient income in retirement”
24:07 “Roth IRA money is not ‘fun’ money; it is for your retirement that will grow tax-free!”
