Joe Anderson, CFP® and Alan Clopine, CPA start off YMYW podcast episode 88 with a quick discussion on potential tax changes under Trump. Plus, 12 ways you could go broke in retirement and put yourself at financial risk. Original publish date December 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
08:28 “There are things that you want to make sure that you take a look at in regards to your overall retirement planning and tax planning, [including] Roth IRA conversions.”
09:00 “Most tax planning strategies have to be finished before December 31st, so now is the season for tax planning.”
10:03 “There’s a lot of confusion about taxes and what may be coming in the next year with the Trump proposals and GOP proposals.”
13:59 “In terms of the Trump proposal – this is also true of the GOP proposal – it would only be three tax brackets, 12%, 25% and 33%.”
14:44 “Under the Trump plan, if you’re married and your taxable income is below $75,000 you’d be in a 12% bracket – if it’s above $75,000 then you’re going to move into the 25% bracket and by the time you hit $225,000 you get to 33%.”
15:00 “When you look at single taxpayers, it’s the same exact thing but cut in half.”
17:12 “One of the biggest things I [would consider] from a planning perspective at the end of this year would be if I’m charitably inclined.”
17:46 “Charitable donations are really important and big right now because if you are in a higher tax bracket this year or next year or in the next couple of years, you want to take that deduction in a year where you get more tax benefit. There is a way to take future year contributions in the current year and that’s by setting up a special account called a donor advised fund.”
23:49 “The amount of money that you have in stocks versus bonds has nothing to do with your age…it all depends on when you cash flow, how much income you need and how much it needs to last.”
27:08 “Multiple streams of income are better than one.”
33:53 “Long-term care – that’s going to be a big deal. Most of these companies are totally getting out of the business.”
Listen to the YMYW podcast:
Amazon Music
AntennaPod
Anytime Player
Apple Podcasts
Audible
Castbox
Castro
Curiocaster
Fountain
Goodpods
iHeartRadio
iVoox
Luminary
Overcast
Player FM
Pocket Casts
Podbean
Podcast Addict
Podcast Index
Podcast Guru
Podcast Republic
Podchaser
Podfriend
PodHero
Podknife
podStation
Podverse
Podvine
Radio Public
Rephonic
Sonnet
Spotify
Subscribe on Android
Subscribe by Email
RSS feed
IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
