In Episode 77 of Accessible Finance, we tackle a pressing question: 'How do I reduce my tax bill before I retire?' Eric and Rachael discuss critical strategies for those nearing retirement, including deferring income, maximizing pre-tax contributions, leveraging donor-advised funds for charitable giving, and planning Roth conversions. They delve into the importance of preparing for retirement well in advance, ideally five years prior, and touch upon key concepts like marginal effective tax rates, RMDs, and more. Tune in to learn how to set yourself up for a secure and tax-efficient retirement.

00:00 Introduction to Episode 77

00:38 Deferring Income Before Retirement

02:41 Maximizing Charitable Contributions

07:03 Planning for Roth Conversions

09:14 Understanding Marginal and Effective Tax Rates

11:28 Avoiding Tax Cliffs and Hidden Landmines

14:33 Required Minimum Distributions (RMDs) Explained

17:17 The Importance of Early Financial Planning

19:28 Conclusion and Contact Information

In episode 76 of Accessible Finance, we break down the three tax buckets: taxable, tax-deferred, and tax-free accounts. Discover how each impacts your taxes, flexibility, and financial planning. Learn the pros and cons of each account type and why having a balanced mix across all three buckets is essential for strategic withdrawals and minimizing tax liabilities. Join us as we dive into the details, share personal anecdotes, and provide actionable advice for optimizing your finances.

Have questions? Email us at [email protected].

00:00 Introduction and Listener Request

00:19 Understanding the Three Tax Buckets

03:34 Deep Dive into Taxable Accounts

07:02 Exploring Tax Deferred Accounts

09:20 The Benefits of Tax Free Accounts

10:59 Qualified Distributions and Roth Benefits

11:29 Tax Arbitrage and Visual Explanation

12:35 Impact of Tax Brackets on Retirement

13:00 Roth Conversions and Tax Strategies

16:45 Importance of Diversifying Retirement Accounts

20:11 Strategic Withdrawal Strategies

21:51 Conclusion and Viewer Engagement

In episode 75 of Accessible Finance, we address an emotional and critical listener question from someone who has recently lost a spouse and feels overwhelmed with financial decisions. The discussion covers key initial steps such as pausing big decisions, getting organized, securing income sources, and the importance of involving trusted financial professionals. We discuss the tax implications of going from married filing jointly to single, handling RMDs, updating beneficiaries, and social spending's impact on well-being. Tune in for expert advice and insights aimed at helping those navigating this challenging time.

00:00 Introduction and Listener Question

00:56 Initial Steps After Losing a Spouse

01:55 Organizing Financial Documents

02:37 Dealing with Scammers and Predatory Behavior

05:47 Tax Implications and Financial Planning

07:02 Meeting with a Financial Professional

14:23 Adjusting Beneficiaries and Budget

16:11 Social Spending and Emotional Well-being

18:19 Key Takeaways and Final Advice

🎙️ Episode 74: Navigating Your Retirement in a Down Market Are you planning to retire but worried about the market downturn? Is it wise to push on or is waiting the better option? In this episode, Rachael and Eric tackle one of the toughest questions facing soon-to-be retirees: the market’s impact on your retirement timeline.

Key Highlights:Should you retire now or delay? Discover the decision-making frameworks that can help you weigh the risks and benefits of retiring in a bear market.

What does your shortfall look like? Eric dives into understanding the gap between your fixed income and your retirement spending needs.

How flexible is your spending? Rachael shares strategies on variable spending levels to make your retirement plan resilient to market fluctuations.

Interested in retirement strategies during volatile times? Listen to get invaluable insights that could help you navigate these uncertain times with confidence.

Got questions or stories about retiring during a market downturn? Email us at [email protected]. We are here to help!

👉 Listen now to arm yourself with the knowledge to make a sound retirement decision.

In episode 73 of Accessible Finance, hosts dive into a detailed listener question about retirees with pension plans. They discuss the implications of the Windfall Elimination Provision (WEP) ending, its impact on social security benefits, and the Government Pension Offset (GPO). The episode explores strategies for pension holders, including whether teachers should work summer jobs to earn social security credits. Key insights and advice are provided for optimizing retirement benefits and understanding the importance of social security contributions in light of these policy changes.

00:00 Introduction and Listener Question Overview

01:39 Understanding the Windfall Elimination Provision (WEP)

03:53 Explaining the Government Pension Offset (GPO)

07:46 Impact of WEP and GPO Elimination on Benefits

08:45 Advice for Teachers with Pension Plans

12:12 Social Security Credits and Optimal Strategies

13:58 Understanding Social Security Credits for Teachers

14:45 Evaluating Summer Jobs for Social Security Benefits

16:10 The Importance of Social Security Contributions

17:40 Checking Your Social Security Credits

18:37 Deciding Between Higher Pay or Social Security Benefits

20:38 Maximizing Your Social Security Benefits

21:49 Final Thoughts and Viewer Questions

Financial Planning for Life's Unexpected Curveballs | Accessible Finance Ep. 72In Episode 72 of Accessible Finance, we tackle the topic of preparing your finances for life's unexpected events by sharing a very personal one of our own. Whether it's a sudden health diagnosis, an unexpected expense, or another unforeseen event that can shake your financial stability, we cover actionable steps to stay prepared. We discuss the importance of emergency funds, different types of insurance such as health, disability, and life insurance, and the significance of having a will and estate plan in place. This episode is inspired by a personal story, highlighting the importance of being financially prepared for any situation. Don't miss this vital discussion on securing your financial future and ensuring peace of mind during challenging times.00:00 Introduction and Personal Update01:06 Facing Life's Financial Curveballs04:32 Emergency Fund Essentials11:44 Insurance Considerations13:27 Evaluating Health Insurance Plans15:36 Understanding Disability Insurance18:36 The Importance of Life Insurance20:00 Estate Planning Essentials21:14 Tax and Investment Strategies23:43 Final Thoughts and Call to Action

🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to [email protected]—we’ll keep your information completely anonymous!

📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

In this episode, we answer the question: "I don't trust financial advisors because of bad past experiences. What questions should I ask to find the right one now?"

Unfortunately, you're not alone, and this is SUCH an important topic! Firstly, NOT ALL FINANCIAL ADVISORS ARE CREATED EQUAL. There are different certifications, pay structures, and philosophies.

What questions are most critical? How do you get paid? Are you a fiduciary? What are your qualifications? What is your area of expertise? What is your investment philosophy? What services do you offer? And more...

In addition, we discuss ways someone who may feel intimidated or overwhelmed by the process can make sure they're asking the right questions without feeling out of their depth. Finding the right fit is SO IMPORTANT for your security and peace of mind.

🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to [email protected]—we’ll keep your information completely anonymous!

📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

In this episode, we answer the question: "I just retired, but my spouse is still working. How should we handle taxes now that our income brackets are so different?" Ultimately, Filing status matters, the impact of retirement income needs to be assessed, and withholding adjustments should be analyzed. For retirees not yet taking income (aka waiting to draw on SS and not required to take RMDs), there are planning opportunities in roth conversions, harvesting capital gains, and/or delaying social security to increase benefits and reduce taxable income. We discuss the various pros and cons of different planning opportunities🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to [email protected]—we’ll keep your information completely anonymous!📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

In this episode, we answer the question: "Our adult child is struggling financially and keeps asking us for money. How do we help without jeopardizing our own retirement? Short answer: Assess your own financial help, the nature of the struggle, and the terms of the help--communication is key! Be honest about your limits, offer non-financial support where possible, and set boundaries. 🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to [email protected]—we’ll keep your information completely anonymous!📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

In this episode, we answer questions regarding Roth withdrawals, Roth conversions, and how to choose a fiduciary advisor--including a crucial discussion on what questions to ask and what could cause a lack of consensus among planners when comparing.🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to [email protected]—we’ll keep your information completely anonymous!📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!