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Do you have an IRA Tax Time Bomb?
In this episode, financial advisors Jim Martin and Casey Bibb delve into Ed Slott's new book and the concept of the 'ticking tax time bomb' within IRAs. They discuss the impact of required minimum distributions (RMDs) on retirees' tax liabilities and emphasize the importance of proactive tax planning. The show also covers the effects of interest rates on retirement accounts, strategies for managing taxes, and offers insights into navigating the complexities of the financial landscape. Additionally, there's a lighthearted segment on the odds of winning the lottery and the importance of structured financial planning.
www.taxgpa.com<- Get your tax GPA
http://retiresmartscore.com <- Get your retirement score
http://retirewithmartin.com/ <- Learn about working with Jim
www.planwellretirehappy.com
00:00 Introduction to the Tax Time Bomb
00:25 Meet the Hosts: Jim and Casey
02:08 Diving into Ed Slott's New Book
02:54 Understanding Required Minimum Distributions (RMDs)
06:06 Planning for Roth Conversions
08:21 The Importance of Having a Tax Strategy
14:34 Impact of Interest Rates on Retirees
20:26 Lottery Fun and Financial Planning
25:50 Conclusion and Disclaimers
Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.
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By Jim Martin RFC & Casey Bibb, FPQPIn this episode, financial advisors Jim Martin and Casey Bibb delve into Ed Slott's new book and the concept of the 'ticking tax time bomb' within IRAs. They discuss the impact of required minimum distributions (RMDs) on retirees' tax liabilities and emphasize the importance of proactive tax planning. The show also covers the effects of interest rates on retirement accounts, strategies for managing taxes, and offers insights into navigating the complexities of the financial landscape. Additionally, there's a lighthearted segment on the odds of winning the lottery and the importance of structured financial planning.
www.taxgpa.com<- Get your tax GPA
http://retiresmartscore.com <- Get your retirement score
http://retirewithmartin.com/ <- Learn about working with Jim
www.planwellretirehappy.com
00:00 Introduction to the Tax Time Bomb
00:25 Meet the Hosts: Jim and Casey
02:08 Diving into Ed Slott's New Book
02:54 Understanding Required Minimum Distributions (RMDs)
06:06 Planning for Roth Conversions
08:21 The Importance of Having a Tax Strategy
14:34 Impact of Interest Rates on Retirees
20:26 Lottery Fun and Financial Planning
25:50 Conclusion and Disclaimers
Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.