Joe Knows Retirement

By Joe Schmitz Jr., CFP® ChFC® CKA®Business Investing

Joe Knows Retirement episodes

November 06 A $70K Pension and $1.5 Million Saved: The RMD Tax Problem Nobody Talks About
If you have a pension and $1 million or more saved for retirement, required minimum distributions (RMDs) could create a much bigger tax problem than you expect. In this retirement case study, Joe breaks down a 62-year-old couple with a $70,000 pension, $40,000 in expected Social Security income, and $1.5 million invested. While they appear financially prepared for retirement, their growing investments could lead to significant tax consequences once RMDs begin.

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🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/retirement-plans/required-minimum-distributions-rmds/604645/alternatives-to-required

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
20 min
November 03 Only 28% of Americans Have a Roth IRA. Are You Missing Out?
Only 28% of Americans have a Roth IRA, yet many people would prefer to have their retirement savings in tax-free accounts. So why aren't more people taking advantage of Roth opportunities? In this episode of Joe Knows Retirement, Joe explains why Roth IRAs and Roth conversions can be valuable retirement planning strategies, especially for those with pensions and $1 million or more saved.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/will-you-pay-higher-taxes-in-retirement

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
19 min
October 30 Inherited $200,000? Do THIS Before You Make a Costly Tax Mistake!
Receiving an inheritance can be a financial blessing, but what you do with that money could have a lasting impact on your retirement. Whether you inherit cash, investments, or an IRA, understanding the different tax rules and opportunities can help you avoid costly mistakes. In this episode of Joe Knows Retirement, Joe walks through a real-world example of someone inheriting $200,000 at age 60. He discusses how different types of inherited assets can affect your financial plan, why inherited IRAs require special attention, and how thoughtful planning can help you make the most of the wealth your loved ones worked so hard to build.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/dont-do-this-when-converting-retirement-savings-to-a-roth-ira

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
18 min
October 27 Are You Investing in the WRONG Retirement Accounts? (Tax Location Explained)
Most retirees focus on asset allocation, but what about tax location? Where you hold your investments could be just as important as what you invest in, especially if you have a pension and $1 million or more saved for retirement. In this episode of Joe Knows Retirement, Joe explains how tax location can impact your retirement savings and why investing the same way across your Roth IRA, traditional IRA, and brokerage accounts may not be the most tax-efficient approach. He discusses how strategically positioning investments across these accounts could help reduce your tax burden, improve after-tax returns, and create more opportunities for long-term growth.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/why-you-should-not-put-all-your-money-into-roth-iras

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
20 min
October 23 55 to 59 With a Pension? Do These 3 Things Before You Retire
If you're 55 to 59 with a pension and $1 million or more saved, you may be closer to retirement than you think. But turning decades of hard work into a retirement you feel confident about takes more than a healthy account balance. In this episode, Joe explains why these years are an important opportunity to prepare for your next chapter and build a plan that reflects what matters most to you and your family.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/taxes/tax-planning/how-pensions-affects-taxes-in-retirement

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
20 min
October 20 Why I Love And Hate Pensions
Having a pension and $1 million or more saved can put you in a great position for retirement. But that dependable income also comes with planning challenges you may not see coming. In this episode of Joe Knows Retirement, Joe explains why he loves pensions and two key drawbacks that deserve your attention. You worked hard to get here. Make sure you understand the opportunities your pension creates and the decisions that can help you make the most of it.

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🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/retirement-plans/roth-iras/604539/i-love-roth-iras-and-roth-conversions

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
15 min
October 13 How to Do a Roth Conversion If You Have a Pension
Thinking about a Roth conversion? Moving the money is only part of the process. Choosing how much to convert, paying the taxes, and understanding the impact on your retirement plan are where costly mistakes can happen. In this episode, Joe explains how Roth conversions work and your options for converting.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/reasons-roth-conversions-and-pensions-work-well-together

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
17 min
October 06 7 Decisions That CHANGE If You Have a Pension & $1 Million
If you have a pension and $1 million or more saved for retirement, your retirement decisions may look very different from everyone else's. In this episode of Joe Knows Retirement, Joe breaks down 7 major decisions that can change when you have a pension and significant retirement savings. You've spent decades saving and preparing for retirement. Now the goal is making smart decisions with what you've built so you can enjoy your money, reduce unnecessary taxes, protect your family, and make the most of retirement.

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📚Get a FREE copy of Joe's book "2% Club": https://keap.page/bsd964/2-percent-toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/happy-retirement/spend-your-retirement-nest-egg-and-drop-the-guilt

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
18 min
October 02 Why Doing Nothing Is The Biggest Tax Mistake
If you have a pension and $1 million or more saved for retirement, doing nothing with your tax plan could become one of your most expensive mistakes. In this episode of Joe Knows Retirement, Joe walks through why diligent savers with pensions can face a much larger tax burden than they expect, especially as tax-deferred accounts continue to grow.

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📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/retirement/retirement-planning/regrets-for-retirees-with-a-pension-and-a-million-dollars

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
19 min
September 29 Do These 8 Things BEFORE You Roth Convert
Roth conversions can be one of the most powerful tax planning opportunities in retirement, especially if you have a pension and $1 million or more saved. But converting too quickly could mean missing other opportunities or paying taxes you did not need to pay. In this video, Joe covers 8 things to consider before doing a Roth conversion. The goal is not simply to convert as much as possible, but to determine how much to convert, when to convert, and how a Roth conversion fits into your complete retirement and tax strategy.

🎥 Subscribe to our YouTube channel: https://bit.ly/430T9Lv

📚Get a FREE copy of Joe's book "I Hate Taxes": https://keap.page/bsd964/toolkit-podcast.html

🟥 Read our latest article featured in Kiplinger: https://www.kiplinger.com/taxes/tax-planning/why-retirees-with-pensions-need-roth-conversions

📞 Schedule a call with our team: https://peakretirementplanning.com/schedule-a-meeting/
15 min