Nate discusses some myths surrounding the narrative that the rich don’t pay their fair share of taxes. Source: Tax Foundation

Key Takeaways:

• Income Tax Shares
• Income Percentiles
• Tax Brackets
• Do the rich pay their fair share in taxes?
• Adjusted Gross Income

Nate and Linda Fodrini-Johnson discuss aging, the difference between dementia and Alzheimer’s, and practical steps to having those difficult conversations about geriatric care. How to recognize cognitive impairment, how to talk about it with a loved one, and how to get help when you need it.

Click here for Linda's book, The Empowered Caregiver: Practical Advice and Emotional Support for Adult Children of Aging Parents

Key takeaways:

• How can you protect your mental health?
• How to keep your brain healthy in retirement
• Advocates in Retirement
• When to be concerned about dementia & Alzheimer’s
• Caregiving and Home Health Care

Nate discusses different experiences of long-term cruisers as well as affordability options for people that want to try their hand at long-term cruising in retirement. 

Source: CNN Travel

Key takeaways:

• Traveling in Retirement
• Holland America & Carnival
• Expenses in Retirement
• Residential Cruise Ships
• Airbnb your Home

Summary: Nate discusses what phantom capital gains are, where they come from, how they affect your tax situation, and what you could possibly do to avoid them in the future.

Sources: https://www.investopedia.com/terms/p/phantomgain.asp#:~:text=A%20phantom%20gain%20is%20a,may%20have%20declined%20in%20value.

https://retirementrescueradio.com/episode-118-donor-advised-funds/

Key takeaways:

• Tax Day 2022
• Mutual Funds
• ETF’s
• After Tax Accounts
• Trusts

Nate discusses some basics of Social Security that everyone should be aware of.

Source: ThinkAdvisor

Key takeaways:

• Full Retirement Age (FRA)
• Delayed Retirement Credit
• Divorced Spouses
• How is social security taxed?
• Which states tax social security?
• Will social security reserves run out?

Nate sheds light on the confusion surrounding the IRS’s Roth IRA 5-year rule. Three types of Roth accounts this affects:

1. Contributions
2. Conversions
3. Inherited

  IRS pecking order of withdrawals

1. Contributions first
2. Conversion second
3. Growth or earnings third

Nate discusses the absurdity of a new Biden tax proposal.

 

Sources:

Think Advisor

The New York Times

Congressional Budget Office

Key takeaways:

• Income over 100 million dollars
• Taxes
• Government Budget
• Billionaire Tax
• Estates & Capital Gains
• Passing on wealth to kids

Nate discusses some of the new interpretations behind the 10 year distribution rule of IRA money after the passage of the Secure Act, and the consequences of getting it wrong. Source: https://www.thinkadvisor.com/2022/03/14/ed-slott-new-irs-secure-act-regs-are-an-rmd-nightmare/ Key takeaways:

• Stretch IRA
• Types of Beneficiaries
• Trusts
• Roth IRA
• Spousal Rollovers

Nate and Josh discuss questions received through the podcast email inbox.

Key takeaways:

• Life Insurance
• Bank Assets
• Big Purchases in Retirement
• Home Equity Loans
• Policies and plans for grandkids
• Inflation
• Market corrections

(This is a hypothetical example provided for illustrative purposes only; it does not represent a real life scenario, and should not be construed as advice designed to meet the particular needs of an individual's situation. Cannot guarantee the accuracy or completeness of the software used to display results or the outputs.  Please remember that converting an employer plan account to a Roth IRA is a taxable event. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.) Nate illustrates why the concern over having less money in your account to compound due to taxes paid on a Roth IRA conversion is the wrong way to think about it.  Key takeaways:

• Converting to a ROTH
• Taxes on distributions
• Tax Brackets in retirement
• IRS
• Present value of money

Click here to see the source for today's episode!