OBBB: Maximizing Tax Efficiency for Retirement with Roth Conversions and More

In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox offer expert insights into optimizing retirement planning with a focus on Roth conversion strategies. They discuss important concepts like the different tax treatment of various income sources and illustrate how Roth conversions can preserve wealth while minimizing tax burdens. Real-life examples highlight the impact of tax-efficient strategies, including bracket-topping and aggressive Roth conversion sprints, as well as the benefits of using life insurance as an IRA replacement. They also emphasize the importance of proactive tax planning to protect both oneself and one's spouse from significant tax liabilities in retirement. Join the conversation to explore actionable tips for a secure financial future.

00:00 Welcome to the Retirement Planning Podcast

00:46 Introduction to Today's Episode

01:10 Understanding Roth Conversion Strategies

02:06 Tax Funnels Explained

05:39 The Importance of Tax Efficiency in Retirement

06:36 Proactive Tax Planning

13:59 Roth Conversion Examples

22:25 Life Insurance as an IRA Replacement

25:03 Conclusion and Contact Information

In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox are joined by social security expert Heather Schreiber (IRMAACP™, RICP®, NSSA®). They discuss the complexities of retirement planning, including investment strategies, risk management, and maximizing social security benefits. Heather shares insights on changes in social security laws, common misconceptions, and the importance of optimizing benefits rather than simply maximizing them. The episode also covers key considerations for spousal and survivor benefits, tax implications of early social security claiming, and the impact of legislative changes on retirement planning. Heather emphasizes the need for personalized financial advice and the risks associated with relying solely on social security for retirement income.

00:00 Welcome to the Retirement Planning Podcast

00:47 Meet Your Hosts and Special Guest

01:16 Heather Schreiber's Expertise in Retirement Income Planning

03:33 Understanding Social Security Benefits

07:23 Common Mistakes in Social Security Planning

12:32 Claiming Strategies for Near-Retirees

17:27 The Tax Implications of Social Security

21:06 Understanding the Senior Deduction and Provisional Income

23:49 Impact of Required Minimum Distributions (RMDs) on Taxes

26:11 Navigating Spousal and Survivor Benefits

34:08 Addressing Social Security Insolvency Concerns

39:59 Conclusion and Final Thoughts

This podcast is for informational and educational purposes only and should not be considered a substitute for individualized financial, legal, or tax advice. Investing involves risks. Guest opinions are their own. Consult a professional before making financial decisions.

In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox welcome Jason Smith, CEO of Prosperity Capital Advisors and author of 'The Bucket Plan'. Jason shares his journey of founding Prosperity Capital Advisors and developing the Bucket Plan, a holistic wealth management process. He discusses the significance of integrating financial, tax, legal, and insurance planning into a comprehensive retirement strategy. Jason elaborates on the three-phase money cycle of accumulation, preservation, and distribution, and emphasizes the importance of 'bucketing' assets to manage risks such as market and sequence of returns risk. He also highlights the critical role of tax planning and the tax trilogy in preserving wealth. Jason shares a poignant story about how proper planning can provide peace of mind and financial security, particularly for surviving spouses. The episode underscores the necessity of a coordinated, holistic approach to ensure a secure and well-planned retirement.

00:00 Welcome to the Retirement Planning Podcast

00:52 Introducing Our Special Guest: Jason Smith

01:16 The Birth of Prosperity Capital Advisors

04:50 The Bucket Plan: Simplifying Financial Planning

10:31 Understanding Financial Risks and the Preservation Phase

17:41 The Importance of Holistic Wealth Management

20:44 The Tax Trilogy: A Comprehensive Approach

27:11 Final Thoughts and Key Takeaways

29:32 Closing Remarks and Disclaimers

This podcast is for informational and educational purposes only and should not be considered a substitute for individualized financial, legal, or tax advice. Investing involves risks. Guest opinions are their own. Consult a professional before making financial decisions.

Welcome to Episode 12 of the Retirement Planning Podcast with your hosts Darrin McComas and Jason Fox. In this episode, we dive into the new 'One Big Beautiful Bill' (O Triple B) act signed by President Trump, which makes the tax cuts from the Tax Cuts and Jobs Act permanent. We discuss how this crucial change provides a generational opportunity for proactive tax planning. Key highlights include examining historical tax rates, understanding new deductions and credits, especially for seniors, and the importance of being proactive in your financial planning. Learn how to maximize your tax benefits and protect your investments under the new law.

00:00 Introduction and Personal Updates

00:35 Overview of the One Big Beautiful Bill (O Triple B)

03:49 Tax Brackets and Historical Comparisons

07:27 Long-Term Capital Gains and Planning Opportunities

10:20 New Deductions and Credits

12:11 Senior Deduction and Tax Planning Strategies

17:15 Future Tax Risks and Proactive Planning

24:51 Conclusion and Call to Action

This podcast is for informational and educational purposes only and should not be considered a substitute for individualized financial, legal, or tax advice. Investing involves risks. Guest opinions are their own. Consult a professional before making financial decisions.

Retirement Planning Insights with guest Tom Hegna, CLU, ChFC, CASL: The Myths, Risks, and Solutions and How to Retire "Happy"
In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox welcome special guest Tom Hegna, a bestselling author and host of CNBC’s “Financial Freedom with Tom Hegna.” Tom discusses common misconceptions about retirement planning, emphasizing that it's not just about achieving a financial number but about ensuring increasing income and managing risks. He shares insights from his new show, sheds light on the importance of incorporating annuities and life insurance into retirement portfolios, and offers advice on minimizing taxes and preparing for long-term care. The episode underscores the invaluable role of financial professionals in crafting a secure retirement plan.
00:00 Introduction and Special Guest Announcement
00:40 Common Misconceptions About Retirement
02:21 The Reality of Retirement Spending
03:57 Insights from Financial Freedom Show
04:45 Protecting Wealth and Asset Protection Strategies
09:17 The 60/40 Portfolio Debate
12:55 Tax Considerations for Retirement
18:25 Longevity Risk and Annuities
22:01 Planning for Long-Term Care
23:49 Conclusion and Final Thoughts

Connect with Tom Hegna: 

Website: https://tomhegna.com/

LinkedIn: https://www.linkedin.com/in/tomhegna/

Don't Worry, Retire Happy!: https://www.amazon.com/Worry-Retire-Retirement-Security-2014-05-03/dp/B01FKTJKOW

Book a FREE consultation call with Darrin McComas and we will ship you a copy of Tom Hegna's book, "Don't Worry, Retire Happy" absolutely free of charge.  Click here to book your consultation call: https://www.ewadvisors.com/

Tom Hegna is not a client, nor should his appearance in this advertisement be construed as an endorsement of Darrin McComas, Jason Fox or Evergreen Wealth Advisors LLC. 

The information and opinions contained are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the needs of an individual's situation.

In episode 10 of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox delve into the topic of risk in retirement portfolios. They discuss the importance of understanding the amount of risk you're taking on, how much risk you should be taking, and aligning it with the current market environment. The hosts share personal updates and emphasize the significance of shifting from an accumulation mindset to a decumulation strategy upon retirement. They explain tools like Nitrogen (formerly known as Riskalyze) to quantify risk and provide actionable steps to avoid common pitfalls such as sequence of returns risk. The episode also highlights the Bucket Plan System as a method for creating a well-diversified, holistic retirement plan that mitigates risk and enhances financial security. Listeners are invited to get a free risk analysis and a copy of Jason Smith’s book, "The Bucket Plan", by visiting their website, www.ewadvisors.com.

Episode 9: The Importance of Dedicated and Ongoing Service in Financial Planning
In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox discuss the vital role of dedicated and ongoing service in financial planning. They start with personal updates, then outline their comprehensive four-step planning process: Discover, Design, Delivery, and Dedicated Service. The conversation emphasizes the necessity of continuous plan monitoring and adjustments to accommodate life changes, market volatility, and client goals. The hosts also share insights into estate planning, avoiding probate, and the advantages of using eMoney software for real-time financial data. They stress the importance of patience and proactive planning to navigate uncertain financial landscapes, concluding with a reminder for listeners to engage with them via social media and their website.

Safeguarding Your Retirement: Protecting Your Nest Egg from Unexpected Events

In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox of Evergreen Wealth Advisors discuss the importance of protecting your nest egg that you took your entire life to accumulate.  The series wraps up the three-part series, 'It's Not What You Make, It's What You Keep,' focusing on long-term care and the financial vulnerabilities that can arise from unexpected medical events. The hosts explore the limitations of Medicare, the impact of pre-tax retirement accounts, and various strategies for acquiring long-term care coverage. They emphasize proactive planning and diversification to protect and retain retirement savings. 

In this episode of the Retirement Planning Podcast, host Darrin McComas from Evergreen Wealth Advisors discusses the critical aspect of tax planning in retirement, as part of the series 'It's Not What You Make, It's What You Keep'. Darrin emphasizes the importance of having a long-term retirement plan rather than chasing stock market returns. He highlights the necessity of being proactive about tax planning to mitigate future tax burdens, particularly with regards to required minimum distributions from pre-tax accounts like IRAs and 401(k)s. Darrin explains various tax considerations, including Roth IRA conversions and the widow tax trap, to help retirees maximize their savings and minimize taxes. He underscores the integration of 'The Bucket Plan' and the strategic management of different tax funnels to ensure a tax-efficient and durable retirement plan. Darrin concludes by encouraging listeners to be proactive and to seek advice through a free consultation to better prepare for future financial stability.

In this episode of the Retirement Planning Podcast, hosts Darrin McComas and Jason Fox discuss the importance of preserving wealth during retirement rather than focusing solely on high returns. The episode is part one of a three-part series titled 'It's Not What You Make, It's What You Keep.' They introduce the Bucket Plan financial process, which includes strategies for investment, risk management, and ensuring a steady income during retirement. The hosts emphasize the need to shift from an accumulation mindset to a preservation mindset as one approaches retirement. They use real-life examples and statistical data to demonstrate the pitfalls of focusing solely on gains without considering market volatility and other risks. Future episodes will delve deeper into tax planning and protecting one's financial blind side.

00:00 Welcome to the Retirement Planning Podcast
00:47 Meet Your Hosts: Darrin McComas and Jason Fox
00:52 Series Introduction: It's Not What You Make, It's What You Keep
01:14 Part 1: Giving Back Your Gains
01:34 The Importance of Shifting Your Mindset in Retirement
04:35 The Bucket Plan System Explained
08:56 Market Losses and Recovery
09:59 The 4% Rule and Sequence of Returns Risk
13:02 The Bucket Plan: Now, Soon, and Later Buckets
18:06 Wrapping Up: It's Not What You Make, It's What You Keep
18:33 Preview of Next Episode: Taxes in Retirement
19:29 Closing Remarks and Disclaimers