For most people the tax change did not have much effect. Now with a limited standard deduction, clumping together your expenses for each year will help you reach your standard deduction from charitable contributions to medical expenses. 

Many people start planning for retirement too late. Planning for retirement no matter how young is important an nothing but beneficial. You need a plan that takes into account future taxes and distributions. Your distribution amounts will vary depending on the type of retirement account you have.

Retirement Plans:
- Traditional IRA and Roth IRA
- 401(K) and Roth 401(K)
- Combination?

Estate planning is much more than you think. Making sure your documents are up to date is crucial. Things to consider:

• Beneficiary Designation
• The Will
• What is part of an estate plan?
• Taxes?

In this episode, Debbie talks about 5 Pieces of the SECURE Act you should be aware of and how they could affect your retirement plan.

1. RMD age will be raised
2. Student loan repayment relief
3. New savings opportunities for new parents
4. Abolition of "stretch" IRAs
5. Potential Expansion of Annuities

Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax-free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59½ or due to death, disability, or a first time home purchase (up to a $ 10,000-lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.

In this episode of "Wealth Matters', Debbie discusses tax traps that have caught many people off guard over the years, leading to needless taxation of people’s income and benefits. She also talks about looking into the future and tips for tax planning through each retirement stage, so people can take proactive steps to maximize the efficiency of their income. This includes:

• Utilizing the Roth options in your 401(k) plan
• Exploring Roth conversions
• Engaging in retirement distribution optimization, and more!

In this episode, we discuss how to plan in an efficient way when it comes to retirement accounts. This includes:

• Understanding what an IRA is
• The various taxation that pertains to different retirement accounts
• Potential things to be aware of when it comes to distributions in retirement 
• Other retirement tools like Roth IRAs and 401(k)s (among others)

Lastly, we will give some general tips in order to maximize the efficiency of retirement account monies. 

People are led to believe that Estate Planning is only for those with loads of wealth. However, the reality is that every family should have a comprehensive Estate Plan of their own. Hear how to preserve your legacy, and avoid estate blunders with Debbie Taylor in today's episode of Wealth Matters.
 

Making a million isn’t easy. In fact, the argument can be made that the accumulation phase (working years) are the “easy” years in comparison to the distribution phase (retirement). Luckily for our listeners, Debbie makes that argument in this episode of Wealth Matters, as she lays out the 4 ways not to lose your first million. Take a listen to find out what they are! 

For more information about Debra Taylor, CPA/PFS, JD, CDFA, Wealth Manager and the financial planning services her firm provides, visit our website at: www.TaylorFinancialGroup.com

A goal we have as young, oblivious kids is to become a millionaire, and only a little over 10 million people in the country are. Luckily, accumulating $1 million dollars over the course of your lifetime may not be as hard as you think.

In this episode, Debbie gives some valuable advice on “Money, Millennials and What They Should Do with It.” Listen here!

We, as humans, tend to think that once you get to retirement it’s over and done with. But getting to retirement and building your nest egg is the easy part. The hard part is what you do in retirement to preserve your wealth.
In this episode, Debbie talks about the 8 Blunders to Avoid in Retirement.

1. Failing to incorporate “extra” expenses into your financial plan
2. Underestimating the cost of healthcare 
3. Inadequately accounting for taxes 
4. Failing to adjust your financial plan when retiring earlier than projected 
5. Funding unbudgeted expenses for loved ones 
6. Underestimating your longevity 
7. Relying solely on social security to cover your living expenses 
8. Forgetting about Required Minimum Distributions (RMD’s)