Beginning with the Tax Cuts and Jobs Act otherwise known as “Trump Tax Reform” that was passed at the end of 2017, Americans have seen significant new tax legislation passed almost annually. As we enter 2023, it appears the rate of change in tax and retirement rules is not about to slow down anytime soon with President Biden signing the SECURE Act 2.0 into law on December 29th, 2022.  In this episode, we discuss how the Secure Act 2.0 makes significant changes that will impact retirement and tax planning for many families and will provide new opportunities for those who proactively adjust to the changes. If you are approaching retirement or reviewing your own tax planning strategy, we think you’ll enjoy this episode. Thanks for listening!

For those who are interested in even more detail about the SECURE Act 2.0, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/secure-act-2-0-new-tax-law-new-opportunities/.

Medicare is the primary health insurance for most retired Americans, and given how expensive private health insurance has become, many individuals approaching retirement often plan their retirement around their eligibility for Medicare coverage. While Medicare can be very affordable for most retirees, individuals with high incomes often receive an unwelcome surprise when they learn that Medicare premiums are adjusted for those with higher incomes. In this episode, we discuss how an individual’s income can impact their Medicare premiums and the best planning strategies to ensure individuals do not pay larger Medicare premiums than necessary. If you are approaching retirement or on Medicare already, we think you’ll enjoy this episode. Thanks for listening!

For those who are interested in even more detail about Medicare premium adjustments, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/why-are-my-medicare-premiums-so-high/.

As we near year-end, charitable giving is once again on the minds of many families. While giving charitably is valuable in its own right, most families are also interested in maximizing the tax benefits of their charitable gifts. Traditionally, the default method for charitable giving is cash, check, or credit card, but these gifts fail to maximize the tax advantages available. In this episode we discuss how gifting long-term appreciated stock can increase the tax benefits families receive from their charitable giving - ultimately reducing the after-tax cost of the gifts they make. We also discuss how to streamline and simplify the gifting process to avoid the hassle that often comes with gifting stock to multiple charities. If you are charitable and would like to maximize your tax savings, we think you’ll enjoy this episode. Thanks for listening!

For those who are interested in even more detail on gifting appreciated stock to charity, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/gifting-appreciated-stock-it-is-better-to-give-and-receive/.

For many Americans, saving for retirement is a top priority and ensuring that retirement savings accumulate in the most tax advantaged way is an important step in achieving the retirement of their dreams. For decades, Roth IRA accounts have provided a tax-free option for retirement savings and have accelerated the growth of retirement accounts for many families. While Roth IRA accounts provide attractive tax benefits, there are income limits that restrict the ability of high-income families from contributing to these accounts. Although these income limits appear to eliminate the benefits of a Roth IRA for high-income families, there is an allowable way to work around the restrictions that has the potential to save hundreds of thousands of dollars in taxes over the course of a lifetime. Welcome to the back-door Roth IRA strategy.

For those who are interested in even more detail on back-door Roth IRA contributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/tax-free-growth-with-back-door-roth-ira-contributions/.

Charitable giving is an important part of creating a legacy for those we love and impacting the world we live in. Accordingly charitable giving often plays a substantial role in the financial goals of many families, and while charitable giving is valuable in its own right, the savviest of individuals will go one step further to ensure they also obtain the maximum tax benefits from their charitable giving. In this episode we discuss how charitable bunching can increase the tax savings available to individuals who give charitably. If you are interested in learning how to maximize the tax savings you receive from your charitable contributions, we think you’ll enjoy this episode. Thanks for listening!

For those who are interested in even more detail on charitable bunching, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/saving-taxes-with-charitable-bunching/.

Investing is typically a game of balancing risk and reward. Those who take more risk have the opportunity for higher reward, and those who take little risk are limited to minimal returns. However, there are occasionally times when the relationship between risk and return breaks down, and investors can achieve great returns without exposing themselves to significant risk. Series I Savings Bonds which are paying 9.62% are a current opportunity that fall into this category. If you are interested in learning how to earn a great return on your excess cash balances, we think you’ll enjoy this episode. Thanks for listening!

For those who are interested in even more detail on US Series I Savings Bonds, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/high-return-and-low-risk-series-i-bonds-at-9-62/.

A brief review of the Forbes 400 list for 2021 quickly demonstrates real estate’s ability to create wealth. Twenty-four of the billionaires that made the list focused their careers in real estate, and that doesn’t consider the number of other Forbes 400 members who hold real estate as part of their investment portfolios. In this episode, we discuss the benefits and challenges of real estate investing and whether every investor should consider an allocation to real estate to help them reach their investing goals. Thanks for listening; we hope you enjoy this episode!

For those who are interested in even more detail on real estate investing, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/should-you-invest-in-real-estate/

Stock market bubbles and the ensuing crashes are nothing new to the experienced investor, and while they are common, they still leave many people asking why they happen in the first place. In this episode, we discuss the causes of stock market bubbles and crashes and consider how investor behavior and psychology play a part in creating market fluctuations. By understanding how investors think about money and the common biases that can lead to irrational decision making, investors can understand what leads to market bubbles and crashes and be equipped to avoid the unintentional consequences of irrational decision making in the future.

For those who are interested in even more detail on stock market bubbles and crashes, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/why-do-market-bubbles-and-crashes-happen/

Market fluctuations are part of life when it comes to investing, and while attempting to move money in and out of the market at just the right time is a losing strategy, market fluctuations provide substantial financial planning opportunities for those who are prepared to implement them. In this episode, we discuss the financial planning strategies that are most effective during market downturns as well as those that are most effective when markets are at all time highs. By understanding how market fluctuations can improve the effectiveness of financial planning strategies, the prepared investor can use market fluctuations to their advantage and improve the likelihood of reaching their long-term goals. We hope you enjoy this episode!

For those who are interested in even more detail on financial planning during market fluctuations, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/financial-planning-during-market-fluctuations/.

Investing and uncertainty go hand in hand, and over a lifetime, every individual is going to experience events that concern them and lead them to ask whether they should change their investment approach. In this episode, we focus on the uncertainty of the stock market and which historical approaches have led to long-term success. Investment uncertainty is part of the process, and the investor who is prepared will be more likely to succeed. Thanks for listening! We hope you enjoy this episode!

For those who are interested in even more detail on investing during uncertain times, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/investing-during-uncertain-times/.