Taxes are a necessary part of life, but that doesn’t mean you have to pay more than your fair share. Since taxes impact almost every area of each person’s finances, one of the most impactful ways to improve your financial situation is to employ sound tax planning strategies to reduce the taxes you pay. In this episode, we focus on Roth conversions. Roth conversions are a fundamental strategy that can provide substantial tax savings to individuals who have pre-tax retirement accounts such as 401(k), 403(b), or traditional IRA accounts. Thanks for listening! We hope you enjoy this episode!

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

Welcome back to the second episode in our two-part series on maximizing your Social Security benefits. Given the significance of Social Security to most retirees, it is important to consider the available options to ensure each individual is able to get the most out of their Social Security benefits. In this episode, we discuss current research and cover specific strategies that can help each individual get more from the Social Security system. Thanks for listening! We hope you enjoy this episode!

For those who are interested in even more detail on maximizing their Social Security benefits, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/maximizing-your-social-security-part-2/.

Social Security plays a significant role in our retirement system and is a component of almost everyone’s retirement planning. At the same time, Social Security is one of the most complex programs with an endless set of rules that can make even the most savvy retiree's head spin! In this episode which is part one of a two-part series, we discuss how Social Security works and begin laying the groundwork for understanding the specific strategies available to maximize Social Security benefits. This episode will culminate in the following episode where we take the foundational topics a step further and discuss specific strategies available to ensure you maximize your Social Security benefits. Thanks for listening! We hope you enjoy this episode!

Financial advisors provide a wide range of advice to their clients, and almost all financial advice has a tax impact. In this episode we discuss the importance of working with a financial advisor who understands both the tax impacts of the advice they give as well as how to identify proactive tax strategies to help you reduce the taxes you pay over your lifetime. While many individuals work with a CPA for tax preparation, CPAs often don't have time to do proactive planning from February - April 15th. Unless you are meeting with your CPA proactively throughout the year, your CPA likely will not provide the tax planning support you need. That's why we believe it is important to work with a financial advisor who understands taxes and can help you create a long-term plan to reduce the taxes you pay. Thanks for listening! We hope you enjoy this episode!

Individuals who choose to work with a financial advisor often have questions about how to choose a financial advisor and frequently wonder whether their current advisor is still the best option for them. In this episode, we discuss how different financial advisors are held to different legal standards and are compensated in ways that may increase or decrease conflicts of interest. In total we've identified six key differentiators between financial advisors in the marketplace. By understanding each of these key differentiators, you will be well on your way to ensuring you work with a financial advisor that is the best fit for you and your family. Thanks for listening! We hope you enjoy this episode!

As life progresses and wealth grows, people often find themselves asking whether they should hire a financial advisor and if so, at what point should they take that step. In this episode, we discuss our perspective on how to determine whether it makes sense for you to "Do It Yourself" or whether you should hire a financial advisor. We discuss how this decision is dependent on your capability, time, and desire and what the real commitment is in order to manage your wealth well. Evaluating these factors in light of your specific situation will help you decide what is best for your family. Thanks for listening! We hope you enjoy this episode!

In this episode we give you the chance to learn more about your hosts, Steve Nelson and Nathan Anderson! We also discuss what led Steve to start Prairiewood Wealth Management back in 2008, and the challenges in the financial advisory industry that he wanted Prairiewood Wealth Management to address. Thank you for listening; we hope you enjoy the very first episode of Your Wealth, Your Legacy!