Sep 29, 2020
Many consumers get caught off guard by massive tax bills they not only don’t understand, but thought someone else had planned for. How does it happen? It’s simple: our tax code is a maze. If you have money and want to emerge on the other side of it relatively unscathed, you need an excellent guide.
Today, America’s IRA expert, Ed Slott, is here to help you make sense of what you really owe - and how to prevent massive tax penalties in retirement. I’ve been studying with Ed for nearly 16 years. I sit on his advisory board, and I can tell you that he knows more about the tax code than just about anyone else.
In this episode, you’ll learn how to navigate the rapidly changing tax landscape we’re all living in. You’ll discover why it’s all but impossible to memorize the tax code and be 100% right in every situation - but how you can get the advice you need to make strategic decisions and plan for the best possible outcome.
In this podcast interview, you’ll learn:
- Why everybody thinks their attorney, accountant, financial advisor, or CPA is planning their taxes - and how this misunderstanding created what Ed calls the black hole of retirement planning.
- The difference between tax preparation and tax planning - and why so many advisors aren’t prepared to help their clients when it’s time to take money out.
- Five pieces from the SECURE Act that are critical to consumer tax planning.
- Why everyone should be making Qualified Charitable Distributions since the passage of the Tax Cuts and Jobs Act - and why no one with earned income should be making tax-deductible IRA contributions after the age of 70.
- How working closely with a good CPA in collaboration with a good financial planner can help prevent you from falling into the biggest traps in retirement - no matter what the tax law looks like in any given year.
Get Today's Show Notes
To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/31
Learn More about Retirement Planning
Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com