retirement taxes

To watch this episode on YouTube visit: https://www.youtube.com/watch?v=hjgy6pUjJCE

In this episode Chris Hammond discusses how different types of accounts are taxed differently, and how this impacts your retirement, and how you can use it to your advantage if you understand the differences.  

To download a free copy of the Essential Step-By-Step Retirement Guide click here: https://retirementplanningmadeeasy.com/

I am a financial advisor, but I’m not your advisor financial planner. Please consult with your own tax, legal and financial advisor for personalized advice. Investment advisory services offered through Retirement Wealth Advisors, LLC (RWA), a registered investment advisor. RWA and Hammond Wealth Advisory are independent of each other. Insurance products and services are not offered from RWA but are offered and sold through individually licensed and appointed agents. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Hammond Wealth Advisory and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Chris Hammond and/or Hammond Wealth Advisory are not affiliated with or endorsed by the Social Security Administration or any other governmental agency.

How do you determine how much you need in retirement when you factor in taxes, and how does the 4% rule apply? Has one YMYW listener spitballed retirement well enough to convince his wife that they can afford a new luxury truck? Can another YMYW listener take advantage of what seems to be a big opportunity to sell company stock, pay no capital gains tax, and do Roth conversions? Can Big Al’s high school friend do a 1031 exchange to buy a rental property, make it his primary residence in 5 or 10 years, and pay no tax when selling? Is earned income from stock trading still taxable for Social Security if your LLC is in a trust? Finally, a compliment comes in, and Joe and Big Al assume it’s for them. Show notes, free financial resources, the YMYW podcast survey, and Ask Joe & Big Al On Air: https://bit.ly/ymyw-392

Democrats in the Senate and House are looking for money to finance their spending extravaganzas, and they’re targeting your retirement savings and IRAs. Steve Forbes on congressional Democrats plans to tax your retirement savings and IRAs and on how their attempts would only hinder economic growth.

Steve Forbes shares his What’s Ahead Spotlights each Tuesday, Thursday and Friday.

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