$10M Retirement: The Tax Mistake High Earners Make

Money Matters by Allworth Financial

Allworth Financial

Business, Investing, Business:investing

4.7 • 844 Ratings

🗓️ 27 June 2026

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can you support your adult children without derailing your retirement? In this episode of Money Matters, Scott and Pat dive into the financial realities of a caller with a nearly $10M net worth who is spending $75,000 a year to support his adult daughter. They break down the math on his retirement timeline and uncover a common "tax efficiency" mistake that could be costing him significant returns. Also in this episode: The "Shell Game" of State Budgets: How budget constraints in states like California could impact your long-term security. Roth Conversions & Moving States: Why a move from California to Nevada completely changes the math on Roth conversions and RMD management. The "Payroll" Pitfall: The hidden risks of putting family members on your business payroll for tax benefits. Investing "Backwards": Why your 401(k) and brokerage account allocations might be working against each other. Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.

Transcript

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0:00.0	Would you like an opinion on a financial matter you're dealing with?
0:08.9	Whether it's about retirement, investments, taxes, or 401Ks,
0:13.2	Scott Hansen and Pat McLean would like to help you by answering your call
0:16.6	to join Allworth's Money Matters.
0:19.0	Call now at 83399 Worth.
0:21.6	That's 83399 W-O-R-T-H.
0:25.5	Welcome to All-Worth's Money Matters, Scott Hanson.
0:28.0	Pat McLean, thanks for joining us.
0:30.2	We know we're about halfway through the year.
0:33.4	Yeah.
0:34.3	It's quite amazing.
0:36.3	I sound like an old man said. That time goes by, slow, plant. When I was driving in this morning, I thought about, my kids are getting older and, you know, my oldest is having a baby. And I thought, you know. When's the baby due? December. It's pretty cool. It's just public information. It is now. Okay.
0:55.1	Do we need to restart?
0:56.3	No, no, no.
1:12.9	I think we're okay. I think we're all right. They've told it off. I ran into a guy on the bike trail and he said, oh, I heard you have. Okay. All right. It's public then. Now it's really public. Anyway, so, but I was thinking, you know, and we've been in business together for almost 35 years. I think, you know, some days took forever, but time flies.
1:19.6	Yeah. But some days just seemed like they would never end. Some weeks seem like they would never end,
1:25.1	but the whole, in totality, seemed pretty fast. I have two teenage girls in the house. There are moments that feel like they're never going to end. Oh, for this, are they the home for the summer? Yes. Wow. You were an empty nester for a little while. Yes. Yeah. And then you adopted some children? Nine and a half years ago, they joined them. They became Hanson's.
1:46.8	One is turning 19, going on 12.
1:53.7	And so one's about to turn 16.
1:55.8	And she's going on 21 or 22?
1:56.3	Yes.
1:57.3	That's funny.
	...

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