How to Avoid Taxes in Retirement

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 3 January 2021

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

If the vast majority of your retirement money is in pre-tax accounts, just remember that the real amount is less than what you might think it is. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Podcast. It's Sunday, January 3rd and yeah, I'm getting right into this. I want to just bang these episodes out with your voices on the air with me.
0:13.7	If you'd like to join us, send us an email.
0:15.8	Ask Jill at Jill on money.com.
0:18.4	Ask Jill at Jill on money.
0:21.1	That's what John did.
0:22.3	He is in Houston. what can we do for you today, John?
0:27.0	Hi Jill. So I'm looking at how to protect myself from taxes in retirement so I'm evaluating either a Roth 401k or a
0:38.4	indexed life insurance that I take loans from and I'm not sure which way to go.
0:43.9	Okay.
0:44.9	Tell me a little bit about you and a little just about your family
0:47.8	and what's going on.
0:49.2	Sure.
0:49.9	So our income's about 350K, my wife's a teacher, and we've recently paid off our house, so we're
0:59.0	totally dead free.
1:01.1	We have one child and we have some money about 60K and 529s. And then in terms of other investments, we have 401k's and
1:15.5	413b's of around 265.
1:18.3	We have a Roth IRA with about 75k,
1:21.4	another IRA with about 40k in it, 52 in Robo Advisors, and then like about 180 in equity investments.
1:30.6	Great, that sounds fantastic.
1:33.1	So it sounds like you're actually doing a really good job of putting money away.
1:38.8	Obviously, 350 grand a year is a lot of money, so I don't want to say that that's nothing but that is a good chunk of money but you're also doing good job of saving
1:48.0	so right now what would you guess is your ability to save?
	...

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