How to Save on Taxes in Retirement - 21

Your Money, Your Wealth

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4.6 • 797 Ratings

🗓️ 16 April 2016

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

The best time to start planning for next year's tax season is at the end of this year's tax season. In episode 21 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA tell you how to avoid tax surprises and reduce your taxes in retirement. Original publish date April 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

03:22 "The reason we talk taxes right at the end of tax season is because this is when you're thinking about it and the best time to make a change is right now for 2016 because most strategies that are available to you take time to implement"

05:33 "The truth is, you have more control over how much you pay in taxes in retirement than any other time in your life"

07:29 "You could be generating hundreds of thousands of dollars of income and pay very little tax on your Social Security depending on how that income is classified"

12:19 "We've seen people who have money outside of retirement accounts that pay very little tax, sometimes none because of tax loss harvesting and municipal bond income"

19:02 "Our firm has always been a fiduciary, we are a fee-only Registered Investment Advisor (RIA) and never accept commissions of any kind"

26:37 "When you take money out of a 401(k) or IRA, you have to pay taxes on it, and a lot of people don't realize that"

35:49 "You can actually do the Section 121 Exclusion and the 1031 Exchange on the same property"

Transcript

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0:00.0	Pure Financial Advisors, a registered investment advisor.
0:03.2	This show does not intend to provide personalized investment advice through this broadcast
0:07.3	and does not represent that the securities or services discussed are suitable for any investor.
0:12.5	Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision.
0:19.0	This is your money, Wealth, on Talk Radio
0:22.3	760, KFMV. Now, here's Joe Anderson and Big Al Clopine.
0:29.0	Good morning, everyone. Show is called Your Money, Your Wealth. My name's Joe Anderson,
0:33.2	certified financial planner. I'm with Alan Klopin. He's the CPA. Thanks for tuning in the next
0:37.4	couple of hours.
0:38.6	Talking taxes, it is that time again Monday. April 18th is the violent deadline. Yeah, you would
0:45.2	think, Joe, we'd be celebrating the end of tax season being Saturday, April 16th, but it goes
0:51.3	till Monday, doesn't it? It does. We are, well, I mean, there's getting bad.
0:56.3	Yeah, I suppose.
0:57.2	Don't have to write a check for another couple days.
0:59.9	For another couple days.
1:01.5	Well, there you go.
1:02.3	That's true.
1:04.4	But, yeah, so happy attack season, everyone.
1:08.8	And it's your birthday coming up here.
1:10.4	Yeah, tomorrow. Tomorrow.
1:11.7	Yes. Big day in the clopine. Yeah, it is. It is. I'd be my last year in the 50s.
1:17.4	Oh, no. I know. I can't believe it. Oh, no. And then you're going to Africa for two weeks.
	...

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