Managing Tax Loss (AND GAIN) Harvesting with Andy Panko
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 19 December 2022
⏱️ 33 minutes
🧾️ Download transcript
Summary
Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're joined by Andy Panko for a deeper dive into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting.
Visit Andy's firm Tenon Financial at https://tenonfinancial.com/
Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942
Listen to Andy's podcast Retirement Planning Education at https://podcasts.apple.com/us/podcast/retirement-planning-education-with-andy-panko/id1605251516
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
Contact Devin's team at https://www.carrolladvisory.com/
Contact John's team at https://www.rossandshoalmire.com/
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.0 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:07.1 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:09.5 | I'm your host, Devin, and today, John has the day off, but we are being joined by a very special guest. |
| 0:16.8 | Now, some of you have heard me say that I think 2022 was a pretty special year. Now, the markets were |
| 0:22.4 | horrible. At one point, the market was down 25% or so. So it certainly wasn't a good year in the market. |
| 0:29.5 | It's just one of those years that happens in one out of every four, one out of every five years, |
| 0:34.7 | depending on the statistic you read. So for the person who approaches |
| 0:38.1 | life as the glass is half full versus the glass is half empty, looking at 2022 was actually a big |
| 0:46.2 | opportunity. There were tax losses harvested for the astute investor in 2022 that will be |
| 0:52.6 | able to carry over for years and years into the future. We will get back |
| 0:58.0 | to a time when you're having a capital gain again in your non-qualified, your brokerage type |
| 1:03.1 | accounts. And having these capital losses is going to be a massive benefit. So I wanted to talk |
| 1:09.0 | about that today with Andy. and I wanted to talk about |
| 1:11.2 | tax gain harvesting as well, which is something that very few people talk about. But Andy's |
| 1:16.6 | uniquely qualified financial planner, runs a practice in New Jersey, has a large presence |
| 1:22.0 | online. He's got a big Facebook group with around 35,000 people in it, a podcast, a YouTube channel. |
| 1:28.5 | I followed his work for a long time and know of his expertise. And I don't just say that |
| 1:33.2 | about anyone. You'll notice we don't have a lot of guests on here. But Andy is the kind of guy |
| 1:37.3 | we like to have on the podcast. So without further ado, here's Andy. Andy, welcome to the show. Hi, welcome. Thanks for having me. So, you know, I followed your |
| 1:48.5 | work for a while. You talk a lot about taxes and specifically the idea that tax planning cannot |
| 1:54.5 | really be separated out from financial planning, right? I firmly believe that, yes. As do I. I think |
... |
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