Retirement Year End Planning: Tax-Loss Harvesting
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.7 • 1.1K Ratings
🗓️ 6 November 2024
⏱️ 49 minutes
🧾️ Download transcript
Summary
Welcome to a transformative episode where we delve into year-end financial strategies to optimize your retirement planning. Join us as we discuss tax-loss harvesting with Erin Coe, a seasoned planner and tax expert. Learn how to strategically sell capital assets at a loss to reduce your tax burden and explore the nuances of capital gains, wash-sale rules, and more. Plus, we answer listener questions about Roth conversions and annuities. Don't miss this insightful guide to maximizing your financial health!
PRACTICAL PLANNING SEGMENT
(00:25) Today on the show we begin to explore year-end action items.
(02:23) So now that we're into tax season, we're going to do a primer on tax-loss harvesting with Erin Coe.
(03:59) Tax-loss harvesting is the act of intentionally selling capital assets at a loss
(05:25) Defining what a capital loss is
(08:42)The intent is to reduce taxable income and reduce taxable liability
(10:12) How do you gauge the impact of this?
(13:34) Leave some buffer room to be careful on tax cliffs
(15:35) The wash-sale rule means you can't sell a capital asset and claim that loss and then repurchase it within 30 days
(21:27) What are some gotchas that we need to watch out for when evaluating portfolios?
(22:24) Another problem is those carry forwards, you need to track it every year whether you are using it or not.
(25:38) Tax loss harvesting is not just a December activity, it’s a year-round sport
LISTENER QUESTIONS
(28:05) Greg asks a question about Roth conversions for his older relative
(34:24) Stanley says his wife has a taxable MYGA, multi year guaranteed annuity, and wants to know if he should take the lump sum or roll it into something else.
(40:28) Jay asks about the pie or bucket approach
SMART SPRINT
(46:50) Review your after-tax accounts looking for unrealized losses and examine whether you can use them productively
Join our live event on Roth conversions at livewithroger.com or sign up for the replay at sixshotsaturday.com.
REFERENCES
Transcript
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| 0:00.0 | The show is a proud member of the Retirement Podcast Network. |
| 0:04.5 | Welcome to the show dedicated to helping you not just survive retirement, but to have |
| 0:08.7 | a confidence because you're doing the work to really lean in and rock it. |
| 0:13.6 | Day after election day, hopefully we are all at peace and can get on with building a great |
| 0:20.4 | country. |
| 0:21.5 | Continue that journey. |
| 0:24.3 | Today on the show, we are going to begin to explore year-end action items from an |
| 0:31.1 | optimization perspective. |
| 0:33.0 | We're going to talk about tax lost harvesting today with Aaron Coe, a planner on our team. She's awesome, |
| 0:40.3 | her first time on the show. In addition to that, we're going to answer some of your questions. |
| 0:45.8 | Tomorrow we are going to have a live event online about should you do a Roth conversion or not. |
| 0:54.0 | How do you think through that in an organized way? |
| 0:57.3 | If you're listening to this on the day of the release, Wednesday, you can go to live |
| 1:01.5 | with roger.com or even Thursday because it's Thursday night. |
| 1:05.4 | We're going to do this. |
| 1:07.1 | If you can't make it live, but you do want to have access to it, sign up for our Six Shot Saturday email. |
| 1:16.0 | You can do that at Roger Whitney.com or Six Shot Saturday.com. |
| 1:20.2 | We'll send a replay of it. |
| 1:23.7 | In addition to talking about Roth conversions, tomorrow we are opening enrollment to the Rock Retirement Club, our last open enrollment for this year. |
| 1:35.1 | And also the last time it's going to be offered at this cost. It's going to go up in 2025. |
| 1:43.0 | In the Rock Retirement Club, we've organized all of the resources, the financial |
| 1:48.8 | planning tools, the education and the worksheets for you to be able to build your retirement plan |
... |
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