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Jill on Money with Jill Schlesinger

Tax Planning in Retirement

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.61.9K Ratings

🗓️ 14 November 2023

⏱️ 15 minutes

🧾️ Download transcript

Summary

My wife and I are retired military and we're wondering what is the best strategy for accumulating wealth without a high tax burden? 

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Jill on Money Show. It's Tuesday, November 14th, day of an inflation report.

0:09.5

I know you're excited. I am excited too. But we know inflation is going in the right direction. That's the good news. Maybe not every single component is going down in the quickest possible way, but the big stuff is and even in this report, which is going to show that energy prices were high during the month, that's going to get reversed in the subsequent month.

0:30.0

Meanwhile, in your real life, maybe we can actually make some proactive changes that you can control,

0:36.1

unlike all of these different financial and economic reports.

0:39.5

Maybe, just maybe, you need us to lay eyes on your game plan, the changes that you are thinking

0:46.1

about, the big transitions that you're contemplating, all of that is in our wheelhouse.

0:52.0

Mark and I are both certified financial planners and we are very

0:55.5

happy to talk you through whatever is on your mind. To do that, just go to our website,

1:00.7

Jill on Money.com, click the contact us button and let us know if you would be willing to come on the air.

1:06.0

Of course, while you are there, you should check out all the cool stuff that lives there,

1:10.0

all of our content, the blog posts, the radio show, videos, resources, the free

1:15.9

weekly newsletter which comes out every single Friday.

1:19.3

And if you've got a few extra bucks to spend you can buy my book the Great Money Reset or subscribe to the Jill

1:24.4

on Money Live Service that's where you have access to quarterly live webinars and

1:28.8

a lot of cool bonus video content all right let's get on to the show.

1:33.4

Let's talk to Mark, who's on the line from West Virginia.

1:36.6

Thank you very much for having me on.

1:38.3

I was concerned about how to best take advantage of taxes and savings and just you know holding on to

1:47.6

assets in retirement. What's the concern you just don't want to pay taxes you're

1:52.2

bummed out you have to pay them you You have a lot of pre-tax retirement money. What's going on?

1:56.5

I've got traditional accounts for the IRAs, but it's only where my wife and I are both retired military. We did 27 years in the

2:06.7

service we each get a pension. Oh so you're still in a high tax bracket. Yeah, it's about 16,000 months we get after taxes for that.

...

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