Tim expertly covers the three types of money individuals possess and their corresponding tax implications. He confidently explains that pre-tax accounts and IRAs are subject to regular income tax rates upon realization of gains, while after-tax accounts benefit from the more favorable long-term capital gains and dividends system. Tim emphasizes the importance of tax loss harvesting in offsetting gains and reducing tax liability while cautioning against relying solely on it as a solution for investment losses. Additionally, he expertly explores the potential tax burdens of passing on money in different types of accounts to beneficiaries, highlighting the advantages of passing on money in a Roth account, which is already taxed and does not create a tax burden for beneficiaries. For more information, visit the show notes at https://erwealth.com/podcastblog/tax-efficiency-tax-loss-harvesting-and-step-up-in-basis
Tim discusses the taxation of Social Security income in retirement and highlights the provisional income formula, which determines the taxable portion of Social Security based on various factors. He provides examples to illustrate different scenarios and emphasizes the importance of understanding these formulas and thresholds for effective retirement planning. Tim also discusses how adjusted gross income can affect Medicare premiums, also known as Income Related Monthly Adjustment Amount or IRMAA. He shares a cautionary story about potentially paying higher taxes and higher Medicare premiums if you have a sizeable pre-tax retirement account when required minimum distributions begin. Tim stresses the importance of proper tax planning to avoid unnecessary tax expenses and recommends seeking the help of tax advisors to optimize retirement income and minimize tax liabilities. For more information, visit the show notes at https://erwealth.com/podcastblog/how-social-security-and-medicare-are-taxed
Changes in RMD ages provide more years for tax planning, allowing individuals to lower their lifetime tax liability. Tim also discusses how capital gains on mutual funds affect taxes in retirement. For more information, visit the show notes at https://erwealth.com/podcastblog/rmds-capital-gains-taxes-in-retirement-201-part-1
Understanding how taxes relate to you in retirement is crucial for effective financial planning. By considering the tax implications of different income sources, implementing tax planning strategies, and staying informed about federal and state tax laws, you can make informed decisions that maximize your retirement income and minimize your tax burden. For more information, visit the show notes at https://erwealth.com/podcastblog/taxes-in-retirement-101
The 16th Amendment in 1913 established the federal income tax, evolving into a complex system influenced by economic policies, political agendas, and societal needs. It underwent major revisions and reforms over time, shaping the nation's fiscal landscape. For more information, visit the show notes at https://erwealth.com/podcastblog/history-of-the-tax-code-in-the-united-states
What is a retirement tax bomb? This episode covers the problem and how it can lead to an income tax bomb and a Medicare tax bomb. We also discuss the widow's tax and how an income tax bomb can affect your heirs. For more information, visit the show notes at https://erwealth.com/podcastblog/are-you-sitting-on-a-retirement-tax-bomb
Income annuities and fixed indexed annuities might be better than bonds for retirees, but it depends on your own situation and goals. Let's look at some options. For more information, visit the show notes at https://erwealth.com/podcastblog/should-i-get-an-annuity
In this episode of Retire You Way Radio, we talk about more than just money. We look at the relationship of money, health, and time and how to maximize those resources to create memorable experiences throughout your life. For more information, visit the show notes at https://erwealth.com/podcastblog/100-billion-at-90-or-broke-at-20
What's up with the housing market, and how is there a housing shortage? Tim Doehrmann, CFP®, answers these questions here and on Retire Your Way Radio. For more information, visit the show notes at https://erwealth.com/podcastblog/whats-up-with-the-housing-market
Parts of the SECURE Act 2.0 go into effect January 1, 2023. There is a lot to unpack, but Tim hits on the highlights and how it will affect your retirement. For more information, visit the show notes at https://erwealth.com/podcastblog/how-will-the-secure-act-20-affect-your-retirement
A good, comprehensive financial advisor can boost investment performance by using tax planning strategies, such as asset location. Here's how. For more information, visit the show notes at https://erwealth.com/podcastblog/how-tax-planning-boosts-investment-performance.
On Retire Your Way Radio, Tim Doehrmann, CFP®, talks about annuities and how to decide whether or not to include an annuity in your retirement portfolio. For more information, visit the show notes at https://erwealth.com/podcastblog/should-you-consider-an-annuity.
A break-even analysis is useful for comparing investments, but Social Security is not an investment. Social Security is more like an insurance policy. For more information, visit the show notes at https://erwealth.com/podcastblog/social-security-break-even-analysis
On Retire Your Way Radio, Tim shares a list of 7-figure retirement dos and don’ts. List lovers will appreciate these 8 tips for a successful retirement. For more information, visit the show notes at https://erwealth.com/podcastblog/your-7-figure-retirement-dos-and-donts
Moving to a state with no income tax in retirement sounds great, but what about property taxes, sales taxes, and insurance rates? Move for lifestyle, not taxes! For more information, visit the show notes at https://erwealth.com/podcastblog/moving-to-a-state-with-low-income-taxes
Tim Doehrmann, CFP®, talks about how proposed guidance from the IRS on required minimum distributions (RMDs) from inherited IRAs could affect you or your heirs. For more information, visit the show notes at https://erwealth.com/podcastblog/new-rmd-rules-for-ira-beneficiaries
The jump to retirement is a big change after working full time for many years or decades. What if you could phase into it with a part-time retirement? Here's how! For more information, visit the show notes at https://erwealth.com/podcastblog/part-time-retirement-with-phased-retirement
In this episode of Retire Your Way Radio, Tim talks about how asset location can be combined with your desired asset allocation to reduce your taxable income. For more information, visit the show notes at https://erwealth.com/podcastblog/reduce-taxable-income-with-asset-location
2021 has been called the Great Resignation as Americans chose to leave their jobs in record numbers. But is the Great Resignation sustainable for retirees? For more information, visit the show notes at https://erwealth.com/podcastblog/is-the-great-resignation-sustainable.
Raise your standard of living for half the cost by living abroad? On Retire Your Way Radio, Tim shares some benefits and tips for living abroad in retirement. For more information, visit the show notes at https://erwealth.com/podcastblog/living-abroad-in-retirement
Considering Social Security? On Retire Your Way Radio, Tim gives you the facts beyond the headlines about Social Security being depleted sooner than expected. For more information, visit the show notes at https://erwealth.com/podcastblog/is-social-security-really-going-to-run-out
Tim shares a Morningstar study about why investors underperform every year and how to improve your returns. He also ties in how advisors can add value. For more information, visit the show notes at https://erwealth.com/podcastblog/why-investors-underperform-every-year-how-to-improve-returns
On Retire Your Way Radio, Tim talks about the U.S. national debt, why the debt ceiling doesn't really matter, and the role of Modern Monetary Theory. For more information, visit the show notes at https://erwealth.com/podcastblog/how-will-us-government-pay-debt
Do you feel a rush to retire? On the Retire Your Way Radio podcast, Tim reviews an article about more Americans considering retirement now due to the pandemic. For more information, visit the show notes at https://erwealth.com/podcastblog/do-you-feel-the-rush-to-retire
On Retire Your Way Radio, Tim shares how to decide if you can self fund for long-term care and the two types of long-term care insurance with pros and cons. For more information, visit the show notes at https://erwealth.com/podcastblog/planning-for-long-term-care
In this episode of Retire Your Way Radio, Tim interviews Maggie Klokkenga, financial coach and owner of Make a Money Mindshift, and they dive into money mindset. For more information, visit the show notes at: https://erwealth.com/podcastblog/make-a-money-mindshift-with-maggie-klokkenga
In this episode of Retire Your Way Radio, Tim shares 7 steps for widows and widowers to manage the first year alone, based on estate attorney Anna Byrne's personal and professional experience. For more information, visit the show notes at https://erwealth.com/podcastblog/7-steps-for-widows-and-widowers-in-the-first-year
Tim talks about 4 financial mistakes made in 2020 and 3 general financial mistakes that are not specific to 2020. For more information, visit the show notes at https://erwealth.com/podcastblog/financial-mistakes-made-in-2020
What is a robo-advisor and how do they compare with hiring a comprehensive financial planner? In this episode of Retire Your Way Radio, Tim talks about what a robo-advisor is, how a robo-advisor works, and who may or may not be a good fit for a robo-advisor. For more information, visit the show notes at https://erwealth.com/podcastblog/should-you-use-a-robo-advisor
In this episode of Retire Your Way Radio, Tim describes how our dynamic distribution strategy with guardrails works to provided on-going retirement income and how we determine how much money you can safely withdraw from your investments in retirement. For more information, visit the show notes at https://erwealth.com/podcastblog/dynamic-distribution-retirement-income-withdrawal-strategy