The Truth About Taxes and Retirement

Who really owns your retirement account? If you have a million dollars in your IRA, you have a partner in it, and that partner is the IRS. And the lower tax bracket you were told to expect in retirement may never materialize. In this episode of The Truth About Taxes & Retirement, Barry Watts explains why he calls that one of the great lies of retirement planning. He sees very few retirees in a lower tax bracket than when they were working, and the better you save, the more tax you may end up paying. He walks through why $300,000 to $400,000 of a million-dollar IRA belongs to the IRS, why tax brackets aren't written in stone, and how required minimum distributions take away your control over when and how much you pay. Barry also covers two more taxes your retirement withdrawals can trigger: tax on your Social Security, and the Medicare surcharge known as IRMAA. Then he explains what WealthCare calls a Strategic Roth Integration, which is a planned Roth conversion, and how to find out if one makes sense for you. Saving for retirement is half the plan. Knowing how much of it is really yours is the other half. Learn more about building a retirement strategy here: https://wealthcarecorp.com/contact/ Get Watts on Wealth the ???? : https://a.co/d/bETW4aY Website: https://wealthcarecorp.com/ Facebook: https://www.facebook.com/WealthCareCorp YouTube: https://www.youtube.com/@WattsOnWealth ???? Podcast: Watts on Wealth Radio Show https://pod.link/1737485633 ???? Podcast: The Truth About Taxes and Retirement https://pod.link/1520277576 J. Barry Watts Springfield’s WealthCare Corporation #TaxBrackets #RetirementPlanning #TruthAboutTaxesAndRetirement

One tax strategy can help. But the real opportunity may come from how your tax strategies work together. In this episode of The Truth About Taxes and Retirement, Barry Watts continues his series on stacking tax strategies by adding the IRA as the next layer after the 401(k). Barry explains who may qualify to contribute to an IRA, the difference between deductible and nondeductible contributions, Roth versus traditional IRAs, and why the pro rata rule can create an unexpected tax complication when converting money to a Roth. He also discusses SEP IRAs and how they may provide additional planning opportunities for certain business owners and self-employed individuals. The goal is not to find one tax “silver bullet.” It is to understand how several strategies may work together over time as part of a larger retirement tax plan. ???? Listen to the full episode of The Truth About Taxes and Retirement: https://pod.link/1520277576 Learn more about building a retirement strategy here: https://wealthcarecorp.com/contact/ Get Watts on Wealth the ????: https://a.co/d/bETW4aY Website: https://wealthcarecorp.com/ Facebook: https://www.facebook.com/WealthCareCorp YouTube: https://www.youtube.com/@WattsOnWealth ????️ Podcast: Watts on Wealth Radio Show https://pod.link/1737485633 ????️ Podcast: The Truth About Taxes and Retirement https://pod.link/1520277576 Every Dollar App: https://www.ramseysolutions.com/ramseyplus/everydollar J. Barry Watts Springfield’s WealthCare Corporation #Inflation #RetirementPlanning #WattsOnWealth

One tax strategy may help. Several working together can make a much bigger difference. In this episode of The Truth About Taxes and Retirement, Barry Watts introduces the idea of “stacking” tax strategies and starts with one of the most common retirement accounts: the 401(k). He explains why small planning decisions can become more powerful when they are combined over time. Barry also discusses employer matching, when to contribute, Roth versus traditional 401(k) contributions, how investment choices may need to change as retirement gets closer, and why your 401(k) should be considered as part of a larger retirement tax strategy. This is the first step in a new series focused on building tax strategies that work together rather than searching for one “silver bullet.” Learn more about building a retirement strategy here: https://wealthcarecorp.com/contact/ Get Watts on Wealth the Book: https://a.co/d/bETW4aY Website: https://wealthcarecorp.com/ Facebook: https://www.facebook.com/WealthCareCorp YouTube: https://www.youtube.com/@WattsOnWealth Podcast: Watts on Wealth Radio Show https://pod.link/1737485633 Podcast: The Truth About Taxes and Retirement https://pod.link/1520277576 J. Barry Watts Springfield’s WealthCare Corporation #Inflation #RetirementPlanning #WattsOnWealth

Does the word “taxes” make you feel intimidated and overwhelmed right away? If yes, you’re not alone! It’s completely understandable. After all, the US tax code is 70,000+ pages long. As someone who deals with taxes daily, J. Barry Watts is here to enlighten you about some tips and strategies you might not know regarding taxes (so it feels less scary to you). Barry discusses: What makes 50% of Americans subject to taxes when they die How Social Security taxes and Medicare premiums are calculated Multiple ways to make your charitable giving more tax-efficient Avoiding a huge mistake while transferring assets (like a home) to the next-gen And more Connect With Barry Watts: Schedule an Introductory Call [email protected] (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts YouTube: Watts On Wealth The post What People Don’t Know About Taxes (Ep. 69) appeared first on Wealthcare.

Do you ever feel that taxation is skewed against the average citizen? Or that wealthy people don’t pay their fair share? It’s because they know how to use the tax code to their advantage! In this episode, J. Barry Watts peels back the layers of the tax system and explains how to apply the tax code’s provisions to your benefit — just like the wealthy. Barry discusses: Why people don’t trust the government with their tax money What it means to find the “red lights” and “green lights” in the tax code Little-known tax-saving strategies (such as investing in rare earth minerals) Additional examples of using the tax code to one’s advantage, such as segregated asset plans and the “Augusta Rule” Questions you should be asking your CPA And more Connect With Barry Watts: Schedule an Introductory Call [email protected] (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts YouTube: Watts On Wealth The post Why the Wealthy Are Perceived to Not Pay Their Fair Share of Taxes (and you don’t have to, either.) (Ep. 68) appeared first on Wealthcare.