Скачать или смотреть Avoid the Tax Trap of 401ks and IRAs

In this Whiteboard Fireside Chat, Kevin Lao discusses the often-overlooked tax implications of 401k and IRA savings, particularly the tax trap that can lead to significant tax liabilities in retirement. He emphasizes the importance of proactive tax management strategies to avoid unexpected tax burdens, especially as retirees face required minimum distributions (RMDs). Kevin not only discusses the 401k Tax Trap, but outlines practical strategies to help individuals minimize their lifetime tax bills and optimize their retirement income.

Takeaways
• Most of the clients Kevin works with have the majority, if not all of their investments in tax deferred vehicles like 401ks or IRAs.
• Most retirees were not educated about how to tax efficiently withdrawal funds from their 401ks or IRAs.
• The 401k tax trap can cost retirees tens if not hundreds of thousands in taxes.
• Proactive tax management is crucial for retirement planning.
• Roth conversions can be a valuable strategy for tax efficiency.
• Understanding RMDs is essential to avoid tax surprises.
• Retirees often experience a 'honeymoon phase' of low taxes.
• Tax diversification can provide more options in retirement.
• Qualified charitable distributions can help reduce taxable income.
• Consulting with a financial planner who is also qualified in tax strategies is critical for higher net worth retirees.


Chapters
00:00 Intro to the Tax Trap
02:19 Entering retirement with most or all in 401ks or IRAs
04:49 “The Honeymoon Phase of Taxes in Retirement”
06:07 Required Minimum Distributions kick in
9:37 Strategies to Avoid the Tax Trap of 401ks and IRAs
13:16 Summary and Close

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This is for general education purposes only and should not be considered as tax, legal or investment advice.