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36. The Five Habits of Highly Effective Advisors to Retirees



Have you ever wondered exactly what a good financial advisor is supposed to do for you? There are five habits of highly effective advisors to retirees, and if your advisor is not doing these things for you, it might be time to consider a change?

In this episode, J Barry Watts teaches you about the five habits of highly effective advisors to retirees. Barry explains each habit and what it would look like coming from an effective advisor.

Barry discusses:

  • Why you should know how much money you need every year in retirement
  • Making your money work for you 
  • Why highly effective advisors should be addressing inflation
  • How to say goodbye to your advisor
  • And more

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35. How Proposed Tax Law Changes May Affect Your Retirement



There’s a lot of talk in Washington about potential new taxes, but what impact will those changes in tax law have on you personally?

In this episode, J Barry Watts unpacks the impact proposed tax law changes may have on you in before or in retirement. Barry covers some of the proposals in President Biden’s Build Back Better agenda. He explains how legislative risk can evolve over time to greatly impact your retirement. Finally, Barry explains LIRPs, little known and under-utilized strategies to reduce retirement income taxes and why you should have one if you do not already.

Barry discusses:

  • Proposed spending in Build Back Better and how it will affect wealthy taxpayers
  • The proposal that would prohibit you from converting your taxable IRA over to a Roth
  • Legislative risk for business owners
  • Why we should start thinking about retirement savings vehicles that are subject to legislative risk
  • And more

Resources:

  1. How to Have More Tax Free Income in Retirement

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34. How To Reach The 0% Tax Bracket



What will taxes be like for you in retirement? Have you ever thought about that? 

In this episode, J Barry Watts teaches you how to reach the 0% tax bracket—or at least to get your taxes as low as they can be. He explains why there are some who cannot reach the 0% tax bracket, and discusses “the Three Tax Buckets.”

Barry discusses:

  • Who is unable to reach the 0% tax bracket 
  • The three types of money as they relate to taxes
  • Why a Roth option in your 401(k) can be greatly beneficial
  • How to reach the 0% tax bracket
  • And more

Resources:

Episode 32 – Mega Backdoor Roth IRA Strategy 

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33. Holiday Conversations About Hard Topics



The upcoming holidays present a wonderful opportunity to have important conversations with your family about many things, including topics such as healthcare planning, funeral planning, and who will get what.

In this episode, J Barry Watts helps you understand how you bring these topics up to aging parents while the whole family is around. It’s important that these conversations happen before parents pass away or are unable to have them. Barry shares tips on how to start having these conversations, and the types of questions you should be asking.

Barry discusses:

  • Tips to start having these types of conversations
  • Why you should keep asking questions
  • Why you should ask to see your parents’ investment accounts, and the importance of establishing Transfer on Death on their accounts. 
  • The importance of having your beneficiaries down instead of leaving things through a will
  • And more

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32. Mega Backdoor Roth IRA Strategy



Would you like to put $58,000 into a Roth IRA this year, then grow that money, tax-free, until you retire, and then take it out as tax-free retirement income?

In this episode, J Barry Watts introduces the mega back door Roth IRA strategy. He shares how some individuals can contribute $58,000 to their Roth IRA, despite traditional limits on contributions. Barry covers what you need to understand about Roths, including who can have a Roth and more.

Barry discusses:

  • What you need to understand about Roth IRAs
  • Who is eligible to have a Roth IRA
  • How people can contribute $58,000 instead of $6000 to a Roth IRA
  • The mechanics of the mega backdoor Roth IRA strategy
  • And more

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31. How the TRULY-WEALTHY & the WORKING-WEALTHY DIFFER: Family Endowment Plans



Are you truly wealthy or working wealthy? What’s the difference between the two? For moderately wealthy people who don’t believe they have any tax strategy opportunities, this episode is for you.

In this episode, J Barry Watts introduces a tax strategy and draws the line between the truly-wealthy and the working-wealthy. Barry also emphasizes the point that control of assets is more important than ownership, and how a family endowment plan allows for control over assets.

Barry discusses:

  • The difference between truly-wealthy and working-wealthy people
  • Why financial control is more important than ownership
  • How you can control something you don’t own
  • How a family endowment plan allows you to maintain control over a gift to charity
  • And more

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30. Strengthening Your Family Through Legacy Trusts



Have you ever considered opening a trust for your family? Legacy trusts can ensure your family’s legacy for generations to come.

In this episode, J Barry Watts discusses trusts and how valuable they can be to your family. Barry simplifies and answers questions you may have regarding trusts. Barry shares why people don’t have trusts, and explains why the idea that “I’m not rich enough” is not as big of a concern as many people believe it to be.

Barry discusses:

  • What a trust is and why you should consider adding one to your plan
  • Reasons why people don’t have a trust—and why they may want to reconsider
  • How trusts can be used to strengthen family ties
  • And more

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29. Reducing Taxes on Your IRA or 401(K) Required Minimum Distributions



How do you figure out the required minimum distributions (RMD) on your retirement accounts? What are the taxes? Can you reduce or eliminate the taxes?

In this episode, J Barry Watts and Eric Burlison look at four ways you can reduce or eliminate the taxes owed on your RMDs. Barry and Eric remind listeners of what a RMD is, and when you are expected to begin taking these withdrawals.

Barry and Eric discuss:

  • RMDs  and the basics of how withdrawals are calculated
  • The potential consequences of not making these withdrawals and why it’s important to know every detail of your taxes
  • Four ways you can reduce or eliminate the taxes owed to on an RMD
  • And more

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28. Taking The Mystery Out of Estate Planning



Estate planning can be complicated and may involve some uncomfortable conversations with family members and loved ones, albeit necessary. You want to be sure that your estate is going to the right people in the right order.

In this episode, Barry Watts uncovers the mystery of estate planning. Barry looks at multiple legal mechanisms used to transfer assets that can help you avoid having your assets distributed by the state or a judge. He also provides clarity on choosing how your assets are divided and to whom.

Barry discusses:

  • What happens to your assets when you die if you don’t have a plan
  • Who should inherit your assets
  • Legal mechanisms for transferring assets, and why you likely want to avoid probate
  • Passing assets by contract, and understanding trusts
  • How you can get your estate plan in order
  • And more

Resources:

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27. Everything You Ever Wanted to Know About Social Security But Were Too Afraid to Ask



Historically, many Americans have planned to rely on Social Security to get them through retirement. But what happens if Social Security isn’t enough to help you secure the retirement you want and know you deserve?

In this episode, J. Barry Watts discusses some of those tough questions about Social Security, and helps you to understand how you can optimize that benefit to become your largest financial asset.

Barry discusses:

  • The age at which you should start to file for Social Security
  • The minimum qualifications for Social Security 
  • A breakdown of how Social Security is funded
  • How to maximize your Social Security benefit should your spouse pass away 
  • How to avoid taxes on your Social Security
  • And more

Resources:

  1. How to Have More Tax Free Income in Retirement

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