Tag Archives: Tax Planning

34. How to Retire in the 0% Tax Bracket

December 15, 2021Finance, Financial, Retirement, TaxesFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, ROTH IRA, Saving You Taxes, Tax Bracket, Tax Free, Tax Planning, Taxes, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

December 1, 2021Finance, Financial, Retirement, TaxesEstate Planning, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

November 17, 2021Finance, Financial, Retirement, Taxes, UncategorizedBack Door IRA, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, ROTH IRA, Saving You Taxes, Tax Free, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

November 3, 2021Finance, Financial, Retirement, Taxes, UncategorizedFamily Endowment, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Tax Strategy, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

October 20, 2021Finance, Financial, Retirement, Taxes, UncategorizedEstate Planning, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Trusts, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

October 6, 2021UncategorizedFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Required Minimum Distributions, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

September 22, 2021Finance, Financial, Retirement, Taxes, UncategorizedEstate Planning, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

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

September 8, 2021Finance, Financial, Retirement, Taxes, UncategorizedFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Social Security, Tax Planning, Taxes, Truth About Taxes and Retirementtruthabouttaxesandretirement

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:

How to Have More Tax Free Income in Retirement

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26. Don’t Let This Devastate Your Retirement

August 25, 2021Finance, Financial, Retirement, Taxes, UncategorizedFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Returns Risk, Risk, Saving You Taxes, Sequence of Returns, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

Not managing your sequence of returns risk properly could damage your retirement.

In this episode, J Barry Watts helps you understand how to protect yourself and your retirement from this type of investing risk. He helps you understand what a sequence of returns is, how it can hurt your retirement, and how to manage the risk and protect yourself.

Barry discusses:

What to know about a sequence of returns risk
Tools you can use to protect yourself from a negative sequence of returns
How a negative sequence of return could damage your retirement
How to manage the risk of a sequence of return
And more

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25. Understanding the Investment Fees You Pay

August 11, 2021Finance, Financial, Retirement, Taxes, UncategorizedFinancial Advisor, Healthcare Planning, Investment Fees, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

Do you know which fees you pay on your investment account? How much are they? And if you don’t know, shouldn’t you?

How can you find out what these fees are and where they come from?

In this episode, J Barry Watts and Eric Burlison provide you with all the information you need to better understand the fees you are paying on your investment account. They help you discover which fees you are actually paying, and discuss whether the fees are worth paying.

Barry and Eric discuss:

Why you are paying fees on your investment accounts
The specific fees you are paying that you may be unaware of
The type of fees brokerage firms, mutual funds, and registered investment advisory firms charge on your investments
Where you can discover which fees you’re paying and if the fees are worth paying
And more

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