Ep 8: The Risks Savers Face: The Tax Time Bomb - Part 3

Part 3 of our series on savers and the missteps they can make in planning, we turn to the dreaded topic of taxes. As you save and invest for your future, are you considering the tax time bomb that could be looming down the road? What about strategies that can help lessen your tax burden? Let’s discuss the options that you have to save yourself money in taxes.

On this episode: 

0:43 – Today we’re talking taxes.

1:50 – That tax time bomb is looming so keep that in mind as you’re saving.

2:15 – When we pump a lot of money into a 401(k) to lessen taxes now, we make sure people realize that burden will come later.

3:18 – We believe taxes are going up. Here’s a story we heard years ago that applies to your tax decisions.

5:10 – What are your options if you want to move your existing money into a Roth?

6:23 – The Roth conversion can ultimately lower your Required Minimum Distribution.

7:15 – If you’ve maxed out your Roth, what’s another investment option that can lessen taxes?

9:04 – What should we be considering when it comes time to withdraw your money?

11:28 – There are also a lot of options within your 401(k) plan like a Roth 401(k).

12:35 – Mailbag question: I own my own business and haven’t paid much into Social Security over the years even though I’ve earned a nice income. Is this going to be a problem for me in retirement?

For full show notes and additional resources, visit here: https://www.baschrock-fg.com/podcast/ep-8-the-risks-savers-face-the-tax-time-bomb-part-3/