Ep. 15: – Retirement Taxation

Brighter Wealth Retirement

Intro about the episode:

Hi everyone and welcome to the Brighter Retirement Radio™ Podcast. Making your retirement years Bigger, Better, and Brighter means adding confidence and purpose in what you do. Hear stories from other charitable boomers just like you about how they are finding purpose by reaching out to others and donating their time and money during their retirement  Also, hear from industry-leading professionals that help others find confidence in all areas of their retirement. Tune in each week on Thursday Mornings to hear another great episode of the Brighter Retirement Radio™ Podcast.

In today’s episode, we’re going to dive into the topic of retirement taxation. My purpose is to really help you understand the why around retirement taxation and how important this topic is because it is far too often overlooked, undervalued, or really unknown.

Make sure you listen to the end to hear why I feel hiring a retirement income certified professional is so important and why I feel so confident that mastering your taxes in retirement is extremely valuable and important.


>>Devin Peterson (00:01):

In today’s episode, we’re going to dive into the topic of retirement taxation. Now, Whoa, before you go to sleep, I know every time I mentioned this word taxation, there’s this stigma of boring, dry, dull important, but eh, I don’t really want to understand that my purpose today in this episode is to really understand the why around this, how important this topic is in your retirement, in everyone’s retirement. So within our firm, brighter wealth Academy and advisors, it’s been interesting to see over the last several years where this, this topic of taxation has really gravitated all of these important retirement financial principles around this idea of taxation.

>>Devin Peterson (01:26):

My purpose and intention here on this podcast is to share with you why I feel like as a retirement income certified professional, why I feel so confident that mastering your taxes in retirement is extremely valuable and important. I’m going to go back several, several years into the infancy of my financial career and share with you experience a, a client and student that I had by the name of Bob and Mary. Um, I was their financial advisor at the time managing some portfolios for them. And in one of our annual reviews, Mary had mentioned that she had spoken with her CPA or her certified public accountant or tax person.

>>Devin Peterson (02:33):

Mary said, you know what, Devin, my CPA mentioned this tax strategy called a qualified charitable distribution. And she mentioned that it might be a good idea. Um, but she wanted us to talk to you as our financial advisor now, admittedly, and that moment I thought, Oh, okay, well, uh, taxes, uh, I’m not a CPA. I’m not a tax consultant.

>>Devin Peterson (03:45):

And with each ongoing question, I became more and more interested and enlightened. And honestly it was an aha moment that I had there in my client’s CPA’s office, as I begin to fully understand not only the impact that my, that would make financially for my client in that one tax year, but my minds automatically started thinking about subsequent tax years year over year, the savings.

>>Devin Peterson (10:49):

It’s so vitally important to have tax planning inside of your retirement plan, because you can put together a beautiful retirement financial plan right now, assuming that all of the tax rates stay the same and you might be able to, to not run out of money throughout your retirement. However, the reality of it is that tax rates have never stayed the same in the past for a long period of time. Why would we number one, assume that they’re not going to change in the future and under this current circumstances, why would, we would assume that if they change, they would actually go down as opposed to going up

>>Devin Peterson (22:38):

On a Wednesday, July 15th, we’ll have an educational webinar talking about some of these tax principles, giving you access to joining the class, um, and giving you a couple of bonuses for joining the class with the group.

>>Devin Peterson (28:29):

So that’s, that’s what I, that’s essentially what I wanted to share within this podcast today was this idea that retirement taxation should be so important to you. If you have a retirement plan, if you’re working with an advisor that is doing an amazing job with his investment returns, um, with his distribution planning, that is that’s great. I love that. Start a conversation with him about the retirement taxation. How can I reduce the risk of future tax increases? So join us in this retirement taxation masterclass to really gain maybe the right vocabulary or perspective or tools to be able to go to your advisor and say, help me with this, if you are your own advisor.