Next Steps – Tax Story Part A

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Homework Time! Before moving on to the next section please take sometime to fill out the RMD worksheet and Part A of the Tax Story worksheet. The information from these worksheets will build on one another so it is important to complete them as we go.

Lesson #4 – Current Tax Brackets

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In this lesson we look at your tax bracket and help you start to see potential tax planning opportunities. We also introduce you to the Tax Story™ worksheet and explain the different chapters of your Tax Story™.

Lesson #3 – Required Minimum Distributions

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Don’t be surprised by your RMDs (Required Minimum Distributions). This lesson discusses what an RMD is, how it is calculated and when to plan on it effecting you’re finances. You’ll also see how to fill out your own RMD worksheet to determine your potential existing (or future) RMD amount. I also mentioned a Retirement Calculator. This is at the bottom … Read More

Lesson #2 – IRA vs. Roth IRA

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This lesson discusses the difference between an IRA and a Roth IRA. Also, we will end the debate on which type of account is better by using a story of two sister, Mary & Terri. These basic retirement accounts can be a powerful tool in your Tax Story to minimize your tax bracket at each chapter of your Tax Story.

Lesson #1 – Three Types of Money

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Knowing these three types of money will help you determine how you will be taxed when you withdrawal them. Taxable, deferred and Tax-Free are the three basic types. This lesson will discuss the mathematically ideal amount to hold in each of these types to ensure tax efficiency in retirement.

Introduction

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This Section is all about your INCOME in retirement. We will discuss the Three Types of income sources, IRAs vs. Roth IRAs, Required Minimum Distributions and Current Tax Brackets. Buckle up and enjoy this section:)

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