The Tax Smart Retiree: Tips to Keep More of Your Money in Retirement

In today's episode, financial advisors and retirement planners Jim Martin & Casey Bibb explore how taxes can be a major expense in retirement and discuss strategies to potentially lower your tax bill. We cover tax pitfalls and methods used by wealthy individuals to pay less in taxes, including Roth conversions, tax-efficient withdrawal plans, Qualified Charitable Distributions (QCDs), and tax loss harvesting. Additionally, we delve into the importance of optimizing Social Security and Medicare timing.  Jim and Casey emphasize the need for comprehensive financial planning and how utilizing tools like a tax calculator can help retirees plan better. Listener questions about handling old 401(k) plans and dealing with market volatility are also addressed, providing practical advice for Americans aged 40-60 looking toward a more confident retirement.

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00:00 Introduction to Retirement Taxes

01:10 Understanding Tax Pitfalls in Retirement

01:42 Welcoming Casey to the Show

02:38 The Reality of Tax Deferred Accounts

05:52 Strategies to Lower Your Tax Bill

06:04 Roth Conversions Explained

07:40 Tax Efficient Withdrawal Plans

09:57 Qualified Charitable Distributions (QCDs)

11:35 Harvesting Tax Losses

13:07 Common Financial Planning Mistakes

13:22 Strategic Filing for Social Security and Medicare

14:23 The Butterfly Effect in Financial Planning

15:48 Using Tax Calculators and Projections

18:11 Finding the Right Financial Advisor

20:13 Listener Q&A: Managing Old 401(k)s

22:09 Listener Q&A: Market Volatility Concerns

23:14 The Three Pointer Story

24:32 Conclusion and Final Thoughts

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