Episode #25: The Number One Question


The Principle:

It might surprise you to learn the question Brian hears most concerning retirement. Brian explains and offers tips to help you start your financial journey.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:29] – What You’re Saying On The Street.  

  • We set out to determine your biggest questions and concerns regarding retirement. Folks on the street responded saying they wanted to be sure they wouldn’t outlive their money.

[00:50] – What Question Does Brian Hear Most?  

  • We get asked all the times about taxes. Folks have all these retirement accounts and investments, but they lack a tax strategy, and they don’t know how much they’re going to have to pay in taxes on their wealth. That’s why we speak so often of the importance of tax planning on this podcast.

[1:51] – Will The Rules Change In Retirement?

  • Another popular question we’re often asked is whether the rules will change in retirement. Especially when it comes to taxes, people want to know whether they’ll stay the same or begin to rise over time. After all, recent tax legislation has left tax rates at historic lows. This means they’ll most likely rise again in the future.

[2:01] – What Don’t We Know.

  • We don’t know what the tax rate will be in the future. Therefore, if your money is in a pre-tax account, you’re basically getting an adjustable rate mortgage on your retirement. Make no mistake, Uncle Sam will get his cut of your investments. If your investments are tax-free now, then you’ll have to pay taxes on the gains you incur in the future. You could get stuck with a large tax bill in retirement.

[3:59] – Tax Strategies Exist.  

  • There are strategies to reduce your taxes in retirement, but much like working out, developing your tax plan takes time and effort.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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