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What Are the Missed Opportunities in Your Financial Plan?

Do you know what your options are and ways to be most strategic with your money? How do taxes play a part? Brian gives some client examples of significant opportunities clients have pursued recently.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

What You’ll Learn:

Do you know that you’ll owe taxes on the money you withdraw on your traditional 401(k)? You might look at your balance and think, “Oh, that’s all my money!” But if you have a million dollars in retirement, depending on a few factors such as where you live and your tax bracket, it might be closer to $700,000 once you pay the taxes on it.

Do you think taxes are going up? More and more of Brian’s clients want to look at tax strategies as a part of their financial plan while tax rates are low. Whether due to COVID-related income changes or the stage you’re at in retirement, are you paying attention to the opportunities right now? Have you considered a Roth conversion? What options do you have to put yourself in the best position?

Brian talks about a client who did a Roth conversion this year who was able to benefit from it in a big way. If you know the tax rate is going up, why aren’t you taking advantage of it now? Same with refinancing, are you taking advantage of the low rates now? There might be some pain in it now, but you’re paying the debt off so can get more tax-free income later.

What opportunities are you potentially missing out on right now? Reach out to your advisor to make sure you are considering all of your options.

Key Moments:

[0:15] – Do you assume you’ll owe taxes on withdrawals from 401(k)?

[2:03] – Do you think tax rates are going up?

[4:46] – Why do people miss the opportunities available?

[5:42] – Check up on what your options are to put yourself in the best position.

The Truth:

“It’s missing out on those opportunities where people make huge mistakes.” – Brian Bowen

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