Ep. 71 Get Rid of the 401K To Save Social Security?
Release Date: 02/29/2024
Ep.92 Most Googled Financial Questions of 2024
Red Barn Financial Podcast
In this episode of the Red Barn Financial podcast we talk about the most googled financial questions of 2024. It’s always interesting to see what’s on people’s minds, especially when it comes to finances. Did you know some of the most Googled financial questions in 2024 included: “How do I start investing?”, “What’s the best way to save for retirement?”, and “Do I really need life insurance?” These are great questions, and if you’ve been wondering about them too, you’re not alone. Financial planning can feel overwhelming, but I’m here to simplify it for you....
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Episode 91 - What Do You Value Most?
Red Barn Financial Podcast
In this episode of the Red Barn Financial Podcast, I kick off the 21 day devotional "Look At The Sparrows" by Faithfi. In this episode we explore Matthew 6:19-21 which says: 19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also. If we put our efforts and desires in...
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Ep. 90 How to Reduce or Eliminate Debt in 2025
Red Barn Financial Podcast
In this episode of the Red Barn Financial Podcast, Sean Moran talks about ways to reduce or eliminate debt. It's often a strategy and a process and we talk through the ways in which to make this happen for you. Are you committed to paying down your debt this year? Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call
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Ep. 89 Avoid Leaving Your Heirs a Big Tax Liability - Do This Instead
Red Barn Financial Podcast
In this episode of the Red Barn Financial Podcast, Sean Moran talks about the unintended consequences of leaving money to loved ones. When you leave money to someone, you may be leaving them a tax liability that could have been smaller with a bit of planning. Here are a few things to consider: Plan while both spouses are alive Consider the tax bracket of the people you are gifting to Think about actionable planning to reduce your tax liability over time Giving equal amounts to multiple people doesn't always result in them receiving an equal amount. This chart will help you...
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Ep. 88 Year-End Giving: A Tax-Smart Strategy for Charitable Giving
Red Barn Financial Podcast
In this episode of the Red Barn Financial Podcast, I talk about ways to make your charitable giving go further with some tax efficient ideas. I share the keys to giving and finding where your philanthropy can have the most impact. The use of a Donor Advised Fund (DAF) or making a Qualified Charitable Distribution (QCD) from an IRA are two potential ways to improve your giving by paying less in taxes, thereby leaving more for the charity or less of a tax burden for yourself. Giving appreciated stock vs. selling the stock and giving cash, and many more topics are discussed. ...
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Ep 87 - What happens to your investment when new investors are brought in
Red Barn Financial Podcast
Equity ownership dilution occurs when a company issues additional shares, reducing the ownership percentage of existing shareholders. This is common during second round fundraising (Series B), where new investors come on board, and more shares are created to accommodate their investment. It isn't necessarily a bad thing, however, because 10% of a company with no money is likely worth less than 5% of a company with money. Key points to consider include: Impact on Ownership: Existing shareholders' ownership percentages decrease, which can affect control and decision-making power....
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Ep 86 Smart Planning to Avoid the Widow Tax Penalty In the Future
Red Barn Financial Podcast
When one spouse passes there is a little known and unintended consequence from a tax perspective. It’s often called the Widow Penalty. This is the result of the fact that generally a retired married couple lives on close to the same amount of money (because of the shared household expenses) when they are both alive as compared to when one passes. The issues comes from the fact that now the surviving spouse is single and their standard deduction is cut in half. In 2024 that would be from $29,200 married filing joint vs $14,600 if they were single. Additionally, the amount of...
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Ep. 85 Saving for Retirement At Various Life Stages
Red Barn Financial Podcast
In this episode of the Red Barn Financial Podcast, Sean Moran shares the different strategies for investing at different stages of your life. One example is when you are younger, you might want to put your retirement funds in Roth accounts as your tax liability is low, so a tax deduction might not be as valuable. As you reach the peak of your career, you may be in the highest tax brackets and want to reduce your taxes, in which case the traditional 401(k) or IRA might be a better choice. If you have a lot of money in your traditional accounts, you might want to consider...
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Ep. 84 Taxing Unrealized Capital Gains
Red Barn Financial Podcast
“Taxing Unrealized Capital Gains: What You Need to Know” Current Taxation System: Under the current system, taxpayers pay taxes on the growth in the value of their assets when they are sold (realized gains). Short-term gains (assets held for less than one year) are subject to ordinary income tax rates. Long-term gains (assets held for over a year) are taxed at a top rate of 23.8%. Kamala Harris’ Proposal: Harris has proposed taxing unrealized capital gains for individuals. These taxpayers would report unrealized gains annually, including basis (original purchase price) and market...
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Ep. 83 Inheriting an IRA - You need to know these rules
Red Barn Financial Podcast
Are you the fortunate recipient of an inherited IRA? This podcast episode is your essential guide to understanding and maximizing your inherited IRA. We'll delve into the complexities of different inheritance scenarios, explore the rules and regulations governing inherited IRAs, and provide practical tips for making informed decisions about your financial future. Key Topics: Different Inheritance Scenarios: Understand the nuances of inherited IRAs based on your relationship to the deceased. Required Minimum Distributions (RMDs): Learn about the mandatory withdrawals you'll need to make from...
info_outlineA recent study by Boston College recommends ending 401(k) and IRA tax benefits in order to use the extra tax revenue to fund Social Security.
I share in this podcast episode why I think that could be a bad idea that would lead to more issues for retirees in the future, which would mean simply transferring the problem to the future.
The Center for Retirement Retirement Research at Boston College said that about $185 billion of more revenue would be collected by the IRS each year if people couldn't deduct their 401(k) or IRA contributions.
I believe this would result in less savings for the future. If people choose not to save for retirement because there is no immediate benefit, they are likely to spend that money instead.
You can learn more about it in this article
Disclaimer: The informaiton contained in this podcast is not tax, legal or investment advice. Everyone's circumstances are different. If you would like to discuss your informaiton specifically please contact us at 615-619-6919 or email [email protected]