Libsyn Directory

Year-End Tax Reduction Strategies (Part 2)

The Retirement Show: Your Life, Your Money with Scott Sierens

Release Date: 10/17/2024

3 Solid Reasons to Take Social Security at 62!

The Retirement Show: Your Life, Your Money with Scott Sierens

Are you thinking about taking Social Security at age 62? That’s what many Americans consider when they approach Social Security age, but just because you can take it early doesn’t always mean that you should. Claiming too soon could shrink your benefits for life so it’s not a decision you want to rush to make. If you can check the box on one of the three situations we're going to discuss in this video, then claiming Social Security at age 62 might actually be the right move for you. Here’s some of what we discuss in this episode: 📉 Why taking benefits early reduces your...

4 Important Accounts for Retirement (PLUS Ways to Use Them & Help Reduce Taxes)

The Retirement Show: Your Life, Your Money with Scott Sierens

As you save for retirement, it’s not just about having a retirement account, it’s about having the right types of accounts and knowing how to use them most effectively. So today’s video will break down the four most important retirement accounts you should consider having and the strategies you can implement to get the amount of income in the most tax efficient way. Here’s some of what we discuss in this episode: 📉 How to reduce taxes using account strategy 🔁 Why sequence matters when withdrawing income 💰 A flexible account most people overlook 🧾 Real-life example of...

Before You Retire: Simplify These 3 Areas

The Retirement Show: Your Life, Your Money with Scott Sierens

Heading into retirement should feel like freedom, but too many people carry financial clutter into this next phase of life, creating confusion, missed opportunities, and unnecessary stress. In this week’s show, Scott outlines three key areas to simplify before you retire: your bank accounts, your investment and retirement accounts, and your overall strategy. Here’s some of what we discuss in this episode: 🏦 Simplify your bank accounts for clearer budgeting 📂 Clean up old 401(k)s and scattered investment accounts 🧠 Stick to one clear investment strategy that works long-term ...

Near Retirement? 3 Strategies to Consider In a Market Downturn

The Retirement Show: Your Life, Your Money with Scott Sierens

When the market is down, it can make you feel pretty uneasy. Emotions can rise and panic can feel like the natural response, especially when you’re nearing retirement. You spent decades just saving to get to this point, and now you're watching your retirement savings drop in value. You might be wondering what changes you should make. Should you move to cash? What action should you be taking with your accounts as you watch...

$2.5 Million in Retirement Savings – Can You Afford a Vacation Home? (Case Study)

The Retirement Show: Your Life, Your Money with Scott Sierens

You’ve saved up $2.5 million and you’re wondering whether you can buy a vacation home or whether you should just do a long-term rental. Maybe you should just scratch the idea altogether. This is a conversation we have with clients and today’s show is going to walk you through how we help determine if the vacation home is going to work with a hypothetical case study. Here’s some of what we discuss in this episode: 💵 Comparing buy vs. rent scenarios in retirement 📊 How large purchases affect long-term income and taxes 💬 Why your “retirement paycheck” must align with your...

When NOT to Do a Roth Conversion: 5 Critical Red Flags

The Retirement Show: Your Life, Your Money with Scott Sierens

We talk a lot about taxes because they’re going to be a huge expense for you in retirement, which is why many people ask about Roth conversions. It’s a strategy that could potentially save you money in retirement, but the truth is that Roth conversions aren’t for everyone and could actually cost you money. In today’s show, we’ll walk you through the five reasons why it might not make sense for you to do a Roth conversion. Here’s some of what we discuss in this episode: 📊 Consider future tax rates and income projections before making the move ⏳ The timing of a conversion...

Retiring Soon? 3 Costly Mistakes People Make in Their Early 60s (And How to Avoid Them)

The Retirement Show: Your Life, Your Money with Scott Sierens

Once you reach your early 60s, you’re in a window of time where the moves you make will drastically shape the next 30 or 40 years of your financial life and taxes. The right decisions can put you in a great position for retirement but the wrong decisions can leave you playing catch-up. In this video, we’re going to walk you through the three most common (and costly) mistakes people make during this pivotal stage and tell you how to avoid them. With rising costs for goods and services, it's vital to factor inflation into your financial strategy. Our retirement chart of the week provides...

3 Social Security Tax Mistakes (Potentially Costing You Thousands!)

The Retirement Show: Your Life, Your Money with Scott Sierens

Social Security is a key part of maximizing your retirement story. The decisions you make about when and how to claim it can have a big impact on how much you keep versus how much goes to the IRS. In today’s show, we’ll break down 3 common Social Security tax mistakes- some of which could cost you big- and how to avoid them. Here’s some of what we discuss in this episode: 0:00 – Intro 1:51 – Mistake 1: Believing Social Security Is Tax-Free 3:20 – Mistake 2: Not Planning For Medicare Impacts 4:12 – Mistake 3: Timing Social Security with Roth Conversions 7:12 – Retirement Chart...

3 Costly Retirement Tax Traps (And Ways to Avoid Them)

The Retirement Show: Your Life, Your Money with Scott Sierens

Are you prepared for hidden tax traps in retirement? Many retirees assume their tax rates will go down, but for those with significant savings, unexpected tax burdens could cost them thousands of dollars each year. Today, Scott Sierens, CFP®, uncovers three major retirement tax traps that could push you into a higher tax bracket, increase your Medicare premiums, and reduce your Social Security benefits. We’ll also address trending news about the potential elimination of taxes on Social Security benefits and answer a listener's question about the timing of claiming Social Security. Here’s...

Retirement Spending Secrets: A Smarter Strategy Than the 4% Rule

The Retirement Show: Your Life, Your Money with Scott Sierens

How much can you really spend in retirement without running out of money? In this debut episode of The Max Retirement Show, Scott breaks down the biggest retirement spending mistakes, why the 4% rule might not work for you, and how to create a dynamic spending plan that adapts to market conditions, taxes, and life changes. Plus, Scott answers a listener question about annuities vs. brokerage accounts for legacy planning and shares his Retirement Chart of the Week, helping you navigate market volatility. Here’s what we discuss in this episode: 0:00 – Big updates and intro 2:25 – The 4%...

More Episodes

In this second part of our year-end tax reduction series, we dive deeper into actionable steps to reduce your long-term tax burden. If you missed part one, we discussed what makes up taxable income, tax planning vs. tax preparation, and got into some year-end tax planning strategies. In this episode, we’re shifting the focus to strategies you can implement now to minimize your future tax liability.

Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season!

Here’s some of what we discuss in this episode:

0:00 – Intro

4:12 – Roth conversions explained

9:27 – Charitable strategies

14:55 – When stock options should be exercised

16:44 – Tax harvesting

19:51 – The annual gift exclusion

22:03 – Avoiding the big surprise

Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs

Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y

Want to get in touch?

Web: https://sierensfinancialgroup.com/