There’s a reason why tax planning is a key component to the planning process at Oliver Asset Management. Too often, people focus solely on growing their portfolio another three to five percent, which is important, but it’s much more difficult to make up for a 15-20% tax hit that could have been avoided by proper planning.
Today we want to look a little closer at the tax planning process and how it differs from the tax preparation we do every year in April. Positioning yourself correctly while you’re working can possibly save you thousands of dollars in retirement.
Frank will break down the three tax buckets your money could go into and discuss some common strategies you can use based around those buckets. Plus, we will spend time on Required Minimum Distributions (RMDs) and the impact they will have on your taxes in retirement. No matter how close you are to your retirement age, we want to make sure you are taking the proper steps now to avoid that tax bomb down the road.
Here are some of the highlights from this episode:
0:00 – Intro
3:52 – Tax planning vs tax filing
5:15 – Safe to assume that taxes will be lower in retirement?
9:10 – Three tax buckets
10:07 – Tax strategies to consider when you’re working
12:05 – How taxes fit into legacy planning
13:39 – Required minimum distributions
17:57 – Frank’s favorite bands
19:12 – Listener question on tax-free income
Subscribe & follow the show for free on your favorite apps:
Helpful Resources:
Learn more about the T.I.M.E. planning process by clicking here.
You can also schedule a free planning session with Frank Oliver and the team by clicking here.
Get your copy of Frank's book!
Advisory services offered through CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Oliver Asset Management are unaffiliated entities.
Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional tax advice for applicability to your personal situation.
*Testimonials are based on unique experiences from current clients and are not representative of all client experiences. Testimonials are unsolicited and clients received no compensation (cash or non-cash). Past performance is no guarantee of future results. Testimonials are encouraged and welcomed from all prospects and clients. Investment advisory services offered through CreativeOne Wealth, LLC, a registered investment advisor. CreativeOne Wealth is not affiliated with Oliver Asset Management. Additional information about CreativeOne Wealth, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using CRD #281213.
Oliver Asset Management © 2023