Americans have been falling behind on retirement planning for some time now, and the past two years have only increased the difficulty to save money and grow a nest egg. This recent trend emphasizes the importance of proper planning, and we want to share some of the best retirement strategies to consider in 2023.
Much of what Laura Stover, RFC® and Michael Wallin, CFP® will discuss in this episode involves tax planning along with income and investment planning. Some of the planning items we’ll cover are spousal IRAs, Roth IRAs, IULs, and strategies for small business owners, and all of these aim to benefit you over the long-term.
As we’ll explain throughout our discussion today, tax diversification is every bit as important as investment diversification. Understanding how to best utilize taxable, tax-deferred, and tax-free accounts to build that investment strategy likely will prove to be very beneficial in the years ahead. That’s why take the team approach and rely on the strengths of multiple people to build the best plan for you. If you want to learn more, get in touch and start that conversation.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
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Timestamps (show notes):
3:36 – Taking advantage of the spousal IRA
5:55 – Weighing the tax benefits of a Roth IRA
12:39 – Consider funding an Indexed Universal Life (IUL)
16:04 – Tax diversification is so important
19:35 – Strategies for small business owners and those who are self-employed
21:45 – The Thrift Savings Plan for federal employees
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