Laura Stover, RFC® and Michael Wallin, CFP® discuss the Baby Boomer Dilemma documentary and its implications for pre-retirees and retirees. The film talks about many topics we routinely cover on the show- the growing national debt crisis, the potential for higher tax rates in the future, and the need for proactive tax planning.
The national debt has exceeded $32 trillion and is expected to rise further, potentially leading to higher tax rates in the future. Effective tax rates for Americans could reach 45% by 2030, according to predictions by experts.
We also cover the current state of the economy and the possibility of a recession in 2024. The market is currently experiencing a recovery, but there are concerns about a potential recession next year.
It is crucial to have a well-diversified tax plan that includes a mix of deferred, tax-free, and taxable accounts to optimize retirement income. Roth conversions can be a valuable strategy to take advantage of current lower tax rates and create tax-free income in retirement.
It is important to stay informed, work with a team of professionals, and have a comprehensive retirement plan that addresses income, taxes, investments, and estate planning.
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Timestamps (show notes):
[0:00:58] The Baby Boomer Dilemma documentary and its impact
[0:03:05] Importance of financial planning for retirement
[0:05:25] Rising tax rates and potential reduction in Social Security benefits
[0:06:53] Challenges of national debt and inheritance laws
[0:08:10] Strategies to deal with tax implications in retirement
[0:09:34] Importance of Roth conversions and getting to 0% tax bracket
[0:11:52] Need for a well-diversified tax plan
[0:13:24] Notable experts featured in the documentary
[0:17:12] Six pillars of consideration in a retirement plan
[0:20:01] Concerns about a potential recession in 2024
[0:25:40] Need to stay current and proactive with tax planning
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