I wish your company would do these sort of tax calculations for a fee, as I don’t want an overall money manager
@NatesRandomVideo
2 жыл бұрын
They don’t, huh? That’s too bad. I was considering contacting them for a checkup but if they want to manage the money… no.
@HorseLuvr101
2 жыл бұрын
@@NatesRandomVideo yeah, I asked them- they want to manage your money
@amerlin388
2 жыл бұрын
#8. If you name your heirs as partial beneficiaries of your traditional IRA, they can spread out distributions over 10-11 years to reduce taxes and surviving spouse faces less of a widow tax penalty due to RMDs. Of course, spouse needs to plan to cover remaining lifetime needs.
@keithmachado-pp6fv
3 ай бұрын
Wow I hadn’t thought of that one. Good idea.
@mr.j2776
2 жыл бұрын
Great info Eric. I often adjust my tax plan based on new information presented on your channel. Thank you!
@alphamale2363
2 жыл бұрын
Thanks. Seems like Medicare expenses are a lot less sensitive to income than ACA expenses, so hold off on big Roth conversions until on Medicare.
@jefflloyd394
2 жыл бұрын
Very good, complex but good. Will watch again. Cheers
@Tony-dx3eo
2 жыл бұрын
Thanks Eric--great information as always!
@Sylvan_dB
5 ай бұрын
This seems self-obvious to me, but I've had heated discussions/arguments with people who insisted that the only thing that matters is the effective rate or even just "the amount of taxes I pay." I find that incomprehensible. The only reason I can guess at, is they do not care to manage their income and/or taxes, in spite of assertions that they do. How, buy guessing? Who knows how people that cannot follow a strict logic step process arrive at their decisions.
@terryadams1830
2 жыл бұрын
Great video as always, Eric! Thanks!
@TheFirstRealChewy
11 ай бұрын
I noticed that everything is designed for you to get the short end of the stick the moment you start making any sort of taxable income in retirement. So you either spend a lot of time and energy trying to report no taxable income, or make so much money that taxes don't even matter to you. I want to be in the latter category and play around with taxes savings just for fun.
@slimdawgwoof
2 жыл бұрын
Thank you so much Eric. BTW, sounds like there is bill in the works to increase SS payroll tax and jack up NIIT from like 3.8% to 16.2%. YIKES!!!!!
@jefflloyd394
Жыл бұрын
Great as usual. Contacted you about becoming a client. Cheers, Jef
@rebeccae4325
Жыл бұрын
Question: The challenge for us plebes is how to build (accurately) on of the tax graphs you show. Where's the tool? I try to think in this way, however, know that I'm calculating the right chunks of income correctly is a crap shoot. Any suggestions of how to model this for our own situations so we can accurately make decisions around things like conversions or taking SS?
@larryjones9773
11 ай бұрын
Build a spreadsheet to mimic your finances for the rest of your life, including all calculations for your future tax returns. Any future financial planning is a crap shoot, but not estimating future financial events is an even worse crap shoot. I built a spreadsheet and it's essential, as there are a ton of moving parts to keep track of. I'll monitor and adjust my spreadsheet for the rest of my life. Financial advisors, like Eric, can't build a detailed spreadsheet like I recommend, because it's not economically feasible (for most of us with moderate wealth). If we were decamillionaires, then it would probably make economic sense to pay an advisor to develop and monitor said spreadsheet.
@edsterling5258
11 ай бұрын
@@larryjones9773 Larry is 100% right. I suggest starting simple. Put the next ~40 years as column headers, and start adding data rows for things like SSI income, W2 earnings, 401k distributions, etc. I built mine up a little at a time over many weekends. It is now pretty remarkable; I feel like it rivals paid software. It is customized for my state (for state income tax) and my family situation. Once the framework is built, you can alter variables and compare results. YOU CAN DO IT! 👍👍
@MILGEO
2 жыл бұрын
This video would have been so much easier to follow if the years and occasional ages were on the charts. Trying to guess by a dotted line that should mean age 65 for Medicare and then trying to understand the related years is very confusing. Are they close in age? Only one chart showed the dates and I don't believe that was the recommendation due to high RMD's. Your video's are usually much more detailed and easier to follow.
@AgendaInMind
Жыл бұрын
This is way too difficult to understand. I need it explained as a beginner or someone who doesn’t have a finance degree.
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