Retirement Planning: How to Save Potentially $600k in Taxes By Avoiding These Common Mistakes

[@DougASAP]

Good stuff, thank you!

[@M22Research]

Hah! I came here to say literally, word for word, the same thing!

[@OakHarvestFinancialGroup]

Glad you both liked this one @DougASAP and @M22Research!

[@dallison1961]

Thanks Troy! While I understood the concepts this video really brought it home for me. Tax planning is by far the most complicated part of retirement planning given how all the income streams interact with each other over the long term. That being said, it's a great problem to have vs. the alternative of living off of social security.

[@OakHarvestFinancialGroup]

Thanks for your support - we're glad to hear you enjoyed this video! You're right - tax planning can be complicated and it's something our team works hard to help our clients with in step 3 of our Retirement Success Plan. Feel free to click the link below to speak to one of our advisors if you have any questions: click2retire.com/tax-mistakes Take care!

[@mackieboy9973]

Troy, you are to potential retirees what John Bogle was to investers. Thank you for your service.

[@OakHarvestFinancialGroup]

Thank you for that feedback, @mackieboy9973! We really appreciate that you enjoy our content. Feel free to click the link below to speak to one of our advisors if you have any questions: click2retire.com/tax-mistakes

[@bluecollarbudgets]

Even though this was a complicated topic, I appreciate Troy's explanation! Thanks Oak Harvest!

[@OakHarvestFinancialGroup]

Thank you for the comment! We appreciate your kind words @bluecollarbudgets!

[@mmhodler5753]

Great tips

[@OakHarvestFinancialGroup]

Glad it was helpful!

[@ibrahimseth8646]

Taxes=600K Yield=6% Year=30 Taxes(30 Year)=600K*1.06^30 Taxes(30 Year)=3500K Payout(30 Year)=7000K { Taxes(30 Year)=3500K Income(30 Year)=3500K } Insurance: Payout(30 Year)=7000K Premium=? Yield=12% Year=30 Premium=7000K/1.12^30 Premium=240K(Cash=360K) { Taxes=600K } Note:I give the government now=360K and 30 Year later 3500K, is it ok for you. Thank you.

[@OakHarvestFinancialGroup]

Thanks for watching, Ibrahim!

[@M22Research]

A perhaps trivial issue, but we have hung onto a handful of stocks that were gifted to us. Part of the challenge was we had no easy way to determine the cost basis. But thinking this thru - we could assume 100% of the sales price to be long term capital gains… and due to our currently modest income (managed low to get ACA credits prior to Medicare), the tax impact would be zero.

[@firstlast3192]

At 7:58: Why is the 2023 marginal rate at 10%? This income is long-term capital gains and dividend and as such these rates should be used: 0%, 15%, 20%. Correct? For 2023, the tax on $92,300 of taxable income is $458. How is that derived?

[@firstlast3192]

At 10:02: For 2023, the taxable income of $92,300 is $2,694. How is that derived? I got $5,599.80. Of the $50,000 IRA distribution, $20,550.00 to be taxed * .10 = $2,055.00 $50,000.00 - $20,550.00 = $29,540.00 $29,540.00 to be taxed * .12 = $3,544.80. Total income tax system (the ‘ordinary income tax’ system): $2,055.00 + $3,544.80 = $5,599.80 Of the $50,000 long-term capital gains, 0% tax as it is under $89,250.

[@michaeleldridge5640]

standard deductions.