Joe Anderson, CFP® and Alan Clopine, CPA start off YMYW podcast episode 88 with a quick discussion on potential tax changes under Trump. Plus, 12 ways you could go broke in retirement and put yourself at financial risk. Original publish date December 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
08:28 “There are things that you want to make sure that you take a look at in regards to your overall retirement planning and tax planning, [including] Roth IRA conversions.”
09:00 “Most tax planning strategies have to be finished before December 31st, so now is the season for tax planning.”
10:03 “There’s a lot of confusion about taxes and what may be coming in the next year with the Trump proposals and GOP proposals.”
13:59 “In terms of the Trump proposal – this is also true of the GOP proposal – it would only be three tax brackets, 12%, 25% and 33%.”
14:44 “Under the Trump plan, if you’re married and your taxable income is below $75,000 you’d be in a 12% bracket – if it’s above $75,000 then you’re going to move into the 25% bracket and by the time you hit $225,000 you get to 33%.”
15:00 “When you look at single taxpayers, it’s the same exact thing but cut in half.”
17:12 “One of the biggest things I [would consider] from a planning perspective at the end of this year would be if I’m charitably inclined.”
17:46 “Charitable donations are really important and big right now because if you are in a higher tax bracket this year or next year or in the next couple of years, you want to take that deduction in a year where you get more tax benefit. There is a way to take future year contributions in the current year and that’s by setting up a special account called a donor advised fund.”
23:49 “The amount of money that you have in stocks versus bonds has nothing to do with your age…it all depends on when you cash flow, how much income you need and how much it needs to last.”
27:08 “Multiple streams of income are better than one.”
33:53 “Long-term care – that’s going to be a big deal. Most of these companies are totally getting out of the business.”