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Strategic SS Planning & Tax Efficiency in Retirement (4/13/2024)
Manage episode 412735108 series 3083349
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This past weekend, we welcomed fellow advisors and radio show hosts from Piershale Financial Group, based in Illinois. We began with advice on Social Security planning, discussing optimal benefit ages based on pension income, IRAs, and Roth conversions. We cautioned against over-reliance on pre-tax retirement accounts, advocating for diversification with Roth IRAs and taxable investments. Tax considerations were highlighted, focusing on managing brackets through strategies like Roth conversions.
In the second hour, the team delved into the importance of strategic planning for Social Security benefits. They covered optimal claiming ages, spousal benefits, survivor benefits, and the benefits of delaying until age 70 for growth. Additionally, they touched on tax efficiency in retirement, emphasizing Roth conversions, bracket management, and the impact of required minimum distributions. The conversation centered on Social Security benefits, discussing eligibility, taxation, and maximizing strategies, along with understanding the tax implications of retirement income sources such as pensions and investments.
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https://www.therealmoneypros.com
Guests:
Michael (Mike) Piershale, ChFC® , RFC®
Matt Nadeau, CFA, RFC®
Hosts:
Brian Wiley, Financial Advisor
Jeremiah Bates, Financial Advisor
Alex Lundgren, RSSA®, AIF®, Financial Advisor
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SPONSORS:
Guild Mortgage:
Ataraxis PEO
Tree City Advisors of Apollon:
https://www.treecityadvisors.com
Apollon Wealth Management:
https://apollonwealthmanagement.com/
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