Retirement Planning: Tax Tips to Boost Your Wealth

In this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson and Linwood Fraher discuss how taxes can impact your retirement plans and share strategies to minimize tax burdens. They explain the differences between ordinary income tax and capital gains tax, the benefits of tax loss harvesting, and the advantages of working with a tax professional. Additionally, they explore the significance of Roth contributions, itemizing deductions, and understanding your marginal and effective tax rates. The episode also covers tactics such as qualifying charitable distributions and deferred compensation plans to optimize tax efficiency during retirement.

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00:00 Introduction to Today's Episode

00:55 Meet the Hosts

01:12 Personal Updates from the Hosts

02:12 Introduction to Tax Strategies

02:24 Understanding Tax Brackets

04:15 Client Case Study: Buying a Truck

06:08 Tax Strategies for Retirement

12:45 The Importance of Professional Tax Help

14:27 Tax Considerations for Social Security

16:02 Capital Gains vs. Ordinary Income

19:23 Charitable Contributions and Deferred Compensation

21:17 Conclusion and Final Thoughts

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