Ep 15: The Importance of Tax PlanningPlanning
On This Episode
Let’s talk about tax planning. The subject seems to get ignored by a lot of advisors. We explain why it’s an important conversation to have.
Tax planning seems to get ignored by a lot of financial advisors, but it’s a crucial part of financial planning. We’ll explain why on today’s Saving With Silverman podcast.
We don’t prepare taxes for you, but we can work with your CPA or recommend a good one. It’s a great idea to have someone look at your investments. We also review your 1099s to help you make better decisions and save on taxes.
Roth conversions are an often-overlooked example. You now have more time to do a Roth conversion since the age for required minimum distributions was changed from 70.5 to 72.
“Most people aren’t even familiar with it,” said Mark.
Social security is another area to focus on. There are different ways social security can be taxed and if you take it too early, you have to pay some of that money back. We can run an analysis and show you the best age to take social security.
We also pay attention to the national debt and taxes, which will likely increase.
“Most people are in agreement, if you think taxes are high now, they are going to be higher in the future,” said Mark.
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
Most people are in agreement, if you think taxes are high now, they are going to be higher in the future.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
2:42 – Roth conversions
3:41 – Social security
5:00 - Required minimum distributions
5:57 – National debt
6:59 – Higher taxes are inevitable
7:52 – Get in touch with Mark
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