The Mind Money Spectrum Podcast

#29. Want to retire before you turn 70? Tee up big savings with these tips.

June 30, 2020 Aaron Agte and Trishul Patel Season 1 Episode 29
The Mind Money Spectrum Podcast
#29. Want to retire before you turn 70? Tee up big savings with these tips.
Chapters
The Mind Money Spectrum Podcast
#29. Want to retire before you turn 70? Tee up big savings with these tips.
Jun 30, 2020 Season 1 Episode 29
Aaron Agte and Trishul Patel

In this episode, Aaron and Trishul discuss financial planning strategies for people in their 60's. They explain the logic behind why financial planners recommend delaying Social Security until age 70. They also discuss Roth Conversions and ACA subsidies and why a year of no or low taxes is a missed opportunity. Once Social Security and Required Minimum Distributions begin, this additional taxable income makes strategic tax planning more difficult. Like many things, planning far in advance provides more opportunities for an optimal strategy.

Episode References

MMS #12 Sequence of Returns Risk
MMS #24 Always Shop Around for Insurance
Roth Rules
Investing Forever - Taxes: What Does This All Mean?
Investing Forever - Tax Man Saves the Day
Investing Forever - Why Buy-And-Hold Can Save You BIG.
Investing Forever - Small Difference, Big Deal
Investing Forever - IRA is Your Friend
Investing Forever - Careful. There’s more to think about than just your IRA.
Investing Forever - You Can’t Spend the Same Dollar Twice
IRS Says Backdoor Roths Are OK
What Is the Rule of 55?
Traditional IRA Withdrawal Rules and Regulations
Rule 72(t)
What Is the Secure Act?
What Is Cobra?
Roth vs. Traditional, Which Is Right for You?
Investing Forever - Wills and Trusts: How Are They Different?
Investing Forever - Estate Planning: Get Started Today

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

In this episode, Aaron and Trishul discuss financial planning strategies for people in their 60's. They explain the logic behind why financial planners recommend delaying Social Security until age 70. They also discuss Roth Conversions and ACA subsidies and why a year of no or low taxes is a missed opportunity. Once Social Security and Required Minimum Distributions begin, this additional taxable income makes strategic tax planning more difficult. Like many things, planning far in advance provides more opportunities for an optimal strategy.

Episode References

MMS #12 Sequence of Returns Risk
MMS #24 Always Shop Around for Insurance
Roth Rules
Investing Forever - Taxes: What Does This All Mean?
Investing Forever - Tax Man Saves the Day
Investing Forever - Why Buy-And-Hold Can Save You BIG.
Investing Forever - Small Difference, Big Deal
Investing Forever - IRA is Your Friend
Investing Forever - Careful. There’s more to think about than just your IRA.
Investing Forever - You Can’t Spend the Same Dollar Twice
IRS Says Backdoor Roths Are OK
What Is the Rule of 55?
Traditional IRA Withdrawal Rules and Regulations
Rule 72(t)
What Is the Secure Act?
What Is Cobra?
Roth vs. Traditional, Which Is Right for You?
Investing Forever - Wills and Trusts: How Are They Different?
Investing Forever - Estate Planning: Get Started Today

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.