Ep. 13 – Tom Turner – Planning Taxes and Retirement
As you begin to plan for your retirement, you may be wondering how tax could impact your finances and how to factor it into your retirement planning strategy.
We were delighted to invite Tom Turner, CPA, and Partner at Heroux & Company, LLP, onto the podcast and get his expert insights on this complex subject.
In this episode, we leverage Tom’s 20 years of experience to break down how tax will affect your retirement plans. Tom defines some of the commonly used tax terms and simplifies some of the more confusing tax aspects and how they apply to your assets.
In this episode, find out:
- What tax brackets there are and how a marginal tax structure works
- How retirement contributions can help lower the amount of tax you pay
- How tax comes into play when selling a property
- How stock dividends get taxed
- Why you don’t need to put assets in an IRA on your tax return
- The benefits of working with a CPA over a “TurboTax” solution
- How your Social Security is taxed and what happens if you take it early
- What a Roth conversion is and how it could affect your Social Security taxes
- How to make tax-smart qualified charitable distributions
“We’re in a tax bracket structure that’s marginal. The more you make, the more you pay.” – Tom Turner
“Managing your capital gains can make a big difference on your taxes.” – Tom Turner
“The beauty of putting money into retirement is that it grows tax-free.” – Tom Turner
Important Links & Mentions
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