Might connect has the weekend off. Ryan Herbert is in the retirement hot seat this week and Ryan, How are you? Welcome. I'm doing great. Just fresh off a nice, long post Christmas vacation with The wife and kids. We went down to some warmer weather and begrudgingly. I'm back here in the in the cold, but always excited to be back here, and I'm just talking to you. I miss talking to all our radio listeners out there. There's a lot to think about. As we go into 2021 Ryan has a special offer for you listening today to sit down with he and Mike Annette and go over your retirement. We're gonna tell you more about that coming up. We're kind of in the same boat here because a lot of people are now starting to get back into the swing of things after the holidays and the new year, But the New year presents new problems. Obviously, with Cove it and a new election. Lots of things are happening regarding taxes, and no one really knows what's going to happen with the new administration. But Morning Star's Maria Bruno says that that's a good question to ask what is gonna happen with our taxes. We go through this with every change of administration when there's concern or or interests that there might be changes in text legislation. We just don't know there are proposals that are out there. We don't know exactly what will happen or when. So to make changes in your portfolio, or maybe your draw down strategies. You're gifting strategies with the uncertainty. Um, it's good to have it in mind. But be careful about executing on strategies that you think could happen because the reality of it is we don't know when it'll happen. Or if it'll be re retroactive to the beginning of the year. All right, so basically, she doesn't know she's just saying Be careful. Do you agree with that? Ryan. Is there anything we can do now? To better position ourselves for what most assume are gonna be higher taxes? Well, you know, it's something that you should have been doing for the past three years. Really to take advantage of what has been going on over the past three years where we have these lower than ever. Tax rates is wider than ever. Tax brackets, and so what we are telling clients to do what we're doing with our clients is the same thing we've been saying for years and years and years. We want to do these Roth Conversions. We want to start taking money out of your IRAs paying the tax on it now, while rates are so incredibly low Moving in over into a Roth IRA that way in the future. When said when not if, but when tax rates go up? All that money you've set aside for retirement can now be tax free We can use to generate tax free income. You know, you want to take out 2030 $40,000 for a down payment on your vacation home. Your second home that RV or that boat, you know, whatever it is you want to do in retirement, Let's make it as a tax free and his tax. Efficient as possible because I do think taxes are going to go up in the future when they're going to go up. Just like Maria says. I don't know how much they're going to go up. I don't know. But what I do know is that right now, these current tax rates will last until the end of 2025. So that gives me Another couple years to take advantage of these tax rates. If they happen to change the tax all between now and then, then we adjust our plan. It's all about having that plan in place. And if you want to find out more about how we create these Roth conversion plans, how you can save money in taxes, it all starts by give us a call 866. 597 10 48 66597 10 40 sit down with Mike and myself on a member of our team, and we'll show you. Here's how much money you will pay in tax over your lifetime by doing nothing. With what I know. Here's how much you will save in taxes by doing this rock conversions with what I now, if taxes go up in the future, that number has become even more exponentially different, but it all starts. Give us a call 866597 10 48 66. 59 17 40. I was having this exact conversation with someone just this past week. You know, I've been on vacation, so he was really Anxious to come in, and he came into the begin the year we talked back in December. We set up kind of this Roth conversion plan. I said, You know, here's exactly how much we're going to convert. Here's exactly how much you're going to save on taxes. Here's an income plan. Here's the fees that you're going to pay. Here's a plan for a long term care. Here's a plan for state planning, really putting all those Financial pieces off his puzzle together to kind of give him this financial plan, and he wanted to have AH, further conversation about These tax changes because his biggest concern like Ah, lot of people is what is going to happen this year. Now that we have a democratic controlled presidency, we have ah, very narrow, democratically controlled. Senate and we have a democratically controlled house. You know, He's very concerned that we're gonna put this plan into place. We're going to say, Let's convert it over the next four years. Pay the tax. One of his biggest concern is okay now that Biden's in there what happens if The pass a tax law change in the middle of the year. Well, one of the things that's very, very hard for them to do, mostly because there's a lot of hoops for them to jump through, and there's not really a historical precedent for this. It's very hard for them to pass a tax increase. And let's say they do it as fast as they possibly can. And they get this thing passed in April, because, realistically, that's their time frame. It's very hard for them to go back and say OK, these tax changes that we just passed the April we're going to retroactively apply them. To January of 2021. It is very, very hard for them to do that, Maura likely. What happened is they say, Okay, this plan this new tax plan these new tax brackets. He's new tax rates are all going to be applied in January of 2022. So when I'm sitting down with this gentleman from the radio, we're going over the plan, and I'm saying OK, so They change the tax rates right now, that $230,000 that I'm going to take out of your IRA put on your tax return pay taxes on and convert to that Roth IRA. That is based on the Trump. Tax rates that Trump tax bracket. And so we do that for 2021, because I know more than likely it's not going to change and then in 2022 when they had that possible new tax bracket that possible new tax rate. In place. I'm going to adjust that number. Because what they want to do what they need to do. What they should do is raise taxes. We have to raise taxes to pay for all this debt. We had debt added on by the Bush administration, close to $7 Trillion We had about another $8 trillion at it on by the Obama administration and At last check from the Trump administration. It was close to another $9 trillion in debt in all of this debt has been added on to the federal deficit in the face off lowering taxes..