IRA, IRS, SAM discussed on Winning Retirement with Greg Taylor


Know all these years we've been working hard and putting money into our 401K's with these that will eventually have a nice stash for our future but financial author Patrick Kelly says we need to remember that we also have a silent Partner who's going to expect a cut. Of that money and it's not a relative do understand. That there's another person's, name, on, your retirement account if it's a qualified plan like an IRA a 401K a CEPA. Simple and that person's name is Sam he owns whatever your tax bracket is it belongs to him and he's going to make sure he gets it one. Way or the, other okay it, is a relative but not. A blood relative but still Sometimes it feels, like blood Do people tend to forget about the taxes that they're going to. Have, to. Pay in retirement oh absolutely and that's why I jokingly referred to the IRA, as the internal revenue account, or I, say something fun you know because you know my jokes are awesome right So, the IRA is an IOU to the IRS Yes, so? Don't try to say. That fast three times right but here's the thing everything. That we put off till tomorrow will eventually come. We will have to pay taxes on. Those accounts says IRA's all this tax deferred vehicles the key is understanding the best way to take it out how to convert, it to, Ross or other tax free vehicles without you. Know having to give, up the farm to do so these are big big key elements because we don't want to spend the. Rest of her life paying tax on social. Security when in many cases it won't be necessary so have tax plan in place so that you can kind. Of get the IRS out of your financial future do you know where? You stand when it comes to taxes in retirement I would. Be willing to guess you probably. Don't listening today that's, why we're having this conversation and that's why Greg and Kristen include that as. Part of the retirement income planning that they do, if you have, specific questions about taxes and retirement they can say Send you that simple two page retirement tax and benefit. Guide to better know where you stand and they're. Happy to sit down with you and. Do a retirement tax analysis so that you make sure that you're paying all you need to pay but no more than your, fair share, come in and sit down with him for. That opportunity or call, and maybe get that retirement benefit guy just to.

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