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Tom Turner - Planning Taxes and Retirement
Episode 1319th October 2020 • Secure Your Retirement • Radon Stancil, CFP® & Murs Tariq, CFP®
00:00:00 00:45:51

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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

Tweetable Quotes:

“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

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, visit POMWealth.net/podcast.

To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to morgan@pomwealth.net.