UK Health Radio Podcast
UK Health Radio Podcast
41: Steve Sexton - Saving with Steve - Episode 41
41: Steve Sexton - Saving with Steve - Episode 41
41: Steve Sexton - Saving with Steve - Episode 41
Monday 6th November 2023
Join Steve Sexton and Daniel McDonald on the UK Health Radio Podcast for insights on tax-efficient retirement strategies and financial security tips.
29 minutes
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Get the buttons here!Mastering Your Finances: Retirement Tips with Steve Sexton and Daniel McDonald
Episode Overview
- The episode provides valuable insights into tax reduction, retirement savings, and financial security
- Daniel McDonald, a certified financial coach, shares expertise on retirement tax strategies and tax-wise withdrawal strategies
- The conversation delves into leveraging tax brackets, Roth IRA conversions, and reducing taxation to maximize retirement savings
- Practical advice and valuable tips for protecting oneself from financial scams are offered throughout the episode
- Steve and Daniel aim to help listeners achieve financial success and security
The core issue here is to test out the possibility of not waiting to withdraw from that IRA or 401k until your required minimum distribution. Start picking a number. Maybe it's $10,000 or $20,000 a year, maybe more. And just see what if I started withdrawing from those accounts when I'm 65, for example, instead of 72 or 73, if I started taking out oh, 20,000 a year, I'm going to pay taxes more upfront, because when you withdraw upfront, you got to pay the taxes then. But can I save taxes over the longer term? Let's say when I, by the time I'm 80 or 90, that's when that was kind of the benchmarks I used for my calculator. Can you save in the longer run? Paying taxes in the shorter run might be okay if you wind up saving a lot more in the long run.
Ever thought about how a simple tweak in your retirement strategy could save you thousands? In this episode of the UK Health Radio Podcast, Steve Sexton, host of the Saving with Steve show, unpacks the complexities of money management. From tax reduction to retirement savings, Steve covers it all, aiming to help you build a healthier relationship with your finances. Joining him is Daniel McDonald, a lawyer-turned-certified financial coach, who brings his expertise to the table.
Daniel shares insights on crafting a tax-efficient withdrawal strategy that could make a significant difference in your retirement funds. They discuss leveraging tax brackets, Roth IRA conversions, and reducing overall taxation to maximize your savings. But it's not just about saving money; they also touch on protecting yourself from financial scams like IRS fraud and romance scams. Throughout the episode, Steve and Daniel offer practical tips and actionable advice designed to help you achieve financial security and peace of mind.
If you're looking to get smarter with your money and safeguard your future, this episode is a must-listen.