41: Steve Sexton - Saving with Steve - Episode 41

41: Steve Sexton - Saving with Steve - Episode 41

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.”