Feb 22, 2019
As we enter tax season, everyone has taxes on the brain. Joel
revisits President Trump's tax plan and examines how it's affecting
clients in its first year. We'll also feature a discussion on some
of the questions you should be asking yourself and your advisor as
you plan for retirement.
What You'll Learn:
00:48 – How The New Tax Plan Is Affecting Most
- Most clients are paying between ten percent less and ten
percent more this year in taxes. Joel shares examples of how the
tax plan has affected his clients.
2:28 - People Confuse Their Tax Refund With How Much
- You might assume you had a good tax year if you received a
large tax refund as a result of the tax plan. However, it's
possible you still paid more in taxes than in previous years.
How To Avoid Confusion.
- Look at your total tax bill. If you're getting a large refund
from the government, you've basically given the government a loan,
and you're actually losing money by not collecting the interest
that would accrue on that money were it in the bank or a CD.
Don't Loan Your Money To Uncle Sam.
- Most folks would be better off saving their money, rather than
overpaying and getting a tax refund.
4:08 - Questions You Should Be Asking But Probably
- You probably have a lot of questions about retirement, but are
you asking the right ones? Learn the questions you probably should
be asking your advisor.
4:28 - How Much Will Tax-Deferred Savings Cost You In
- We tend to get locked in on what we're paying annually in
taxes. After all, we did start the show by discussing how the new
tax plan could affect you THIS YEAR. However, you need to consider
how you could alleviate your tax burden over the long-term.
6:33 - How Much Money Should You Withdraw This
- As you plan for retirement, you probably think about how much
money you should save. However, you should be thinking about how
much income you'll need each
What Medical Coverage Will You Need Other Than Medicare?
- Medicare is a useful program, and it can help you to save
money. However, it doesn't cover everything. You need to have a
plan for the things Medicare won't cover.
What Are You Paying In Fees And Commissions?
- You really need to read the fine print on your investment
statements. As you do, you'll probably discover certain fees you
never knew you were paying. Understand what you're paying for your
- Discover Our Quote Of The Week.
"Be fearful when others are greedy and greedy when others are
- Warren Buffett
- Joel explains why you shouldn't follow the investment
12:42 - We Feature A Bit Of Trivia.
- What single date in American history holds the record for
highest flower sales. Click here to learn the
"Understand what you're paying, and what you're getting. Most
people don't understand how much they're paying their advisor.
" - Money Wisdom
ScheduleYour Money Map Review: http://retire.johnsonbrunetti.com/contactjohnsonbrunetti
For further exploration of this topic and additional resources,
check out our blog here: https://johnsonbrunetti.com/revisiting-the-presidents-tax-plan/