Year-End Tax Reduction Strategies (Part 2)

The Retirement Show: Your Life, Your Money with Scott Sierens

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المحتوى المقدم من Scott Sierens. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Scott Sierens أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.

<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/the-vanished">The Vanished</a></span>

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The Vanished

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إلغاء الاشتراك

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Join us on a journey into the perplexing world of disappearances, where individuals vanish without a trace, leaving behind a void filled with questions and speculation.

منذ عام واحد 27:28

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Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season!

Here’s some of what we discuss in this episode:

0:00 – Intro

4:12 – Roth conversions explained

9:27 – Charitable strategies

14:55 – When stock options should be exercised

16:44 – Tax harvesting

19:51 – The annual gift exclusion

22:03 – Avoiding the big surprise

Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs

Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

156 حلقات

#Trading #Careers #Business #Scott Sierens #401k #Chicago #Elgin #Financialplanning #Healthcare #Illinois #Roth #Scottsierens #Wealthmanagement #Yourlifeyourmoney #Pension #IRA #Retirement #Tax

Year-End Tax Reduction Strategies (Part 2)

The Retirement Show: Your Life, Your Money with Scott Sierens

published منذ عام واحد

MP3•منزل الحلقة

Here’s some of what we discuss in this episode:

0:00 – Intro

4:12 – Roth conversions explained

9:27 – Charitable strategies

14:55 – When stock options should be exercised

16:44 – Tax harvesting

19:51 – The annual gift exclusion

22:03 – Avoiding the big surprise

Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs

Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

156 حلقات

#Trading #Careers #Business #Scott Sierens #401k #Chicago #Elgin #Financialplanning #Healthcare #Illinois #Roth #Scottsierens #Wealthmanagement #Yourlifeyourmoney #Pension #IRA #Retirement #Tax

ทุกตอน

1
5 Clear Signs It’s Time to Retire 18:32

منذ 10 weeks18:32

18:32

Are you starting to feel like you might be ready to retire but can’t quite pinpoint why? If so, today’s episode is perfect for you! We’ll explore five clear signs that it may be time to move on to the next chapter of your life. Join Scott as he breaks down these key indicators, including one crucial sign that should apply in every case- being financially prepared to take that next step. Don’t miss this insightful episode as Scott shares real-life stories to help you recognize these signs and determine if they apply to you! Here’s some of what we discuss in this episode: 0:00 – Intro 3:11 – You can’t wait to retire 4:30 – You don’t enjoy work anymore 7:01 – Things are changing at work 11:27 – You desire more personal or family time 13:54 – You’re financially prepared to retire Want to get in touch? Company website: https://sierensfinancialgroup.com/ Podcast website and resources: https://maxretirementshow.com/ Phone: (847) 235-6989 Contact our team: office@sierensfinancialgroup.com Schedule your no-cost introductory call: https://sierensfinancialgroup.com/schedule-a-meeting/ Join us for our next financial workshop: https://sierensfinancialgroup.com/ Check out our free guides: Unlocking Hidden Tax Savings Guide: https://lifemoneyshow.com/taxes/ Social Security Benefits Guide: http://lifemoneyshow.com/socialsecurity Will Your Money Last As Long As You Do Guide: https://sierensfinancialgroup.com/ Check us out on YouTube: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ Facebook: https://www.facebook.com/SierensFinancial/ LinkedIn: https://www.linkedin.com/in/scott-sierens-sfg/…

1
Big Retirement & Tax Updates Coming in 2025 25:51

منذ 12 weeks25:51

25:51

Big changes are on the horizon for 2025, and this episode is all about keeping you in the loop. From updates to 401(k)s, Social Security, and Medicare to new tax brackets and changes for inherited IRAs and HSAs, we’re covering it all. Whether you’re retired, approaching retirement, or just beginning to map out your plans, this discussion is for you. Here’s some of what we discuss in this episode: 0:00 – Intro 2:30 – 401(k)s, 403(b)s and 457s 6:45 – IRAs and Roth IRAs 8:08 – Social Security and Medicare updates 13:08 – Tax changes 18:34 – Health savings accounts 20:58 – Inherited IRAs for non-spousal beneficiaries Resources for this episode 401k Changes https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000 https://www.cnbc.com/2024/11/23/401k-changes-2025.html#:~:text=For%202025%2C%20employees%20can%20defer,top%20of%20the%20%2423%2C500%20limit Social Security & Medicare https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf https://www.kiplinger.com/retirement/medicare/three-medicare-changes-on-the-horizon-for-2025 https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

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The Reasons Your Retirement Transition Isn’t Easy (And How to Fix It) 25:33

منذ 14 weeks25:33

25:33

Scott recently met with a prospective client who asked, “Why isn’t the transition into retirement easy?” While there’s no “easy button” for retirement, it doesn’t have to feel overwhelming or confusing either. In today’s episode, Scott explores why retirement, or the transition into it, might feel difficult, and why many people find the process more challenging than expected. Here’s some of what we discuss in this episode: 0:00 – Intro 2:57 – The junk drawer of accounts 10:13 – Savers who have a hard time spending 15:58 – Putting together your retirement vision Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

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3 Big Retirement Regrets! 25:52

منذ 16 weeks25:52

25:52

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). In today’s episode, we’re diving into three of the most impactful regrets from this list and offering proactive steps you can take to avoid making the same mistakes in your own retirement. Here’s some of what we discuss in this episode: 0:00 – Intro 3:04 – The phases of retirement 5:25 – Wishing they retired earlier 13:14 – Wishing they had taken better care of their health 17:15 – Wishing they would have spent more early in retirement Retirement regrets video https://www.youtube.com/watch?v=mNUSJ3juAbA Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

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2 MAJOR Reasons to Overhaul Parts of Your Retirement Plan 18:20

منذ 18 weeks18:20

18:20

How do you know when it’s time to make updates to your retirement plan? With a personal story as the backdrop, Scott explores two major categories of life changes that can (and should) influence your financial strategy. The first category revolves around changes in financial needs. Whether it's an unexpected job change, a decision to retire earlier than planned, or simply wanting to take on new travel adventures, these scenarios require careful consideration and potential updates to your investment and income plans. The second category focuses on family changes. Scott explains how family dynamics, whether it's a marriage, divorce, or the birth of a grandchild, can affect your retirement plan. Join us today as we talk about the importance of maintaining a flexible and adaptable strategy that can accommodate the unexpected twists and turns of life! Here’s some of what we discuss in this episode: 0:00 – Intro 3:53 – Changes in your financial needs 10:09 – Family changes and impact on your retirement plan 15:49 – Wrapping up Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

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Year-End Tax Reduction Strategies (Part 2) 27:28

منذ 20 weeks27:28

27:28

In this second part of our year-end tax reduction series, we dive deeper into actionable steps to reduce your long-term tax burden. If you missed part one, we discussed what makes up taxable income, tax planning vs. tax preparation, and got into some year-end tax planning strategies. In this episode, we’re shifting the focus to strategies you can implement now to minimize your future tax liability. Stay tuned to learn about Roth conversions, charitable giving, and more ways to keep more money in your pocket. With the Tax Cuts and Jobs Act set to expire soon, now is the time to act. Listen today to avoid surprises come tax season! Here’s some of what we discuss in this episode: 0:00 – Intro 4:12 – Roth conversions explained 9:27 – Charitable strategies 14:55 – When stock options should be exercised 16:44 – Tax harvesting 19:51 – The annual gift exclusion 22:03 – Avoiding the big surprise Donor Advised Funds Video - https://youtu.be/RTZMTCrKqCs Qualified Charitable Distributions Video - https://youtu.be/Q3amqWf_G-Y Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Year-End Tax Reduction Strategies (Part 1) 38:05

منذ 23 weeks38:05

38:05

You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies. In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial situation to illustrate how different income sources and savings impact their taxable income. As the episode progresses, he shares several year-end tax strategies that you should consider implementing before December 31. Here’s some of what we discuss in this episode: 0:00 - Intro 6:47 – Tax preparation vs. tax planning 9:22 – How income planning ties into tax planning 17:47 – Understanding what your taxable income is 23:06 – Tax brackets 27:19 – Workplace retirement plans 32:08 – Health Savings Account 33:37 – Backdoor Roth IRA Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Election 2024, The Stock Market & Your Retirement Savings: Separating Fact from Fiction 34:30

منذ 25 weeks34:30

34:30

Feeling uneasy about your finances with election season approaching? You’re not alone. Political uncertainty often raises questions about market stability, and it’s easy for that anxiety to seep into concerns about your retirement savings. Join Scott as he breaks down market trends during election years, and explores how elections can affect retirement accounts like IRAs and 401(k)s. Don’t miss these actionable insights to help you stay focused on your long-term financial goals, even during election uncertainty. Here’s some of what we discuss in this episode: 0:00 - Intro 4:18 – Common concerns among investors about the election 8:19 – How the stock market performs in election years 12:15 – How the market has performed across past presidencies 16:20 – Focusing on what matters most to you 20:25 – Impact of election on IRAs and 401ks 25:56 – Tax Cuts and Jobs Act 29:42 – Focusing on controllable factors Resources for this episode: Investor Fear CNBC Article: https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html The 2024 Election and Your Finances: https://www.thestreet.com/retirement-daily/your-money/the-2024-election-and-your-finances How Does the Stock Market Perform in an Election Year? https://ofdollarsanddata.com/how-does-the-stock-market-perform-in-an-election-year/ Investing During an Uncertain Election Year: https://www.fidelity.com/learning-center/trading-investing/election-market-impact Average Stock Market Return Under Democratic and Republican Presidents: https://www.fool.com/investing/2024/07/05/average-stock-market-return-democrat-republican-pr/ Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
401k FAQs Near Retirement 33:44

منذ 27 weeks33:44

33:44

When you’re nearing retirement, a lot of questions can arise when it comes to decisions around your 401k. In this episode, Scott answers 5 frequently asked 401k questions- specifically for those nearing retirement. Don’t miss out on this essential guide to managing your 401(k) as you approach or enter retirement! Here’s some of what we discuss in this episode: 0:00 - Intro 4:16 – Using target date funds 11:46 – Catch-up contributions 17:00 – Company offering 401k advising for a fee 22:00 – Company stock in 401k 25:54 – What should I do with my 401k? What Should I Do With My 401k Video: https://lifemoneyshow.com/video/what-should-i-do-with-my-401k-when-i-retire/1720/ Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
5 Ways to Simplify Your Retirement Plan 35:41

منذ 29 weeks35:41

35:41

Did you know that the first week of August was National Simplify Your Life Week? Just as decluttering your home can ease the stress of cleaning and upkeep, decluttering your finances can reduce stress when it comes to planning for your retirement. Join Scott as he outlines five key strategies to simplify your retirement plan and reduce stress. Here’s some of what we discuss in this episode: 0:00 - Intro 3:40 – Paperwork to keep vs throw away 8:12 – Tax paperwork 11:09 – Automating your savings 14:32 – Simplifying investments 18:47 – Understanding your investment strategy 22:52 – Simplifying taxes 27:53 – Keeping your retirement paycheck simple Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Are You Independent? 21:43

منذ 34 weeks21:43

21:43

With Fourth of July celebrations recently behind us, we're focusing on the theme of independence in today's episode. But this isn't just about whether you've saved enough money for retirement. Instead, we’ll explore different categories that contribute to our sense of independence in retirement. Here’s some of what we discuss in this episode: 0:00 – Intro 2:00 – Independence from employment 9:10 – Independence from the stock market 14:58 – Independence from the IRS Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Retirement Half-Truths! 20:40

منذ 38 weeks20:40

20:40

We hear a lot of half-truths in the financial world. This isn’t necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Listen in as Scott shares a few examples that show that, while common financial advice can be helpful, it's important to dig deeper and understand the full scope of your retirement needs during the planning process. Here are some of the half-truths we discuss in this episode: 0:00 – Intro 2:58 – “Diversification is key!” 8:15 – "Medicare will cover all your healthcare needs!" 13:51 – "Contribute enough to get the company match!" Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Estate Planning Essentials with Attorney Lauren Jackson 1:24:42

منذ 43 weeks1:24:42

1:24:42

We're thrilled to welcome Lauren Jackson, an experienced attorney based in Illinois, to our podcast today! With over two decades of legal expertise, Lauren specializes in real estate, estate planning, and probate law. Today, she's here to demystify the world of estate planning and offer invaluable insights to our listeners. Here’s some of what we discuss in this episode: 0:00 – Intro 6:25 – Why do we need estate planning documents? 10:15 – The importance of a healthcare power of attorney 28:44 – The importance of a power of attorney for property 46:50 – What does having a will in place do? 49:53 – How does the probate process work? 1:04:31 – The complexities of guardianship Learn more about Lauren: https://laurenjacksonlaw.com/ Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Do I Need Life Insurance in Retirement? 35:34

منذ 45 weeks35:34

35:34

Do you need life insurance once you’ve retired? We get this question all the time in our office. And, as with most things in financial planning, the necessity of it depends on your situation. So, in today’s video, Scott is here to share some examples of why one would or would not need life insurance in retirement. Here’s some of what we discuss in this episode: 0:00 – Intro 5:20 – Focusing on your investment strategy instead of the news 11:11 – The basics of life insurance and its purpose 15:49 – Do single individuals need life insurance in retirement? 19:57 – Do couples need life insurance in retirement? 26:59 – How to determine the right path for your situation Stock Market Crashes Article: https://money.usnews.com/investing/articles/robert-kiyosaki-track-record-stock-market-crashes Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

1
Social Security Fact or Fiction 31:10

منذ 47 weeks31:10

31:10

Navigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false. Here’s some of what we discuss in this episode: 0:00 – Intro 1:04 – Average retirement spending for 65-year-old 7:47 – Social Security taxes 13:39 – Taking Social Security when you retire 18:05 – Keeping all Social Security benefits when a spouse passes 20:30 – Penalties for working and taking Social Security 24:29– Collecting Social Security at 70 vs 62 Article – Retirement Planning: How Much the Average 65-year-old Retiree Spends Monthly https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly Want to get in touch? Web: https://sierensfinancialgroup.com/ Email: office@sierensfinancialgroup.com Phone: 847-235-6989 Read more and get additional financial resources here: http://lifemoneyshow.com Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ…

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The Retirement Show: Your Life, Your Money with Scott Sierens « » Year-End Tax Reduction Strategies (Part 2)

Year-End Tax Reduction Strategies (Part 2)

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مشابه لـThe Retirement Show: Your Life, Your Money with Scott Sierens

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Year-End Tax Reduction Strategies (Part 2)