Podcasts Business Investing Your Money, Your Wealth 12 Ways You Could Go Broke in Retirement - 88

12 Ways You Could Go Broke in Retirement - 88

Published: Dec. 11, 2016, 6 p.m.

Joe Anderson, CFP\xae and Alan Clopine, CPA start off YMYW podcast episode 88 with a quick discussion on potential tax changes under Trump. Plus, 12 ways you could go broke in retirement and put yourself at financial risk. Original publish date December 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

08:28 \u201cThere are things that you want to make sure that you take a look at in regards to your overall retirement planning and tax planning, [including] Roth IRA conversions.\u201d

09:00 \u201cMost tax planning strategies have to be finished before December 31st, so now is the season for tax planning.\u201d

10:03 \u201cThere\u2019s a lot of confusion about taxes and what may be coming in the next year with the Trump proposals and GOP proposals.\u201d

13:59 \u201cIn terms of the Trump proposal \u2013 this is also true of the GOP proposal \u2013 it would only be three tax brackets, 12%, 25% and 33%.\u201d

14:44 \u201cUnder the Trump plan, if you\u2019re married and your taxable income is below $75,000 you\u2019d be in a 12% bracket \u2013 if it\u2019s above $75,000 then you\u2019re going to move into the 25% bracket and by the time you hit $225,000 you get to 33%.\u201d

15:00 \u201cWhen you look at single taxpayers, it\u2019s the same exact thing but cut in half.\u201d

17:12 \u201cOne of the biggest things I [would consider] from a planning perspective at the end of this year would be if I\u2019m charitably inclined.\u201d

17:46 \u201cCharitable donations are really important and big right now because if you are in a higher tax bracket this year or next year or in the next couple of years, you want to take that deduction in a year where you get more tax benefit. There is a way to take future year contributions in the current year and that\u2019s by setting up a special account called a donor advised fund.\u201d

23:49 \u201cThe amount of money that you have in stocks versus bonds has nothing to do with your age\u2026it all depends on when you cash flow, how much income you need and how much it needs to last.\u201d

27:08 \u201cMultiple streams of income are better than one.\u201d

33:53 \u201cLong-term care \u2013 that\u2019s going to be a big deal. Most of these companies are totally getting out of the business.\u201d