Podcasts Business Investing Your Money, Your Wealth New Retirement Proposals Could Be Costly for High Earners - 37

New Retirement Proposals Could Be Costly for High Earners - 37

Published: June 11, 2016, 5 p.m.

A 146-page report from the Bipartisan Policy Center was released last week and a lot of high earners aren\u2019t going to like it. One of the proposals is to shore up Social Security by raising the tax base. In YMYW podcast episode 37, Joe Anderson, CFP\xae and Big Al Clopine, CPA discuss what this report puts on the line for retirement. Original publish date June 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro
02:39 - \u201cThis is not the first time we\u2019ve seen some of these proposals; I\u2019ve got to believe that some of these are going to come true at some point\u201d
05:25 - \u201cProbably not a lot of people realize it but at certain income limits they stop withholding Social Security\u201d
09:13 - \u201cIf you don\u2019t have a retirement plan today, here are three reasons why you should\u2026\u201d
14:07 - \u201cMore and more employees are suing their employer because they don\u2019t have good choices in the 401(k) plans\u201d
18:40 - \u201cYou have more control over paying taxes than you think, actually more so than any other time in your life\u201d
22:37 - \u201cAs long as a marriage has lasted at least ten years, a married or divorced person can draw on his or her own benefits or the spousal benefits, whichever is higher. The recommendation is to cap the spousal benefit at a level equal to the spousal benefit received by someone married to a worker in the 75th percentile of the earning distribution\u201d
30:37 - \u201cThe report\u2019s authors are concerned about Americans\u2019 debt, including the increasing level of mortgage debt among older people\u201d
32:32 - \u201c[According to the report], they\u2019re going to raise Social Security tax, they\u2019re going to raise the amount of money they\u2019re paying on Social Security\u2026they\u2019re going to limit the deductions on mortgage\u201d
35:00 - \u201cIf you do a little bit of tax planning, there are significant things that you can do with your money from a tax perspective to save more money for you and less for Uncle Sam\u201d