Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living ...
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continue reading
Content provided by David McKnight. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David McKnight or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
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Greatest Retirement Mistake
Manage episode 506847909 series 2488671
Content provided by David McKnight. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David McKnight or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
While on the golf course with his son, David McKnight got asked a question, by a couple of men in their early 70s, every pre-retiree and retiree wonders at some point: "What's the biggest mistake people make when preparing for retirement?"
Many people spend their entire career saving money in tax-deferred accounts like 401(k)s and IRAs.
As that balance grows larger every year, it's easy to get the illusion that all that money belongs to you, while a larger portion actually belongs to the IRS.
How much of that sum you ultimately get to keep depends on what tax rates happen to be in the year you take that money out.
David believes that the #1 mistake you can make in retirement is failing to plan for taxes.
Remember: if you arrive in retirement with the vast majority of your wealth sitting in tax-affirmed accounts, you've put yourself in a position where the government gets to decide what percentage of your money you actually get to keep.
Keep deferring, as you know you'll be in a lower tax bracket in retirement, has been traditional wisdom for quite some time, but the math doesn't work out anymore.
David touches upon the repercussions of the increasing tax rates caused by the nation's skyrocketing and unfunded obligations.
His recommended step is to start shifting money from tax-affirmed to tax-free accounts.
David discusses the approach you should take and reminds you that retirement isn't just about how much money you've saved… it's about how much of that money you actually get to spend.
Mentioned in this episode:
David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track
PowerOfZero.com (free video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
368 episodes
Share
Manage episode 506847909 series 2488671
Content provided by David McKnight. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David McKnight or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
While on the golf course with his son, David McKnight got asked a question, by a couple of men in their early 70s, every pre-retiree and retiree wonders at some point: "What's the biggest mistake people make when preparing for retirement?"
Many people spend their entire career saving money in tax-deferred accounts like 401(k)s and IRAs.
As that balance grows larger every year, it's easy to get the illusion that all that money belongs to you, while a larger portion actually belongs to the IRS.
How much of that sum you ultimately get to keep depends on what tax rates happen to be in the year you take that money out.
David believes that the #1 mistake you can make in retirement is failing to plan for taxes.
Remember: if you arrive in retirement with the vast majority of your wealth sitting in tax-affirmed accounts, you've put yourself in a position where the government gets to decide what percentage of your money you actually get to keep.
Keep deferring, as you know you'll be in a lower tax bracket in retirement, has been traditional wisdom for quite some time, but the math doesn't work out anymore.
David touches upon the repercussions of the increasing tax rates caused by the nation's skyrocketing and unfunded obligations.
His recommended step is to start shifting money from tax-affirmed to tax-free accounts.
David discusses the approach you should take and reminds you that retirement isn't just about how much money you've saved… it's about how much of that money you actually get to spend.
Mentioned in this episode:
David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track
PowerOfZero.com (free video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
368 episodes
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Similar to The Power Of Zero Show
Best friends Joel and Matt are the co-hosts of How to Money which is all about providing the knowledge & tools that normal folks need to thrive in areas like debt payoff, DIY investing, and crucial money tricks that will provide continuous help along your journey. We believe that access to unbiased and jargon-free personal finance guidance is more necessary than ever before. When you handle your money in a purposeful, thoughtful way that works for your lifestyle, you can really start living ...
…
continue reading
The show that helps you maximize your wealth by turning complex financial situations into actionable advice. On Your Money. Your Mission., we answer the questions you’ve been asking about -- financial planning, investing, retirement and everything in between. Whether you’re navigating the complexities of the market or looking for the best ways to save or spend your money, tune in to hear from experienced financial advisors with JFG. Walk away from each episode with savvy tips and financial t ...
…
continue reading
Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
…
continue reading
Tim Reid (AKA Timbo) interviews the most innovative founders in the world of small business. In this award winning podcast business owners share where their original business idea came from, how they got it to market and the strategies they used that led to their business’s unprecedented growth. Tim Reid's curiosity for what makes business owners tick and his passion for small business success means that every episode is chock full of marketing gold that will help you build that beautiful bu ...
…
continue reading
Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
…
continue reading
In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
…
continue reading
Alessandro Bogliari, CEO and Co-Founder of The Influencer Marketing Factory, a global influencer marketing agency, talks with great guests about influencer marketing, social media, the creator economy, social commerce and much more.
…
continue reading
Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast. The podcast focuses on economic data analysis and unbiased coverage of financial news, both in the U.S. and global markets. As entertaining as he is informative, Peter packs decades of brilliant insight into every news item. Join the thousands of fans who have benefited from Peter’s commitment to getting the real story out to the world.
…
continue reading
Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
…
continue reading
Where startup founders raise millions and listeners can invest. Host Josh Muccio takes listeners behind closed-doors and into the room where deals are made. Part of the Vox Media Podcast Network.
…
continue reading
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