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In this episode, Ryan Burklo discusses the distribution of tax status as a factor that impacts financial success. He emphasizes the importance of understanding how your assets will be taxed when you retire and how that affects the net income you...
In this episode, Ryan Burklo discusses the distribution of tax status as a factor that impacts financial success. He emphasizes the importance of understanding how your assets will be taxed when you retire and how that affects the net income you receive. He explains the concept using a sample client's financial balance sheet and discusses the different types of taxable and tax-free income. The goal is to have a balanced pie chart with a mix of partially taxable, fully taxable, and non-taxable income. Ryan encourages listeners to think with the end in mind and seek guidance from advisors who can help with long-term tax planning. To learn more about Quantified Financial Partners, please visit our website ww.beerandmoney.net
Takeaways
Understanding how your assets will be taxed when you retire is crucial for maximizing your net income.
A balanced pie chart with a mix of partially taxable, fully taxable, and non-taxable income is ideal.
CPAs are helpful for managing taxes in the present, but it's important to work with advisors who can also help with long-term tax planning.
Thinking with the end in mind and considering the tax implications of your financial decisions can lead to a more stress-free and financially secure life.
Chapters
00:00 Introduction and Recap of Previous Episodes
02:01 Understanding the Sample Client's Financial Balance Sheet
06:30 Considering Lifestyle and Income in Retirement
09:12 Desired Balance in the Pie Chart
10:29 The Role of Advisors in Long-Term Tax Planning
11:43 Conclusion and Call to Action
