Reid Trego welcomes CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to the Money Pig podcast for a discussion about Goodwin Investment Advisory’s “2024 Retirement and Tax Planning Quick Sheet.” The guide is designed to simplify tax planning, which can be complicated due to inflation and legislation changes. Listeners are encouraged to visit the website to download the guide or sign up for our blog list by texting the word “BLOG” to 66866. The conversation covers various topics such as retirement plan contribution limits, HSA contributions, marginal tax rates, and standard deductions. Tax planning strategies are discussed based on total income, deductions, and taxable income levels.
Justin mentions various strategies to minimize taxes for retirees. He explains how a Roth conversion can be used to pay zero tax, as long as the taxable income is below a certain threshold. He mentions the progressive nature of tax brackets and recommends contributing to a Roth 401k or traditional 401 k based on marginal rates. The conversation then moves on to capital gains tax rates and suggests ways to realize capital gains at zero tax by upping the basis. Provisional income and its impact on Social Security taxation are also discussed, with tips on how to plan for low provisional income in retirement. They conclude by emphasizing the value of personalized investment advice that takes into account individual situations and goals.
Goodwin Investment Advisory is now offering a free second opinion on your retirement plan and if you schedule this call you will be speaking with Tara to complete a quick assessment. If you have a growing portfolio of $300,000 or more and would like a second opinion, please schedule a call here. After the call, one of our advisors will follow up with you to share action items and next best steps.