The Weekly Webinar this week is full of valuable wealth management tips to help you better navigate your finances. As always, the episode begins with some market updates and a review of relevant headlines before ending with the Financial Fifteen topic: How to Maximize Your Tax Brackets.
Mark then kicks off the conversation by touching on the big headline for the week, the Consumer Price Index came out and showed that prices rose 0.1% for May and 4.0% from a year earlier, meaning that inflation is now 4.0%. Mark shares some more statistics related to inflation and talks about what all of this can mean for your financial plans. For the Ed Slot report mailbag, Mark takes time to answer a question from a listener regarding using Qualified Charitable Distributions to satisfy the required distribution requirements attached to an inherited IRA they have. This is a conversation that builds on the conversation we had last week, so if you want to learn more about QCDs, check out the previous Weekly Webinar.
After a deeper discussion on inherited IRAs, Mark shares the recent numbers coming out of the markets and what we can expect to see in the upcoming weeks. From there, the conversation moves onto the Financial Fifteen topic where he discusses ways to maximize your tax brackets.
How to Maximize Your Tax Brackets
To start off the Financial Fifteen Mark explains why someone would want to maximize their tax brackets in the first place. It comes down to having your three tax buckets: your taxable bucket, your tax-deferred bucket, and your tax-free bucket. Assuming that taxes are going to rise in the future, then you’ll want to do what you can to put as much money as you can into your tax-free bucket. But the question becomes, how do you do this? Any time you move money from one bucket to another, you can only do so by paying taxes. One of the more popular ways that this happens is through Roth Conversions. However, Mark shares other tips and strategies you can employ to move money from your taxable bucket to your tax-deferred bucket to, ultimately, your tax-free bucket.
Mark provides a more in-depth look into various ways that you can make to maximize your tax brackets so that you can make the most out of the money that you have. If you’re looking to have a tax-free or tax-efficient retirement, this is an episode you can’t miss. Tune in now!
Each Tuesday at 10:00 a.m., I hold a Live Webinar where I discuss recent headlines, IRA and retirement issues from the Ed Slott Group, market updates, and analyst reports, and a timely Financial Planning strategy or technique. Please don’t hesitate to contact us with any questions you have or if you’d like to schedule an appointment with us. Each webinar is indexed so you can jump to the section that interests you most or watch the entire broadcast.
Mark Byelich is a Certified Financial Planner™ practitioner and also holds the Accredited Investment Fiduciary® designations. He is a member of Ed Slott’s Master Elite Advisor Group. This exclusive group is comprised of nearly 400 of the nation’s top financial professionals who are dedicated to the ongoing training and mastery of advanced retirement account and tax planning laws and strategies.
Mark is committed to education and professional development in the financial services field and has been asked to speak by major news organizations and to his peers around the country about financial planning strategies.
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