Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come. Together, we'll navigate through essential topics like managing RMDs, exploring tax-saving opportunities, and even touching on the often-overlooked emotional aspects of this pivotal life transition.   Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Marc Killian  00:00 Just a thoughtful episode this week here where we unpack our 2023 addition of key year in planning strategies for those nearing or embracing their retirement years. That's up on the docket this week on plan with the tax man for end of year planning for 2023. Look up in the sky. It's a bird. It's a plane.   Announcer 2  00:19 No, it's the tax man. He may not be a superhero. But Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man. Hey, everybody,   Marc Killian  00:33 welcome into the podcast. It's playing with the tax man with Tony Mauro and myself here to talk investing, finance, retirement and end of the year conversation. We got some things to go through this week, here on the podcast that you might want to ask your advisor about or reach out to your financial professional about if you're not already working with Tony and his team. Certainly something to have on your radar. So we're gonna dive in lost a cover this week on the show. What's going on my friend, how you doing? I'm doing well. How about you hanging in there doing pretty well, you and I are just chatting. We're taping this a couple of days before Thanksgiving. So Happy Thanksgiving to you a bit early. You'll be we'll be celebrating later this week. So hopefully all our listeners have a good Thanksgiving as well. That's   Tony Mauro  01:12 correct. Yeah. And it's not, you know, we're getting a lot of things on the docket, because tax season will be here. Before we know everybody's you know, focused on the holidays. But season is upon us.   Marc Killian  01:25 That's right. It'll fly by right. I mean, Thanksgivings in a couple of days, like I just mentioned, and the next thing you know, it's Christmas, and then boom, the new year. And then Hello, 24. Right. So dry. Well, let's get into some stuff. And we'll talk about it. And we'll try to keep our food conversation to a minimum. So we don't get hungry before everybody can feast on the makes themselves super full coming later on this week. We'll get into some good stuff here on this side of the thing on the side of the coin. Let's talk about general Planning and Investment Strategies. Let's start there, Tony, what a cut what's a couple items that folks might want to have on their end of year checklist in this arena? Well, I   Tony Mauro  02:00 think the first thing is, you know, as we're taping this, there's still time for this is to look at this kind of more tax planning, but look at possibly increasing or maxing out your contributions to your retirement plans. If of course you're working, because that is going to save you some tax dollars. And you know, obviously, it's going to get you a little closer to that retirement savings goals. So that's when we talk to a lot of people about this time of year, especially our business owners even, you know, they've got plans that they haven't put maybe as much in as they could, and they're looking for tax deduction. And that's a great way to do it. That's that's one thing. The other thing we look at with more of our individuals, but really everybody is at the end of the year, generally, we try to do a lot of rebalancing of our clients portfolios, along with looking at you know, where they're at on the risk spectrum. And that sounds complicated, but it re

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today’s episode, explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.   Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Marc Killian  00:00 Learn from the mistakes of others because you can't live long enough to make them all yourself a quote from Eleanor Roosevelt. And certainly we've all been in that place before where we wish we could see something coming down the road before we make that mistake and step into it. And that's what we're going to talk about this week here on plan with a tax man, we're going to share some conversation around real life stories or regrets of folks and when it comes to money, mistakes, and hopefully how to avoid them with Tony Morrow here on playing with the tax man.   00:28 Look up in the sky. It's a bird.   Announcer 2  00:30 It's a plane. No, it's the tax man. He may not be a superhero. But Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man.   Marc Killian  00:45 Hey, everybody, welcome into the podcast. It is planned with the tax man with Tony Morrow and myself to talk money mistakes that you might regret and hopefully how to avoid them. So if you've got some questions, need some help reach out to Tony, he's been helping families for 27 plus years working his way towards 30 here. So been doing this a long time great resource for you to tap into. And if you've got those questions, find them online at your planning proz.com. That is your planning proz.com and get yourself a complimentary review and consultation underway with Tony and his team at tax doctoring. What's going on my friend? How are you?   Tony Mauro  01:18 I'm good. I'm enjoying the fall. And it's November. Yeah, be the holidays here before we know, I know. That's always fun time.   Marc Killian  01:26 I think October was like on. I don't know, okay. It's like us on speed dial or something that was like pure. October. Right, by right. And, and here we are into into November already. So yeah, you before you know it, the year will be over. And it's winding down fast. So yeah, it's that time of the year, right. What is one thing after the next, you know, next thing, it was Halloween, and it's gonna be Thanksgiving, man, it's gonna be Christmas, and New Year's, and boom, it's all done. So let's talk about some money mistakes. Because hey, I mean, this time of year, people also spend a little bit more too. So that can be one as well can be like a bonus one. But I'm gonna get a few I wanted to go through Tony, just share some of your experiences with some of these things and things that folks might be able to pick up some useful nuggets from here. So let's start with the IRA IRA withdrawals Say that three times fast is kind of hard, and maybe taking out money like early right. So I talked to many advisors, Tony, and a lot of them will say this, they almost all say the same thing. If you have to access some money for like an emergency, or something's going on the last place most of them recommend you do this is taking premature IRA withdrawals. Do you agree with that, and why?   Tony Mauro  02:37 I do agree with that I see it all the time, this is a big one. So I'm excited to talk about it, it's, it's definitely not a good idea to take money out of the IRA for most things, basically, you know, the easy ones are, well, you're gonna have to pay tax, and you're gonna have to pay the penalty in depending on your tax bracket that that could be big. But the bigger thing is, is what people don't think about is the last earnings. And I like to run right to the numbers, extrapolate out what they're going to take out over the nex

The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. On this episode, we unearth and tackle these hidden, but essential questions about retirement. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Marc Killian  00:36 Hey, everybody, welcome into the podcast. Thanks for tuning in once again with Tony and myself as we talk investing finance and retirement here on plan with the tax man and Tony is the tax man at tax Doctor Inc, serving folks all around the area. So if you've got some questions, got some concerns, need some help? When it comes to all things with your retirement reached out to Tony, who is a CPA CFP and an EA of 27 plus years experience and a great resource for you to tap into it. You're planning proz.com? That's your planning proz.com? Tony, my friend what's going on, buddy? How are you?   Tony Mauro  01:08 I'm doing good. As we as we're taping this just kind of getting ready to wrap up the 2022 Filing Season, believe it or not so well upon the extension deadline.   Marc Killian  01:17 That's, that's so wild that is that that late, you know. Yeah. But hopefully you didn't have to struggle to hopefully, hopefully anyway.   Tony Mauro  01:25 Yeah, hopefully not. I mean, in, you know, a lot of people starting to think about, you know, you're in tax planning and next year. So this is a good, good time to talk about some of this stuff.   Marc Killian  01:34 Yeah. And, you know, I've got, we're kind of called this hidden questions or overlooked. And I think a lot of these that we're going to go through a couple of them here, Tony, I think people probably we all know a lot of this, but I think what happens is, we often tend to get our focus in one or two areas, sometimes when it comes to retirement planning, or whatever the case might be, we tend to often focus, you know, really on like this larger item, and then some of these smaller ones, while we are aware, they maybe don't get the attention that they should unless, of course, you're working with a financial professional. So let's talk about them a little bit, and just discuss it obviously, you know, as a tax practice, as that's a huge part of what you guys do as well, you know, a question might be eventually, hopefully, people realize, hey, you know, in the end, what's these tax deferred savings accounts going to actually cost me in taxes? Because at some point, you know, again, if you think about focus, it's easy to go, Well, hey, let's kick that tax burden down the road. So I don't get to deal with it for a while, but eventually, a while shows up, right? Eventually, you got to pay the piper. So   Tony Mauro  02:32 yeah, and, you know, this is the biggest question that we try to answer for people, and try to let them know that, you know, you have a partner it generally with with it with this handout, and I, you know, I we make fun of the government, because that's Uncle Sam, you know, so, you know, a lot of people don't realize that, you know, a part of this money you have, you have an IOU to the federal government. Well, in the States, maybe for that matter for   Marc Killian  02:56 this training, you know, and I think, Tony, I think we realize it, right, I think we just forget it, because if you spend 20 or 30 years, punting, you know, the tax ball, then you kind of go all the sudden one day you go, Ah, crap, right? Yeah, I forgot about then,   Tony Mauro  03:10 So what we try to do, though, is with our retirees, especially, is to let them know, if you do have tax money in tax deferred accounts, that there when you start pulling that money out, right, you know, some of it is going to be taxable. And what we try to work with them on is using other monies first, and then filling up the tax brack

Dave Ramsey is well known for his no-nonsense approach to personal finance, particularly in the areas of budgeting, debt management, and wealth-building. He has gained a significant following through various media platforms, including books, radio shows, podcasts, live events, and more recently, Tik Tok. Tune in as we peel back the layers of Dave’s bite sized Tik Tok advice and share our thoughts beyond the clips. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Marc Killian  0:01  Dave Ramsey is well known for his no nonsense approach to personal finance, particularly in the areas of budgeting, debt management and wealth building. He's gained a significant following through various media platforms with books and radio shows, podcasts, live events, and now tick tock So, this week on the podcast, we're gonna peel back the layers of Dave's bite sized nuggets of Tiktok advice and share Tony's thoughts on those here on plan with the tax man. Announcer 2  0:27  Look up in the sky. It's a bird. It's a plane. No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man. Marc Killian  0:44  Welcome into another edition of the podcast where we discuss a little Dave Ramsey advice this week with Tony Morrow once again here with us. Obviously Tony from tax Doctor Inc. and always chatting with us here on the podcast about getting to and through retirement. He's got 27 plus years in the industry. He's a CPA, a CFP and an EA. So certainly a great resource to tune into and talk with and so Tony with all that good stuff said I got to ask you first how you doing? And second, do I am I gonna see you on Tik Tok pretty soon or what we're going to catch Tony Mauro  1:14  up and doing good is rolling into fall. So that's good. And you know, I'm not a tick tock guy. Marc Killian  1:19  No, no tick tock dance craze for Tony and coming up saying no, no, Tony Mauro  1:23  no, I've looked at it a little bit. And I know that that's not for me. Yeah, I Marc Killian  1:28  mean, either, man. That sounds like either get it? I don't get it. But you know, Dave's got he does do a lot tour his some of his demographic definitely can be younger. So it certainly makes sense. Right? It does. Definitely runs on it. And I don't know, it seems a little too addictive for me. So I Yeah. Why should people make a fool of themselves? And I can do that, too. Yeah. The internet has definitely no shortage of places to watch people do goofy stuff on video. That is for sure. If you ever need if you ever need a laugh that can you can certainly get a laugh that way. But then you can also kind of go down that rabbit hole and go, Oh, my Lord, what have we turned into? Oh, yeah. So yeah, it's a very, it's a very slippery slope. But for fun today, on the podcast, let's talk a little bit about some of his advice. It's really more about the advice versus the tick tock, if not really be into the app or anything like that has nothing really to do with it. Just kind of more of a humorous anecdote to kind of bridge this gap. But it's really more than interesting advice that he has, some of these are pretty good. So I want to get your take on this. He said, Don't invest in anything, if you can't tell me how it works, and don't invest in something just because you're really excited about it. If it gets your pulse rate up, there's a chance you're getting conned. Yeah. Tony Mauro  2:37  And I think you know, all of these, we'll go through today, just a moment on Dave Ramsey himself. He, I generally agree with his general financial advice. And I mean, there's some things I don't agree with, and you know, type of thing. But overall, if you, in my opinion, follow some of his basic things, it's really going to at least set you on the on the stage to go down the right path, he's not going to give you specifi

Are we on the brink of a retirement renaissance or stormy seas ahead? On this episode, we jump into the pressing issues of Social Security, healthcare, taxes, stock market trends, and long-term care. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “is the glass half full or half empty”.   Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Marc: Are we on the brink of a retirement renaissance or stormy seas ahead? On this episode, we jump into the pressing issues of Social Security, health care, taxes, stock market trends, and long-term care. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence, as we ask the longstanding question: Is the glass half full or half empty? Welcome this week to the podcast, folks. Thanks for tuning in with Tony Mauro and myself, here on Plan With The Tax Man. As we get into this week's conversation about the future of retirement America, is that glass half full or half empty? So we're going to dive into that with Tony this week. What's going on, my friend? How are you? Tony Mauro: I'm good. How are you? Marc: Doing pretty good. So did you like that little intro tease? That was pretty good, yeah? Tony Mauro: That's a good one. Marc: Yeah. Tony Mauro: Yeah, it's interesting because I tend to be on the more optimistic side, but I need to point out some of the other stuff too, today. Marc: Okay, well, I was getting ready to ask you. So yeah, I was going to say: Do you find yourself more of an optimist or a pessimist? And does it change on the topics? I think some of us can be optimistic about some things in life but pessimistic about others. Tony Mauro: True. Marc: So you never know, so yeah, I think that's a great point. Let's analyze both sides of it a little bit. I'll let you debate with me the pros and the cons or the hows and the whys or however we want to go, but we'll start with a biggie. The big ticket item that people often are concerned about, especially if you're getting near retirement age, and of course, our politicians and our lovely, lovely leaders do not do a whole lot to ease our woes about the stability of the Social Security program, right? Tony Mauro: Yes, as we're taping this, of course, the political season, it's going to be getting under way here in Iowa, I think, in January. Marc: It's under way. Tony Mauro: And so I'm sure this topic will come up, and it always does, and as it should, because the whole issue with Social Security is that it's slated to, depending on how you phrase it, run out of money or start paying more benefits than it's taking in at about, I think, 2033 or 5, somewhere right in there. So people are concerned that when they get to that point, "I keep paying in. Am I going to get any benefit out of this?" Marc: Yeah, for sure. Tony Mauro: And you ask the politicians. They tend to kick the can down the road. Marc: I was going to say, yeah, it's a hot potato they don't want to touch, right? Tony Mauro: No, they don't want to deal with it. Eventually, it will probably end up being like everything else they do, which is last-minute and patching. Marc: Of course. Tony Mauro: The optimistic view, in my view, is I don't see how they could let it fail. They may need to make some changes for the viability, because people are living longer, and we're all putting in the same, yes, but it isn't like there's the same amount that people that are drawing on it. But I believe that somehow they will end up with some kind of fix. Now, whether we're all happy with it or not, that's a different story. Marc: Yeah, of course, we're never going to all be happy with it, right? Tony Mauro: No. Marc: But I'm with you. I think the optimistic view is that they're not going to just let it die.

In this episode, we construct a helpful conversation about the role of real estate in a retirement strategy, exploring everything from rental income to reverse mortgages. Whether you're a pre-retiree with a portfolio of properties or just curious about leveraging your home equity, this discussion offers thoughtful insights for anyone navigating the crossroads of real estate and retirement.   Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Intro  0:00  Look Up in the sky. It's a bird. It's a plane. No, it's the tax man. He may not be a superhero. But Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for a plan with the tax man. Marc Killian  0:17  Welcome into a another edition of the podcast in the September now here and is starting to cool off a little bit. And we're gonna have a conversation about brick and mortar retirement, some pros and cons of real estate investing for retirement. And, you know, Tony, before we get into this conversation this week, speaking of cooling off, you and the missus went for an Alaskan cruise that had to have been just Tony Mauro  0:40  awesome. It was it was absolutely fantastic. I'd recommend that to anybody to go up there and check that out. Because it's, I don't know, it's just like a different world. You know that I guess they call it the last frontier for a reason. Right? It is rugged, and it's amazing. It just does the wildlife. And the interesting thing about it, besides all of that, I didn't realize when I when I went up there that Alaska is way bigger than Texas as far as landmass. It's huge. And, and they only have 730,000 odd people. Yeah, if you can imagine. I mean, so it's sparsely populated up there. Yeah, you know, but it is so rugged, that it's not easy to live up there. Marc Killian  1:20  Yeah, my in laws live in Wyoming. And you know, it's a pretty big state too. Yeah. And there's like 500,000 people in Wyoming, right, same kind of thing. So it's harder, it's hard to live in. But you know, if you have that kind of temperament, for sure. But yeah, I've wanted to do the Alaskan trip myself, just, you know, love seeing wildlife and things of that nature. Obviously, go up to Wyoming and see the in laws. As I mentioned, I've got some amazing pictures of wildlife up there. But we'd love to do like the whales and things of that nature. So Tony Mauro  1:47  yeah, that I tell you the sights, the wildlife, the glaciers themselves, pictures, don't do them justice. Oh, I bet because they are so blue, you know, the pictures, a lot of times they look white, right, and you get up to them. And they're almost it feels like they're glowing. You know, it's just incredible. We saw a glacier feels about 65 miles deep. And it's interesting how fast they're receiving, you know, they're receiving so fast. I mean, the one a couple of weeks saw ever seen it like 12 miles in the last 30 years. You know, it's like, wow, that that is a lot. But it's cool to see. Yeah, I Marc Killian  2:24  mean, if you really like oh, that kind of stuff. I encourage everybody to get up there. Well, there you go. So I mean, one of the things that if you need to have a conversation with Tony on, on travels, he loves to travel, so Well, yeah, for your, for part of the retirement planning process is, you know, things to do in retirement. So definitely get a great resource to talk about some ideas there as well. So he's seen some very cool stuff over this week, let's go ahead and jump into a conversation about pros and cons of real estate. Tony, some people place more of an emphasis on acquiring real estate, you know, versus maybe funding accounts, like you might see this, especially depending on your type of work, right? A lot of times you'll see this with, you know, realtors or things of that nature. And I mean, it can be a great tool. But have you seen some people successful used rental properties

In this episode, we’re tackling some common complaints and fears that can arise during the retirement planning process. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future. Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Speaker 1: Welcome in to another edition of the podcast. It's Plan With The Tax Man with Tony Mauro from Tax Doctor Inc. here to talk with me this week on the show. We're going to dive into exposing some retirement planning complaints, tackle some common complaints and fears people have about their financial situations during retirement, and which of these are kind of well-founded or maybe just full of misconceptions, things of that nature. So we'll have a good conversation with Tony this week on the podcast. Don't forget to subscribe to us at yourplanningpros.com. You can check out Tony's website at yourplanningpros.com, or type in Plan With The Tax Man in the search box of whatever podcasting app you like using like Apple, Google, or Spotify.   Tony, my friend, what's going on buddy? How are you?   Tony Mauro: I'm good. As we're recording this it's state fair time here, which usually signals toward the end of the summer.   Speaker 1: Well, it's-   Tony Mauro: It's the last hurrah.   Speaker 1: It's hot. It has been hot for sure.   Tony Mauro: It's hot. Yeah, it's been hot here too.   Speaker 1: Yeah, it was 98 like the last four days in a row, but they said it felt like 110 or something like that.   Tony Mauro: Wow. Yeah. We got that coming again next week, so it'll be interesting.   Speaker 1: Well drink plenty of water, right?   Tony Mauro: Yeah. That's right.   Speaker 1: So you don't overdo it, especially for a lot of our demographic that we talk to and listens to the show. Making sure that you have plenty of water and stay hydrated is important, that's for sure. My mom, she's 82, and she does these daily PSAs on Facebook. She's like, "Morning y'all, it's going to be real hot. Drink water."   Tony Mauro: Uh-huh. Yeah. That's nice.   Speaker 1: I'm like, "All right, well there you go." But anyway, we're going to talk about some retirement planning complaints this week. So I've got some pretty basic statements here that people say often, Tony. So we'll talk about whether, like I said, these are well-founded or just full of misconceptions and just offer some insight.   Tony Mauro: Mm-hmm.   Speaker 1: So let's start with the first one here. My advisor takes too much risk. Obviously this has been something that people have said for often when things are not going well you go, "Oh well my advisor takes too much risk." But I would challenge the question of why is that? Is that because they're taking the risk without talking to you? Or have you gone through some scenarios? What do you think?   Tony Mauro: I hear this sometimes as well, and these first two couple topics here I can relate back to this last weekend when I was out visiting my son and my new daughter-in-law. And they're very young, 27, but she had made a comment like this, and so I asked her, "Well why? Why do you think that?" And the answer is what I get a lot, and that is, "Well it seems like my account's not going up." So I hear that a lot. I hear the fact that I'm not making as much as my neighbor, things like that. Or, like you say, when things are going down they think there's a lot of risk. And it might be the case, but it's not always. And I think, as I told her, "Well you just need to talk to them and explain what you think." And in her case, she's 27 years old, she's investing for retirement, long timeline.   Speaker 1: She should be taking risks.   Tony Mauro: [inaudible 00:02:58] a lot risk over the last few years. Yeah. And I looked at the funds that she's in and really they're actually very good funds, they just haven't done much the last year and a half. But I told

Almost everyone has made investment mistakes at some point. In this episode, we’ll talk about how to bounce back from mistakes and avoid making them again in the future.   Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Speaker 1: ... Back here for another edition of Plan With The Tax Man, into the month of August here in 2023. And it's time to talk about overcoming investment setbacks, bouncing back really if we've had some issues in our financial lives. And that's what we're going to get into this episode and how to, hopefully, avoid some of these again in the future. Things happen, we all make missteps and mistakes, but there's no reason we can't try to correct those and course correct and keep ourselves on the right path to get to and through retirement. So we're going to have that chat with Tony this week here on the podcast. What is going on, my friend? How are you? Tony: I am good. Just still enjoying the summer. It's going to be over before we know it here. Speaker 1: Well, we're into August, so yes. Tony: It'll be state fair time. Speaker 1: There you go. Now I got a little weakness for the funnel cakes there, the elephant ears. Tony: For the [inaudible 00:00:48]. Speaker 1: Yes, whatever you want to call them. Some places they call them elephant ears, someplace they call them funnel cakes. It's the same thing, but at least I think it is anyway. Now I'll tell you something though, I've never had one of these before and I didn't even realize it was a thing until I tried it. Have you ever had what they call the walking taco? I believe that's what they call it, where it's basically all the taco stuff inside a like Doritos bag or a Frito bag. Tony: A chip bag. Speaker 1: Yes, a chip bag. Tony: I have had it. I haven't had it at the fair, but I have had them. That's what they are. Speaker 1: I never saw one before until I saw one at the fair and I was like, "Ooh, this is calling my name. This is incredibly not good for me, but I don't care. I'm going to eat it ..." And it was fantastic. Tony: It is good, yes. Our fair is so big. It's a big highlight around here. And every year they put out what's new at the fair for the food list because everybody goes for the junk food. Speaker 1: Sure. Tony: And it's just incredible what we have. Just weird stuff, like everything's on a stick here. Speaker 1: All right. Tony: And it's fried and it's just crazy, the foods. But I don't know if you guys have a big state fair or not?- Speaker 1: Yes. Tony: ... but ours is big and- Speaker 1: Interesting stuff. Tony: ... I'm actually looking online here. I don't even know what some of this stuff is. Speaker 1: Like snicker bar on a stick? Tony: Yes, deep-fried sweet corn nugget. Sweet corn fried?- Speaker 1: The sweet corn and you deep-fry it. We'll- Tony: Deep-fry it. Speaker 1: Humans will deep-fry anything, I think Tony: I know it. We're Americans. Yes, we do a lot. Speaker 1: That's for sure. But anyway, well, hopefully you guys will enjoy and you don't get too crazy, make yourself sick to your stomach, but- Tony: We'll be bouncing back from fair. Speaker 1: You'll be bouncing back. There you go. Nice segue. I like it. I like that. Tony: That'd be a mistake. Speaker 1: That's right. Well, let's get into some of these financial bounce backs we might need to do. First thing you need to do, if you do have a financial misstep, Tony, is just obviously determine the cause, right? Tony: Yes. Speaker 1: So what's some bullet points here to think about how you got there in the first place? Tony: Well, most people are going to look at this and say, "Well, I mistimed some stock or some investment." Speaker 1: True. Tony: And most of the time what we see is the mistakes themselves are really not starting soon enough. And that means saving, and that's the biggest one of all. Yes, you can miss time and do that, but you shouldn't be trying to time anyway. But really what you got to do i

Today's episode is all about understanding the crucial role of income analysis in retirement planning. We'll uncover the secrets of guaranteed income versus the uncertain stuff and shed light on the consequences of retiring without a clear income plan. Don't worry if you're feeling lost - we've got your back with practical solutions and expert guidance. Tune in and take charge of your retirement cash flow!   Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Speaker 1  0:00  Welcome into another edition of the podcast. It's playing with the tax man with Tony Mauro and myself here to talk about mastering some retirement cash flow really kind of understanding income is going to be the topic conversation on the podcast this week with Tony. Who is de Moines professional alternative at tax Doctor Inc. And you can find them online at your planning proz.com at your planning proz.com What's going on, buddy? How are you?   Speaker 2  0:25  I'm good enjoying the summer? How about you?   Speaker 1  0:27  Yeah, pretty much the same. It's been a bit of wet one, though. It's been a lot of lot of rain. Yeah, down here where we're at. It's been a lot of rain. So   Speaker 2  0:32  yeah, we have not had a lot of rain. And we just got some scoring well needed. Yeah, it's funny   Speaker 1  0:37  how the country does that Right? Talk to several people all the time every week. And it's, it's always a little something different. And then whatever neck of the woods you happen to be in. So right here lately, it's just been been really wet. So our Fourth of July got kind of rained out. But that's okay. We still had a good time and with family and friends. And so everybody out for everybody else that as well. We are back here. This is for our our later July edition here. So this is our second half of July. So let's get into understanding some income. Because you know, cash is king. We've heard that Tony a million times. But in retirement incomes King right? Income is always King in retirement. Absolutely. Yeah. I mean, I guess it is all the time. But it's really, it's really more important, or certainly critically important in retirement. So what's kind of some scenarios that some issues that you can be looking at, if you don't really have a good clear picture of your retirement income?   Speaker 2  1:33  If you're, you know, if you're kind of DIY, and you're thinking, well, I'll just figure it out when I get there. What are some of the issues you've seen people bump into, you know, I've seen, I've seen a lot of it up this way. And some of the people that own land, and farms and whatnot can probably relate to this. But I've seen, you know, retirees come in, and they'll say, you know, I'm ready to hang it up. But I've, I've got all this land, you know, but the land itself isn't really producing any income. So while they have a lot of assets, that that asset or assets isn't really throwing off any income? I see that a lot. Yeah, yeah, I see a lot of people trying to work their retirement income from a basket of, or a portfolio of securities that they had when they were younger, and trying to kind of make shift pull money out, you know, as they need it. Because they don't have a real clear picture. In other words, most of the time, it's, you know, not income generating stocks, and they're just going to wait for prices to go up. And, you know, hopefully sell and make gains and use that when that doesn't happen, or, or it takes longer than expected. They're stuck with out income. Well, I'd like to make life app,   Speaker 1  2:36  I guess what we should do is maybe identify some potential sources of income that people might have as a retired person. So what are some examples of different places that you know, you might be able to draw income from depending on obviously your life? Right? Well,   Speaker 2  2:51  I mean, the list is long, but the easy ones are, you know, your 401 K's pensions,

On this week's show, we'll answer some mailbag questions that have come in. We'll discuss if you should pay off your house, financially support adult children, and how often you should communicate with your advisor.   Important Links:  Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript:  Speaker 1: Back for another edition of Plan With The Tax Man, with Tony Mauro, from Tax Doctor Inc. We're going to talk, well, actually, email questions this week. We haven't done an email show for a while, so we're going to take some questions from folks that have sent stuff into the office, or the website at yourplanningpros.com. That's yourplanningpros.com. You can get your questions asked and answered, and get yourself some time on Tony's calendar to sit down and talk about your retirement situation, or your tax situation. Tony is a CPA, CFP and EA of over 27 years experience, and a great resource for you to tap into here. Well, he's got clients all over the place, but his office is in Des Moines, so reach out to him online at yourplanningpros.com. What's going on, my friend? How are you? Tony : I'm good. Enjoying the summer. How about you? Speaker 1: Doing the same. Hanging in there, rocking and rolling. Well, actually, about the time we're going to drop this, it's going to be probably right after 4th of July, so I hope that you had a good 4th of July. We're taping it ahead of 4th of July, but we're dropping it after, so hopefully you have a good one. Tony : Yeah, yeah. Hopefully everybody out there is going to get out and get a chance to enjoy the summertime. I like the summers the best. Speaker 1: Any 4th of July plans, both since we're ahead of time? Tony : Not much for us this year. Probably just relaxing around home a little bit. Maybe playing a little golf, and watch fireworks. Yeah. Speaker 1: There you go. Sounds like a plan. Yeah, we got some family coming in. We'll be around the pool, hot dogs and burgers, and all that good stuff. Classic 4th of July for us. Anyway, hope everybody has a good one, and had a good one, I should say by the time you're catching this podcast. But let's go ahead and take some email questions, Tony, from around the area, we'll have a fairly short podcast this week, but we'll see if we can help some folks out. We got an email from Tony, and it was not you. Tony : Yep. Speaker 1: But Tony did say, "Hey, Tony, I'm hesitant to pay off my house, because I don't have many other tax deductions at this point, but I do have a hundred grand on the bank, and only owe 45 grand on the house, so I'm really tempted to pay it off. What's your thoughts?" Tony : I'd tell Tony to pay it off. Speaker 1: Yeah? Tony : I'll tell you why. A lot of people get hung up on, "I don't have any other tax deductions," and they don't realize how, especially with only a $45,000 mortgage, how little their tax deduction really is, if even they can use it on the federal side, because they don't have a lot of other deductions. This particular deduction goes on a schedule A, and there's a threshold you have to get over, which is, for singles $12,000 and some change. If you don't have other deductions to get you over that, you won't even be able to use it. I would say that even if, let's say your mortgage interest, for example, is $2,000, $3,000 a year on that, probably even be [inaudible 00:02:37] by now, your tax savings, if you're in a 20% bracket, maybe $600 versus, I don't know how much you're spending on the mortgage, but let's say your mortgage payment's $800 a month, times 12, that's $9,600 a year. I'd rather have that in my cash flow, and build that a hundred thousand back up. Then keep letting that money grow. Speaker 1: Yeah. Tony : That's my philosophy. I'm not a big debt guy. Especially, I like to not have a lot of debt, and I advise people not to carry a lot of debt. Speaker 1: Now, the tax deduction- Tony : Obviously... Oh, go ahead. Speaker 1: Sorry, I didn't mean to cut you off the