Smarter Strategies for Retirement, Wealth Building, and Taxes with Michael Kitces
#243: Discover smarter strategies to grow your wealth and create financial flexibility. We dive into when it makes sense to invest beyond retirement accounts, how to access savings early through Roth conversions and 72(t) distributions, ways to reduce taxes with HSAs, tax-advantaged accounts, and charity, and so much more.
Michael Kitces is the Head of Planning Strategy at Focus Partners Wealth, co-founder of XYPN and publisher of a continuing education blog for financial planners, Nerd’s Eye View.
Link to Full Show Notes: https://chrishutchins.com/smarter-savings-retirement-michael-kitces
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Resources Mentioned
Michael Kitces: Website | Focus Partners Wealth | XYPN
Blog Posts
- The Four Phases Of Saving And Investing For Retirement
- 3 Types Of Retirement And Their Very Different Savings Strategies
- Supplemental Saving In An HSA For Retiree Medical Expenses
- IRA Aggregation Rule And Pro-Rata IRA Taxation
- Effective Backdoor Roth Strategy: Rules, IRS Form 8606
- Strategies For Maximizing (Or Minimizing!) Rule 72(t) Early Distribution Payments
- Systematic Partial Roth Conversions & Recharacterizations
ATH Podcast
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- Email for questions, hacks, deals, and feedback: podcast@allthehacks.com
Full Show Notes
(00:00) Introduction
(00:53) Should You Max Out Your Retirement Accounts?
(05:08) Investing in Your Career as a High-Return Strategy
(09:55) Saving in a Taxable Account vs. Retirement Account
(13:40) Tax Advantages of a Retirement Account vs. Brokerage Account
(16:19) How to Think About Emergency Savings
(18:06) Choosing the Best Retirement Accounts
(24:21) Reimbursing Medical Expenses via HSA
(27:02) Evaluating the Core Retirement Accounts
(29:19) Nuances of the Backdoor Roth IRA
(30:53) Traditional vs. Roth IRA
(32:12) Why the Majority Shouldn’t Worry About Tax Brackets
(37:08) Roth Conversions in Low-Income Years (Sabbaticals)
(40:02) Consolidating and Managing Old 401(k)s
(42:15) Can You Access Retirement Funds via Roth Conversions?
(42:54) Why Michael Doesn’t Practice Roth Conversions Before Retirement
(45:46) The Rules for 72(t) Distributions
(48:45) Tackling the Account Sequencing Problem
(52:26) Leveraging Charity for Tax Deductions
(54:08) What Happens When You Leave Money to Your Kids
(1:00:53) Where to Find Michael, His Work and Services
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Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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Connect with Chris
Newsletter | Membership | X | Instagram | LinkedIn
Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
