3:16
3:16 FS
3:16 FS TAG AT 3:56 TRT - 4:03
>>>
>>> WE
>>> WE ARE IN THE HEART OF TAX SEASON AND MANY OF YOU ARE
THINKING ABOUT MEETING WITH
YOUR ACCOUNTANT TO SETTLE UP
YOUR TAXES.
YOUR TAXES. BUT INSTEAD OF THINKING ABOUT
TAXES AFTER THE FACT, TODAY WE
ARE TALKING ABOUT PLANNING FOR
THEM WELL IN ADVANCE.
HERE TO EXPLAIN IS MARCUS
WAURAN.
WAURAN.
WAURAN. HE IS A FINANCIAL AUTHOR,
ADVISER AND RADIO SHOW HOST
HERE IN LOUISVILLE AND A WEEKLY
GUEST.
GUEST.
GUEST. NOW CAN YOU TALK ABOUT THE
IMPACT TAXES CAN HAVE ON A
PERSON'S RETIREMENT?
PERSON'S RETIREMENT? >> I THINK TAXES ARE REALLY THE
BIGGEST EXPENSE THAT SOMEONE HAS
IN RETIREMENT BETWEEN INCOME
TAX, SALES TAX, PROPERTY TAX,
SOCIAL SECURITY TAXES.
IT'S ONE OF THE BIGGEST
EXPENSES AND A LOT OF PEOPLE
DON'T PLAN FOR IT BECAUSE AND
THEY THINK ABOUT RETIREMENT,
THEY ARE THINKING ABOUT THINGS
LIKE WHEN THE SOCIAL SECURITY
TAKEN, WHEN DOES MEDICARE KICK
IN, AND RETIREMENT RETURNS.
MY CONCERN AS I GET OLDER,
THAT'S GOING TO CHANGE A LITTLE
BIT.
BIT.
BIT. YOU
BIT. YOU FIND THAT MOST PEOPLE
UNDERESTIMATE JUST HOW MUCH
TAXES CAN ERODE THEIR NEST EGG?
BEE I THINK IT'S BECAUSE PEOPLE
DON'T THINK ABOUT THE IMPACT OF
THEIR 401(K)s AND IRAS.
THEIR TAX DEFERRED ACCOUNTS.
BECAUSE MOST AMERICANS HAVE
CONTRIBUTED AND PUT ALL THEIR
MONEY INTO THAT TAX-DEFERRED
BUCKET, THAT RETIREMENT PLAN
THAT HASN'T BEEN TAXED YET.
AND YOU HAVE A SILENT PARTNER
ALONG THE WAY AND THAT SILENT
PARTNER IS UNCLE SAM.
AND HE STAYS SILENT UNTIL YOU
START TO TAKE THAT MONEY OUT.
THAT GENERALLY WHEN YOU RETIRE.
AND THAT'S WHEN HE WANTS HIS
CUT.
CUT.
CUT. THE
CUT. THE PEOPLE TO LOOK AT THOSE
401(K) STATEMENTS, THEY THINK
THEY HAVE THAT BIG AMOUNT OF
MONEY, BUT THEY DON'T BECAUSE
SOME OF IT IS GOING TO THE
GOVERNMENT.
GOVERNMENT. >> I WOULD PREFERRED THAT THEY
STAY A SILENT PARTNER AS I'M
SURE EVERYBODY DOES.
WE KNOW THAT TAXES CAN DESTROY
A RETIREMENT, BUT IT DOESN'T
HAVE TO BE ALL DOOM AND GLOOM.
YOU SAY THAT THERE ARE SOME
SIMPLE STEPS WE CAN TAKE TODAY
TO MINIMIZE THIS BURDEN.
>> WE HAVE TO BE PROACTIVE úABO
A LOT OF THINGS NOW BEFORE
RETIREMENT.
RETIREMENT. THINGS LIKE TAX EFFICIENT
INVESTING, THERE ARE THINGS
THAT ARE CALLED TAX LAWS
HARVESTING, YOU CAN DO
COMMERCIAL, INCOME SHIFTING
STRATEGIES, THE KEY IS DOING IT
BEFORE IT'S TOO LATE.
>> SO YOU ARE SAYING THAT WE
NEED TO CHANGE OUR MINDSET A
LITTLE BIT.
LITTLE BIT. SITTING DOWN WITH AN ACCOUNTANT
TO DO YOUR TAXES IS FINE BUT IF
YOU ARE NEARING RETIREMENT, YOU
SHOULD BE SITTING DOWN WITH A
FINANCIAL PLANNER SO YOU CAN
HAVE A PLAN FOR MINIMIZING
TAXES DOWN THE ROAD.
YOU HAVE TO MAKE SURE THAT YOU
ARE WORKING WITH A FINANCIAL
PLANNER WHO KNOWS SOMETHING
ABOUT TAXES.
ABOUT TAXES. THAT'S REALLY HARD TO COME BY.
WE ARE ONE OF THE ONLY FIRMS
WHO ACTUALLY DOES THAT. BECAUSE
A LOT OF TIMES WHEN YOU START
TALKING ABOUT TAXES WITH YOUR
BROKER OR YOUR ADVISER, THEY
WILL SHUFFLE YOU OFF TO A CPA.
AND REALLY, WHAT THAT DOES IS
THE LEFT HAND DOESN'T KNOW WHAT
THE RIGHT HAND IS DOING AND A
LOT OF CONFUSION CAN TAKE
PLACE.
PLACE.
PLACE. >>
PLACE. >> WHEN IT COMES NORMALLY, WE
DON'T WANT A LOT OF CONFUSION.
WE REALLY DON'T.
THE KEY TO MINIMIZING YOUR
TAXES IN RETIREMENT IS TO TAKE
ACTION NOW.
ACTION NOW. THERE'S NO REASON TO BE CAUGHT
OFFGUARD.
OFFGUARD.
OFFGUARD. TAKE THE FIRST STEP BY
EDUCATING YOURSELF TODAY.
SCHEDULE COMPLEMENTARY
SCHEDULE COMPLEMENTARY CONSULTATION.
CONSULTATION. THIS CALL 502-339-8255.
YOU MUST BE APPROACHING
RETIREMENT OR HAVE ALREADY
RETIRED AND HAVE AT LEAST
$250,000 IN INVESTABLE ASSETS.
MARKET, THIS IS SOMETHING YOUR
FIRM AND YOU SPECIFICALLY
REALLY SPECIALIZE IN.
IS THAT RIGHT?
I WHAT'S CALLED A TAX ENROLLED
AGENT AND I HAVE MY FELLOWSHIP
THROUGH THE TAX PRACTICE
INSTITUTE.
INSTITUTE. SO I'M ABLE TO ASSIST CLIENTS
WITH ALL THINGS TAX.
TAX CODE, TAX LAW, TAX THEORY
TO PUT MORE MONEY