#37 Taxes In Retirement: Are You Really Planning On Being Poorer?
In this week's episode:
Is your whole retirement planning strategy based on the assumption that you're going to be in a lower tax bracket upon retirement?
In this episode, I talk with John Rohrhoff from JR financial services about income taxes and retirement tax myths. Also, why many individuals do not account for future potential taxes when making financial decisions, today.
We cover these questions & issues, that you should be thinking about right now:
- Do you believe income tax rates in the future will be higher or lower than they are today?
- Are social security benefits taxable?
- Is your goal for retirement, to live the same lifestyle that you do right now?
- If tax rates do go up, why do most people deter most of their retirement savings to pay taxes later?
- Is “compound growth” real or fiction?
- Could compounding growth result in compounding taxes owed and offset itself?
- Why should you be thinking about possible future income taxes, when you’re making important financial decisions?
John R. Rohrhoff is the founder of JR Financial Services, LLC. Before moving to the financial services industry, John studied engineering at The University of Michigan and Business Management at Lawrence Technological University. After graduation, John worked for a short period of time for an international trade consulting company. Wanting a change, and having a desire to help others, he then moved to the financial services industry in 2008. After working for another company, he then founded his own company in 2010.
Today John works with clients helping them in pursuit of their individual goals and dreams, he does this by taking a long-term, planning-based approach to all their financial matters. All aspects of a client’s life are considered in creating, implementing, and monitoring the plan. His passion is building strong relationships with clients while guiding them in all aspects of their financial world.
John lives with his wife Katie, and daughters Payton and Morgan. John is very active in life and in the community. He is the President of The Riley Katheryn Foundation, started in 2015 by him and his wife Katie in memory of the twin daughter they lost in 2009. The foundation raises money to help in paying for funeral and burial expenses as well as providing emotional and grief support for families who have lost a child. In his spare time, John enjoys spending time with family and friends and working on his golf game.
Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM, Insurance services offered through an Avantax affiliated Insurance Agency.
About the show
Planning isn’t just about getting your will done or going to see your financial planner once a year. SMART planning involves an educated process that incorporates the latest in legal, financial, and healthcare strategies to work toward the most desirable result – the quality of life, throughout your entire life.
The biggest problem, too often, is that “traditional” notions of what is right to do in both legal and financial estate planning don’t always work in today’s world.
I created SmartPlanning101 to help all of us learn how to be better planners for the future – and stay in control. To learn how and when we need to challenge the “status quo” and “conventional wisdom.” To be in a nutshell- “smart planners.”Learn More About The Show Click Here