Financial Education

Tim unveils a real-life case study of a couple worth $2.4 million. They were sitting on a "tax bomb" set to explode to over $1.7 million in taxes! Tim's strategy of Roth conversions and withdrawal planning could save them $2.2 million!

Tim discusses the difference between Roth IRA contributions and Roth IRA conversions. He also outlines the benefits of Roth IRAs.

Tim Doehrmann shows how your monthly Social Security payment is affected if you claim early at age 62 or delay until 70. Determine the best strategy for your retirement by understanding the complex rules around spousal benefits, taxes, and work earnings.

Which accounts will serve you best in retirement? Tim breaks down the key factors to consider during your retirement planning and stresses the importance of balancing cash inflows vs. cash outflows.

Tim shares how calculating your retirement expenses and choosing the right investment accounts can mean the difference between living your retirement lifestyle dreams and running out of money!

Knowing how to navigate capital gains tax rules can literally save you thousands of dollars immediately and tens of thousands, if not millions, over the long haul!

Tim discusses a little-known benefit in the US tax code: the 0% tax rate on investment income. Certain individuals may pay no taxes on capital gains from taxable investment accounts.

In this short YouTube video, Tim describes what the widow's or widower's tax is. With careful tax planning, you can avoid this this extra tax hit at an already difficult time in your life.

Tim talks about how to reduce your lifetime tax liability by using Roth IRA conversions, how to get more money into a Roth IRA with a “backdoor Roth,” and how to use a Roth IRA for college savings.

In this podcast episode and on YouTube, I talk about how asset location can be combined with your desired asset allocation to reduce your taxable income.

Tim expertly covers the three main types of accounts and their tax implications with capital gains. He also explores tax loss harvesting and the potential tax burdens of passing different types of accounts to beneficiaries.

Tim discusses the taxation of Social Security income and highlights the provisional income formula. He also discusses how adjusted gross income can affect Medicare premiums.

Changes in RMD ages provide more "gap years" for tax planning, allowing individuals to lower their lifetime tax liability. We also look at how capital gains on mutual funds affect taxes in retirement.

By implementing tax planning strategies, you can make informed decisions that maximize your retirement income and minimize your tax burden.

The U.S. income tax code has always had seven tax brackets based on income level, but the rates have fluxuated based on economic policies, political agendas, and societal needs.

Are you worried about the looming threat of a retirement tax bomb? In this short video, I'll explore what the main problem is and how it relates to paying too much in taxes during retirement!

A Roth IRA is a great tax planning tool to include in your retirement plan. Roth IRAs can be used to save for retirement, save for college (bet you didn’t know that one!), and convert traditional IRA assets. In this article, I talk about the difference between traditional IRAs and Roth IRAs and explain the Roth IRA contribution limits and Roth IRA distribution rules.

What is a retirement tax bomb? This episode covers the problem and how it can lead to an income tax bomb and a Medicare tax bomb. We also discuss the widow's tax and how an income tax bomb can affect your heirs.

Parts of the SECURE Act 2.0 go into effect January 1, 2023. There is a lot to unpack, but Tim hits on the highlights and how it will affect your retirement.

A good, comprehensive financial advisor can boost investment performance by using tax planning strategies, such as asset location. Here's how.