Living a “Tax Advantaged” Retirement! 10 Things You Need to Know to live a Tax Free Retirement!

Welcome back to The Money Mastery Unleashed podcast! This is your host, Adam Olson. In our latest episode, we're diving deep into the top 10 strategies you need to know for a tax-advantaged retirement, inspired by the latest 2024 survey from Northwestern Mutual.

If you are a visual learner you can watch the video of this article HERE!

Here's a quick rundown:

1. Withdraw Strategically from Traditional and Roth Accounts: Keep your tax bracket low by balancing withdrawals.
2. Use a Mix of Traditional and Roth Accounts: Blend distributions strategically to avoid high tax brackets.
3. Make Strategic Charitable Donations: Consider charity stacking and gifting appreciated stock.
4. Utilize HSA Accounts: Take advantage of the triple tax benefits.
5. Leverage Permanent Life Insurance and Annuities: Gain tax-free income and grow your investments tax-deferred.
6. Perform Roth Conversions Before RMDs: Convert pre-tax accounts to Roth IRAs before required minimum distributions start.
7. Qualified Charitable Distributions from Your IRA: Donate directly from your IRA to reduce taxable income.
8. Manage Contributions to HSAs and 529 Plans: Use tax-advantaged accounts for health and education expenses.
9. Use Cash Value from Permanent Life Insurance: Access tax-free income while managing your tax bracket.
10. Consider Qualified Longevity Annuity Contracts (QLACs): Shelter pre-tax money and secure lifetime income.

This Week's Challenge: Implement One Tax-Advantaged Strategy

Take a closer look at your retirement plan this week. Choose one of the strategies mentioned above that you haven't fully utilized yet and start implementing it. Here are some steps to get you started:

1. Assess Your Accounts: Review your retirement accounts to see if you're making strategic withdrawals.
2. Consult a Financial Advisor: If you're unsure about any strategy, speak with a professional to tailor the advice to your situation.
3. Plan Charitable Contributions: If you make regular donations, consider bunching them to maximize tax benefits.
4. Check Your HSA and 529 Plans: Ensure you're making the most of these accounts for health and education expenses.

By taking action on even one of these strategies, you can significantly enhance your retirement planning and reduce your tax burden.

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Disclaimer: This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. It is not to be construed as legal or tax advice. Please consult with a professional regarding your personal situation before making any financial decisions. Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.

Stay tuned for more insights and strategies in our next episode! If you have any questions or topics you'd like us to cover, feel free to reply to this email.

Warm regards,

Adam Olson

Welcome back to The Money Mastery Unleashed podcast with your host, Adam Olson. In today's episode, we're diving into "10 Things You Need to Know to Live a Tax-Advantaged Retirement." Drawing from over 13 years of experience as a financial planner and the latest insights from a 2024 Northwestern Mutual survey, Adam highlights essential strategies to minimize taxes on your retirement savings. Learn how to strategically withdraw from Traditional and Roth accounts, make the most of HSAs and 529 plans, and utilize charitable donations to lower your taxable income. Adam emphasizes the importance of blending distributions to maintain a lower tax bracket and explores the benefits of Roth conversions before Required Minimum Distributions (RMDs) kick in. Additionally, discover how to leverage permanent life ins

urance and annuities for tax-free income and ensure a financially secure retirement. Tune in to uncover these vital tips and transform your retirement planning.?

"Use a mix of Traditional and Roth retirement accounts to blend your distributions and minimize taxes over time."

What you will learn:

• Traditional and Roth Accounts
• Charitable Donations
• Permanent Life Insurance and Annuities
• Tax-Advantaged Accounts

Learn more about Adam Olson by visiting the following links:

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HASHTAGS -?Investing involves risk, including loss of principal.??

?Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.? Any strategies discussed may not be suitable for everyone.?

Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.? Adam Olson, Representative.? Mutual of Omaha Investor Services is not affiliated with any entity listed herein.?

This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product.

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