Description

Jennifer did everything right: she worked for 25 years, maxed out her 403(b), and saved over a million dollars. But she made a $200,000 mistake she didn't even know about until she turned 65. Her required minimum distributions (RMDs) and Social Security pushed her into a higher tax bracket in retirement than she was while working.

This is not uncommon for CRNAs to run into this tax trap.

In this episode, we’ll be talking about strategies to avoid this situation and other things you can do to lower taxes in retirement.  

Brett explores:

• The common "CRNA tax trap" that can lead to higher taxes in retirement than when working.
• The solution: strategic tax bracket filling to smooth out tax liability.
• Understanding your three money buckets: tax-deferred, tax-free, and taxable.
• How to leverage the 0% capital gains rate in early retirement.
• Real examples of Roth conversion strategies that can save over $100,000 in lifetime taxes.
• The power of "asset location" for tax efficiency.
• Mistakes CRNAs commonly make and how to avoid them, including ignoring RMDs and Medicare surcharges (IRMAA).
• Actionable steps to calculate your tax diversification and evaluate Roth conversion opportunities today.
• Why professional guidance can often save you more than it costs.

Key Timestamps:

(0:55) Introduction to Jennifer's $200,000 tax mistake

(2:07) The unique CRNA tax problem in retirement

(3:09) Understanding the CRNA tax trap and its solution: tax bracket filling

(3:45) The three money buckets: tax-deferred, tax-free, and taxable

(4:15) Real-life example of Tom and Lisa saving $150,000+ in taxes

(5:05) How the 0% capital gains thing works

(6:47) Asset location: where to put your investments for tax efficiency

(8:25) Three phases of retirement planning

(9:25) Biggest mistakes CRNAs make in retirement planning

(10:21) What you should do right now: action steps for tax planning

(11:38) Tom and Lisa's detailed tax savings numbers

(13:43) Why tax planning is about peace of mind

#CRNAs #RetirementPlanning #TaxStrategy #MoneyRX #FinancialFreedom

For more information and resources related to this episode, please visit the show notes.