The Truth About Taxes and Retirement

J. Barry Watts
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Welcome to The Truth About Taxes & Retirement Podcast with J. Barry Watts from SavingYouTaxes.com. In this podcast, Barry puts four decades of experience as a Tax Strategist and Retirement Designer to work in helping business owners find ways to reduce income taxes immediately and helping people approaching retirement reduce or eliminate the taxes they will pay on their retirement income---sometimes achieving the zero percent tax bracket

  1. 2024-05-22

    What People Don’t Know About Taxes (Ep. 69)

    Does the word “taxes” make you feel intimidated and overwhelmed right away? If yes, you’re not alone! It’s completely understandable. After all, the US tax code is 70,000+ pages long. As someone who deals with taxes daily, J. Barry Watts is here to enlighten you about some tips and strategies you might not know regarding taxes (so it feels less scary to you). Barry discusses: What makes 50% of Americans subject to taxes when they die How Social Security taxes and Medicare premiums are calculated Multiple ways to make your charitable giving more tax-efficient Avoiding a huge mistake while transferring assets (like a home) to the next-gen And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts  YouTube: Watts On Wealth The post What People Don’t Know About Taxes (Ep. 69) appeared first on Wealthcare.

    36 min

  2. 2024-05-08

    Why the Wealthy Are Perceived to Not Pay Their Fair Share of Taxes (and you don’t have to, either.) (Ep. 68)

    Do you ever feel that taxation is skewed against the average citizen? Or that wealthy people don’t pay their fair share? It’s because they know how to use the tax code to their advantage! In this episode, J. Barry Watts peels back the layers of the tax system and explains how to apply the tax code’s provisions to your benefit — just like the wealthy. Barry discusses: Why people don’t trust the government with their tax money What it means to find the “red lights” and “green lights” in the tax code Little-known tax-saving strategies (such as investing in rare earth minerals) Additional examples of using the tax code to one’s advantage, such as segregated asset plans and the “Augusta Rule” Questions you should be asking your CPA And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts  YouTube: Watts On Wealth The post Why the Wealthy Are Perceived to Not Pay Their Fair Share of Taxes (and you don’t have to, either.) (Ep. 68) appeared first on Wealthcare.

    30 min

  3. 2024-04-24

    Planning Your Retirement Income (Ep. 67)

    What do you need to feel confident in retirement? Is it $1 million? $2 million? Actually, it’s not about how much money you accumulate, but rather having a retirement income plan. Join J. Barry Watts for an insightful conversation about converting your lifetime savings into a consistent income source that lasts until the end of your life. Barry discusses: The first step of a retirement income plan — your ‘sitting on the porch’ number The overwhelming shift from saving to spending your hard-earned nest egg How to be psychologically and relationally ready for retirement How interest rates might impact your retirement income Common mistakes to avoid during the distribution phase of retirement And more Resources: Three Ways to Lower Your Taxes in Retirement Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts  YouTube: Watts On Wealth The post Planning Your Retirement Income (Ep. 67) appeared first on Wealthcare.

    28 min

  4. 2024-01-03

    The Difference Between Death Insurance vs Life Insurance (Ep. 66)

    Do you have insurance to secure your family’s financial future? If yes, when was the last time you reviewed your policy? It’s Life Insurance Awareness Month! Let’s look at how insurance plays a crucial role in your overall retirement plan. In this episode, J. Barry Watts delves into the intricacies of life insurance and the difference between death insurance and life insurance. Barry discusses: Temporary vs. permanent insurance (how to know what’s right for you) Ways life insurance can create tax-free income How to use your death benefit while you’re living (Accelerated Death Benefit) A peak into Barry’s personal life insurance policy, including monthly payments and death benefit And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts  The post The Difference Between Death Insurance vs Life Insurance (Ep. 66) appeared first on Wealthcare.

    35 min

  5. 2023-12-20

    Don’t Miss this Opportunity to Pay Less in Taxes (Ep. 65)

    The U.S. national debt has reached $32 trillion! There is only one way to pay off this massive debt — by raising taxes. In fact, tax rates will likely see a sharp rise on January 1st, 2026. In this episode, J. Barry Watts explains how you can tackle the rising tax problem with an effective strategy that many people overlook. Barry discusses: Eye-opening statistics that point to higher tax rates in the future A major tax issue with IRAs and 401(k)s Actionable ideas to protect yourself from the rising tax problem Two ways to achieve tax-free growth on your retirement savings And more Resources: Free Retirement Toolkit Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts The post Don’t Miss this Opportunity to Pay Less in Taxes (Ep. 65) appeared first on Wealthcare.

    28 min

  6. 2023-09-13

    Paying Less Taxes Now & In Retirement (Ep. 64)

    What do you think is your number one expense in retirement? (Hint: It’s not healthcare.) If you said taxes, you guessed it right! Healthcare costs pale in comparison to what you pay in taxes during retirement. In this episode, J. Barry Watts helps you understand strategic tax planning, how it differs from tax compliance, and how the right team of experts can make it incredibly simple for you — so you can pay less taxes now and in retirement. Barry discusses: Four signs to determine if your tax professional is working for you or the IRS The difference between tax strategists and CPAs (expertise and approach to tax planning) Why you should NOT be afraid of audits How to know if a tax strategy is legitimate And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts  The post Paying Less Taxes Now & In Retirement (Ep. 64) appeared first on Wealthcare.

    33 min

  7. 2023-08-30

    Untangling the Retirement Rat’s Nest (Ep. 63)

    Have you ever seen a rat’s nest? It is tangled, messy, and unorganized. Your retirement can end up looking just like a rat’s nest if you don’t plan properly! Your Social Security, pension, taxes, Medicare…everything entangled into a chaotic mess. In this episode, J. Barry Watts shares a six-step process to untangle the retirement rat’s nest, so you can retire with clarity and confidence. Barry discusses: Why financial planning is a lot more than just “managing money” How to build a tax-efficient income that lasts until you’re 100 years old Planning for healthcare and long-term care How to leave behind a lasting legacy that extends beyond material possessions And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts The post Untangling the Retirement Rat’s Nest (Ep. 63) appeared first on Wealthcare.

    44 min

  8. 2023-08-16

    Demystifying Medicare (Ep. 62)

    Are you struggling to navigate Medicare? You’re not alone. The complex web of rules, acronyms, and jargon involved in this enigmatic government program leaves many scratching their heads! In this episode, J. Barry Watts demystifies Medicare and helps you make informed decisions for choosing the right plan and meeting your healthcare needs cost-effectively. Barry discusses: The different types of Medicare plans (Parts A, B, C and D) How to pay for expenses that are NOT covered by Medicare Medicare Supplement vs. Medicare Advantage plans (how to know what’s right for you) When and how you can enroll for Medicare And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com  (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts The post Demystifying Medicare (Ep. 62) appeared first on Wealthcare.

    29 min
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About

Welcome to The Truth About Taxes & Retirement Podcast with J. Barry Watts from SavingYouTaxes.com. In this podcast, Barry puts four decades of experience as a Tax Strategist and Retirement Designer to work in helping business owners find ways to reduce income taxes immediately and helping people approaching retirement reduce or eliminate the taxes they will pay on their retirement income---sometimes achieving the zero percent tax bracket

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