Retire Ready with Kyle Hammerschmidt Kyle Hammerschmidt
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Make sure you can Retire Ready with Kyle Hammerschmidt, the President of MOKAN Financial in Overland Park, KS. Kyle will teach you on each episode how to properly plan for retirement and your financial future. Learn about IRAs, 401ks, pensions, Social Security, and much more. Contact Kyle with any questions at https://mokanwealth.com or by calling 913-257-3991.
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Paying Taxes Now vs Paying Taxes Later
SummaryIn this episode, Kolin and Kyle discuss steps five and six of a tax-efficient retirement plan. Step five involves deciding whether to pay taxes now or later, considering factors such as income levels, deductions, and retirement account contributions. Step six focuses on the ongoing management of the plan, including diversifying income sources, maximizing Social Security, and adjusting strategies based on tax law changes. The episode highlights common mistakes to avoid, such as assuming...
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Maximizing Retirement Spending & Minimizing Your Overall Tax Bill
SummaryIn this episode, Kyle and Kolin discuss steps three and four of a tax-efficient retirement plan. Step three focuses on understanding the order of withdrawals, which involves categorizing money by tax impact and developing a withdrawal strategy. The goals of a withdrawal strategy include maximizing retirement spending, minimizing taxes, enhancing portfolio longevity, reducing long-term tax bills, and eliminating or reducing taxes on Social Security benefits. Step four involves understan...
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The 3 Tax Buckets In Retirement
SummaryIn this episode, Kyle and Kolin discuss the three tax funnels that can be used to build a tax-efficient retirement plan. The first funnel is the tax later bucket, where contributions are made with pre-tax dollars, such as employer plans and IRAs. Distributions from this account are taxed as income. The second funnel is the tax now bucket, where contributions are made with after-tax dollars, such as brokerage accounts. The growth or income from this account is subject to taxes. The thir...
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Understanding Provisional Income & How It Affects Taxes On Your Social Security
In this episode, Kolin and Kyle discuss step number one of a tax-efficient retirement plan: provisional income. Provisional income is used to determine whether a portion of your Social Security benefits are taxable. The four components of provisional income are non-taxable interest, ordinary income, dividends and capital gains, and half of the household Social Security benefit. They provide examples of two different strategies: the traditional strategy, where most income is subject to federal...
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The 6 Steps To A Tax-Efficient Retirement Plan
SummaryIn this episode of the Retire Ready Podcast, Kolin and Kyle discuss the importance of tax planning in retirement. They highlight the underappreciation of tax planning by pre-retirees and their financial advisors, and emphasize that the lack of tax planning can result in paying more taxes than necessary. The hosts provide six steps to building a tax-efficient retirement plan, including mastering provisional income, categorizing money by tax impact, strategizing the order of withdrawals,...
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Hiring A Financial Advisor: The 6 Biggest Mistakes to Avoid
SummaryIn this conversation, Kyle and Kolin discuss the mistakes people make when hiring a financial advisor. They highlight 6 key mistakes and provide advice on how to avoid them. The mistakes include ignoring the importance of tax planning, not having a strategic investment plan, confusing fee-based and fee-only advisors, focusing on investments before comprehensive planning, relying on big financial firms for guidance, and not seeking a customized retirement plan. The conversation emphasiz...