Divorce the IRS

James Miller
  • 5.0 (4)
  • Investing

Welcome to Divorce the IRS, the Retirement Income Planning Podcast—built for people who want to pay the least amount of taxes possible and create retirement income that actually lasts. Inspired by Jimmy Miller’s bestselling book Divorce the IRS, this show takes you behind the scenes of the tax rules, retirement strategies, and planning decisions that can quietly determine how much of your money you keep. The truth is, taxes aren’t just “something you deal with later.” The U.S. tax code is massive, confusing by design, and full of traps that can hit hardest right when you need your money most. From 401(k)s and IRAs to Social Security and Medicare, many common “smart moves” can turn into expensive surprises—like required minimum distributions, Medicare surcharges, the widow’s penalty, and other retirement tax time bombs most people don’t see coming until it’s too late. With 20+ years of experience as a global wealth manager, Jimmy breaks these topics down in a clear, practical way—so you can plan proactively, avoid unnecessary taxes, and build a retirement where your delayed gratification finally pays off. Subscribe so you never miss an episode, and remember: this podcast is for general education only and isn’t legal, tax, or investment advice—always consult a qualified professional for guidance specific to your situation.

  1. 4d ago

    Moving Overseas? Don't Forget About the IRS

    Thinking about living, working, or retiring overseas? Moving abroad may change your lifestyle dramatically, but it doesn't mean leaving the IRS behind. In Episode 33 of the Divorce the IRS Podcast, we explore some of the most important financial and tax-planning considerations for Americans living abroad, as well as those considering making the move. Whether you're retiring overseas, working remotely from another country, or embracing the digital nomad lifestyle, your finances can become significantly more complicated once you cross U.S. borders. The good news is that proper planning can also create valuable tax opportunities. In this episode, you'll learn: • Why Americans living abroad generally still have U.S. tax obligations • How the Foreign Earned Income Exclusion (FEIE) works • What types of income do and don't qualify for the FEIE • The physical presence and bona fide residence tests • How the Foreign Tax Credit (FTC) can help reduce double taxation • Why the FTC may sometimes be more valuable than the FEIE • How living abroad can affect your ability to contribute to retirement accounts • Why your former state of residence can still matter after moving overseas • How establishing domicile in a no-income-tax state may help before leaving the U.S. • How Social Security and Medicare taxes work for Americans abroad • What totalization agreements are and why they matter • How working overseas could affect your eligibility for Social Security benefits One of the biggest misconceptions about becoming an expat is that leaving the United States means leaving the U.S. tax system. The United States generally taxes its citizens and green card holders on worldwide income regardless of where they live. But that doesn't mean expats are without options. Strategies such as the Foreign Earned Income Exclusion and Foreign Tax Credit can provide significant tax relief when they're used appropriately. Your state residency, retirement accounts, Social Security benefits, and the country you choose to call home can also play an important role in your overall financial plan. If you're considering moving abroad, planning before you leave the United States can make a major difference. FREE EXPAT GUIDE Thinking about living, working, or retiring overseas? Download the free U.S. Expat Guide for a deeper look at the tax and financial planning considerations Americans should understand before and after moving abroad. Download the Expat Guide: https://baobabwealth.com/financial-planning-for-americans-overseas/?guide=expat-guide-download And stay tuned for the next episode, where we'll continue the conversation with even more tax strategies Americans abroad can use to potentially reduce their tax burden and work toward divorcing the IRS, even from overseas. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

  2. Aug 7

    Can You Divorce the IRS If You Have a Pension?

    If you're expecting a pension in retirement, your strategy for divorcing the IRS may look very different from someone relying primarily on Social Security and investments. In this episode of the Divorce the IRS Podcast, we wrap up our three-part case study series by looking at how taxable pension income affects your Ideal Number and the amount you may want to keep in tax-deferred retirement accounts. Pensions can be an incredible retirement benefit. They can provide guaranteed lifetime income, reduce the overall risk of a retirement income plan, and create a stable foundation alongside Social Security. But pensions can also create challenges that are easy to overlook. Many pensions don't increase with inflation, spousal protection can come at a significant cost, and most importantly for your tax strategy, pension payments are generally taxable income. That last point can dramatically change your ability to pay little or even no federal income tax during retirement. In this episode, you'll learn: • Why pension income can change your Ideal Number • How a pension interacts with your standard deduction • Why pension income can make divorcing the IRS more difficult • How pension income differs from Social Security for tax-planning purposes • Why some pension recipients may want $0 in their tax-deferred bucket • How Roth accounts can become especially important for pension recipients • How the Roth TSP can help military and federal employees prepare for retirement • When converting Traditional TSP or IRA assets to Roth may make sense • Why pension planning should begin well before retirement • How to determine whether your pension could prevent you from completely divorcing the IRS The key is understanding how much guaranteed taxable income you'll already have before deciding how much money belongs in tax-deferred accounts. If your pension equals or exceeds your standard deduction, your Ideal Number may be $0 in your tax-deferred bucket if your goal is to get as close as possible to divorcing the IRS. That doesn't mean you're out of options. It means your strategy may need to change. By understanding your pension, your Social Security benefits, your tax-deferred savings, and your Roth opportunities, you can build a plan designed to minimize the taxes you and your heirs may ultimately pay. Want to find your Ideal Number? Visit divorce-the-irs.com and use the free calculator, which factors in pension benefits to help determine how much you should currently have in tax-deferred retirement accounts. And stay tuned for the next episode, where we'll explore strategies and potential benefits for Americans living and working overseas, including expats and remote workers. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

  3. Jul 31

    The $800,000 Retirement Tax Planning Case Study

    Welcome back to Episode 31 of The Divorce the IRS Podcast. In this episode, Jimmy Miller walks through the second retirement planning case study from Divorce the IRS. Unlike the first case study, this one follows a couple who are much closer to retirement and have already accumulated most of their wealth inside traditional pre-tax retirement accounts. Meet Bob and Helen. They're both 50 years old, earn solid incomes, have diligently saved for retirement, and have accumulated $1.5 million in traditional retirement accounts. Like many successful savers, they've done everything they thought they were supposed to do. But they also have a problem they don't yet realize: a future retirement filled with unnecessary taxes. Jimmy breaks down the step-by-step strategy they use to gradually transform their retirement plan over the next 15 years, showing how thoughtful tax planning can dramatically improve retirement income, reduce lifetime taxes, and create far greater flexibility. In this episode, you'll learn: Why traditional retirement accounts can become future tax liabilitiesHow Roth 401(k) contributions can change a retirement planWhen Roth conversions may make senseUsing after-tax contributions to build tax-free wealthHow a 72(t) strategy can create early retirement flexibilityWhy paying taxes today can sometimes save significantly more laterCoordinating Social Security with Roth withdrawalsReducing or eliminating Required Minimum Distribution problemsCharitable giving strategies using RMDsHow surviving spouses can avoid the "widow's tax penalty"Why retirement tax planning should be viewed over a lifetime, not one tax year at a timeBy the end of this case study, Bob and Helen have transformed their retirement from one heavily dependent on taxable income into one that generates substantially more spendable income while dramatically reducing what they pay the IRS. According to Jimmy's analysis, the strategy ultimately saves them more than $800,000 in federal taxes over retirement compared to staying on their original path. This episode demonstrates one of the central themes of Divorce the IRS: retirement isn't just about accumulating assets. It's about deciding which accounts you'll spend from, when you'll pay taxes, and how to keep more of what you've worked so hard to build. If you've accumulated significant savings in traditional IRAs or 401(k)s and are approaching retirement, this case study offers a practical framework for thinking differently about lifetime tax planning. Listen now to learn how strategic Roth conversions, tax bracket management, and coordinated retirement income planning can potentially save hundreds of thousands of dollars over the course of retirement. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

  4. Jul 24

    Doing It Right From the Start: A Tax-Free Retirement Case Study

    In this episode of the Divorce the IRS Podcast, Jimmy Miller begins a new three-part case study series showing how the concepts discussed throughout the podcast can work in real life. This first case study focuses on Mary, a fictional saver who starts making smart retirement planning decisions at age 30. By using Roth accounts, taking advantage of her employer match, and carefully managing withdrawals in retirement, Mary creates a strategy designed to keep her in the 0% tax bracket throughout retirement. Jimmy walks through how Mary contributes to a Roth 401(k), receives a traditional 401(k) employer match, funds a personal Roth IRA, and allows those accounts to grow over 30 years. He then explains how Mary structures her income in retirement using Roth withdrawals, traditional IRA withdrawals, Social Security, the standard deduction, and required minimum distribution planning. In this episode, Jimmy discusses: Why starting early can make a tax-free retirement much easier to achieveHow Roth 401(k) contributions can build future tax-free incomeWhy employer matching contributions usually go into a traditional pre-tax accountHow Mary saves 15% of her income each year for 30 yearsHow her accounts grow to more than $2.2 million by age 60Why Roth accounts can provide flexibility in early retirementHow the standard deduction can help offset traditional IRA withdrawalsWhy provisional income matters when Social Security beginsHow Mary keeps her Social Security benefits from becoming taxableWhat happens when required minimum distributions begin at age 73How QLACs and charitable giving may help manage future RMDsWhy saving taxes while working may not be worth paying much more in retirementJimmy also compares Mary’s Roth-focused strategy to friends who followed conventional tax-deferral advice. While Mary gave up tax deductions during her working years, her retirement income was structured to remain tax-free, while her friends ended up owing significantly more in retirement taxes. In the next episode, Jimmy will look at another case study involving a couple closer to retirement who already has more than their ideal amount saved in tax-deferred accounts. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Doing It Right From the Start: A Tax-Free Retirement Case Study

  5. Jul 15

    Die Broke, Annuities, and Tax-Free Retirement Income

    In this episode of the Divorce the IRS Podcast, Jimmy Miller discusses a retirement philosophy that has become increasingly popular: die broke, also known as die with zero. The idea behind this strategy is to maximize retirement income and enjoy more of your money during your lifetime, especially when leaving a financial legacy is not a major goal. Jimmy explains why the concept can make sense in theory, but why trying to personally spend your portfolio down to zero without guarantees can create serious risks. Jimmy also explains how the die broke philosophy can work together with the Divorce the IRS framework when lifetime income annuities are used properly, especially inside Roth IRA accounts. In this episode, Jimmy discusses: What the die broke or die with zero philosophy meansWhy the concept appeals to many retirees and future retireesThe danger of becoming too frugal and never enjoying your moneyWhy aiming for exactly zero can be risky without the right structureHow lifetime income annuities can support a die broke strategyWhy guaranteed income may help reduce retirement stressThe risk of running out of money before running out of lifeHow annuities can allow retirees to spend both growth and principalWhy Roth IRA annuities can create tax-free lifetime incomeThe importance of understanding annuity rules before purchasing oneHow fixed index annuities may help address inflation concernsJimmy also shares why dying broke can be a reasonable goal for some people, but only when the plan is built carefully and includes the right guarantees. When structured correctly, the goal is not simply to spend everything. It is to create a retirement income strategy that allows you to enjoy your money with confidence while reducing the risk of outliving it. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Die Broke, Annuities, and Tax-Free Retirement Income

  6. Jul 6

    Real Estate, Retirement Income, and the IRS Problem

    In this episode of the Divorce the IRS Podcast, Jimmy Miller continues the conversation from last week’s episode on the FIRE movement by taking a closer look at real estate investing and how it fits into the Divorce the IRS framework. Real estate is one of the most common investment topics Jimmy gets asked about. How does it compare to the stock market? Can it work as a retirement income strategy? Does it help or hurt when the goal is to reduce taxes in retirement? Jimmy gives his honest perspective on the appeal of real estate, including the ability to own something tangible and understandable, while also explaining why he does not view rental properties as an ideal primary investment strategy for retirement. In this episode, Jimmy discusses: How real estate compares to long-term stock market investingWhy home values and investment returns are not always the same thingThe hidden costs of rental properties, including repairs, vacancies, insurance, HOA fees, and managementWhy being a landlord may not fit the retirement lifestyle many people actually wantHow rental income can affect the taxation of Social Security benefitsWhy provisional income matters in the Divorce the IRS frameworkHow depreciation recapture works when a rental property is soldWhy some investors underestimate the tax bill that can come at the endThe difference between owning rental properties directly and investing in REITsHow REITs can offer real estate exposure inside a diversified portfolioJimmy also explains why real estate investment trusts, or REITs, may be a more practical way to include real estate in a retirement portfolio, especially when used inside Roth accounts where income and growth can potentially avoid creating provisional income. In the next episode, Jimmy will discuss another popular retirement philosophy: the desire to die broke. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    Real Estate, Retirement Income, and the IRS Problem

  7. Jul 1

    F.I.R.E. and Divorce the IRS: Building an Early Retirement Strategy

    In this episode of the Divorce the IRS Podcast, Jimmy Miller breaks down the F.I.R.E. movement, which stands for Financial Independence Retire Early, and explains why the concepts in Divorce the IRS can be especially useful for people who want to retire before the traditional retirement age. Jimmy discusses why Roth accounts can be such a powerful tool for early retirees, including how Roth IRA contribution withdrawals, Roth conversion withdrawals, and Roth growth are treated differently under IRS rules. He also explains why having access to tax-free and penalty-free sources of income can help solve one of the biggest challenges early retirees face: accessing retirement savings before age 59½. This episode also looks at the lifestyle side of F.I.R.E. Jimmy shares why learning to be happy with less, avoiding lifestyle creep, and saving a high percentage of income can dramatically change the retirement planning equation. He also explains why a successful retirement is usually about retiring to something, not just away from something. In this episode, Jimmy discusses: What F.I.R.E. means and why it has grown in popularityWhy Divorce the IRS resonates with people pursuing F.I.R.E.How Roth IRA contributions can be accessed tax and penalty-freeThe order in which money comes out of a Roth IRAWhy Roth conversions may help early retirees create future incomeHow Roth accounts compare to Rule of 55 and 72(t) strategiesWhy lifestyle creep can make retirement harder to achieveThe importance of retiring with purpose, not just escaping workWhy real estate is often part of the F.I.R.E. conversationJimmy also mentioned his short video on the different types of F.I.R.E. You can watch that here: https://www.youtube.com/watch?v=IcKHu8ygKg0 In the next episode, Jimmy will explore how real estate fits into the idea of divorcing the IRS. Disclaimer: This podcast is for educational purposes only and should not be considered tax, legal, or financial advice. Please consult with a qualified professional before making decisions based on your personal situation. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    F.I.R.E. and Divorce the IRS: Building an Early Retirement Strategy

  8. Jun 25

    The Dividend Detail Your Index Strategy May Be Missing

    Welcome back to The Divorce the IRS Podcast. In this episode, we build on the previous conversation about life insurance retirement plans and take a closer look at one of the most overlooked details in many index-based insurance products: dividends. This is not an anti-IUL or anti-annuity episode. Fixed index annuities and indexed universal life policies can have a place for the right person when they are designed properly, funded properly, and fully understood. But when someone says you can “participate in the S&P 500 without market risk,” it is important to understand what that actually means. Many indexed annuities and IUL policies are linked to the price return of an index, not the total return. That means the dividends paid by the companies inside the index may not be included. Over long periods of time, that difference can be enormous. In this episode, we discuss: The difference between S&P 500 price return and total returnWhy reinvested dividends are one of the quiet engines of long-term wealth creationHow missing dividends can impact compounding over decadesWhy indexed annuities and IULs are not the same as owning an S&P 500 index fundHow caps, participation rates, spreads, and crediting formulas can affect growthWhy tax efficiency alone does not automatically make a strategy betterThe key question to ask before using an index-linked insurance strategyThe goal of divorcing the IRS is not just to pay less in taxes. The goal is to build efficient wealth, grow more, protect more, and understand exactly how your money is working. Before making any decision, review your situation with a qualified tax, legal, and financial professional. And when someone shows you a strategy tied to the S&P 500, don’t just ask about upside and downside. Ask about the dividends. Visit Divorce-the-IRS.comVisit Baobab WealthVisit Baobab Wealth AbroadBuy a copy of Jimmy's book, Divorce the IRSFollow us on FacebookSubscribe to us on YouTubeConnect with us on LinkedIn

    The Dividend Detail Your Index Strategy May Be Missing
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Ratings & Reviews

5
out of 5
4 Ratings

About

Welcome to Divorce the IRS, the Retirement Income Planning Podcast—built for people who want to pay the least amount of taxes possible and create retirement income that actually lasts. Inspired by Jimmy Miller’s bestselling book Divorce the IRS, this show takes you behind the scenes of the tax rules, retirement strategies, and planning decisions that can quietly determine how much of your money you keep. The truth is, taxes aren’t just “something you deal with later.” The U.S. tax code is massive, confusing by design, and full of traps that can hit hardest right when you need your money most. From 401(k)s and IRAs to Social Security and Medicare, many common “smart moves” can turn into expensive surprises—like required minimum distributions, Medicare surcharges, the widow’s penalty, and other retirement tax time bombs most people don’t see coming until it’s too late. With 20+ years of experience as a global wealth manager, Jimmy breaks these topics down in a clear, practical way—so you can plan proactively, avoid unnecessary taxes, and build a retirement where your delayed gratification finally pays off. Subscribe so you never miss an episode, and remember: this podcast is for general education only and isn’t legal, tax, or investment advice—always consult a qualified professional for guidance specific to your situation.

Information

  • Creator
    James Miller
  • Years Active
    2025 - 2026
  • Episodes
    34
  • Rating
    Clean
  • Copyright
    © 2026 Divorce the IRS
  • Show Website
    Divorce the IRS

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