Retire Ready with Kyle Hammerschmidt Kyle Hammerschmidt

We’ll be debunking common myths about Social Security and answering the questions you might be curious about. Since we have a list of 10 to break down, we’ll divide it up into two episodes so make sure you check out both. 
In part two, we’ll focus on who is eligible for benefits, how they get calculated, and how working will affect your benefit. 


Here are the myths we’ll discuss today:
You can’t work and receive Social Security benefits at the same time.  (1:30) Social Security benefits are only available for US citizens. (4:35)If you have a pension, you aren’t eligible for Social Security benefits. (6:11)Social Security benefits are based on your income and assets. (7:36)Social Security benefits are based on your last job’s salary. (8:50)Check out part one here: https://mokanwealth.com/2023/05/11/dismantling-2023s-top-10-social-security-myths-part-1/

Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991

In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. Since we have a list of 10 to breakdown, we’ll divide it up into two episodes so make sure you check out both.

Here are the myths we’ll discuss today:
The Social Security Administration will help you make the best decision about when to start your benefit. (2:17) You won’t get any Social Security if you’re a stay-at-home parent. (4:26)You won’t pay taxes on Social Security. (6:09)Social Security will run out of money by the time you retire. (8:03)You should claim Social Security as soon as you’re eligible. (10:56)

Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991

Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples. 

Here are a few examples of what we’ll discuss today:
The pros and cons of 401(k)s, 403(b)s, and 457 plans.  (1:52) What is an IRA? (4:47)The pros and cons of FSAs and HSAs. (10:45)Breaking down the retirement products, such as annuities, CDs, and dividend stocks. (13:12)

Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. In today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023.

Join us today as we discuss these things:
The tax implications of withdrawing money from different retirement accounts. (2:21)Do pensions get taxed differently than other forms of income? (5:48)How the SECURE Act might impact your retirement income and taxes. (6:44)How your taxes might change if you move to another state in retirement. (9:18)Are there any tax benefits for making charitable contributions in retirement? (10:47)Some tax implications to consider before converting to a Roth IRA. (13:44)
Helpful Info:
Kyle's website: http://www.mokanwealth.com/
Phone: 913-257-3991

Today, we're walking you through "The Smart Tax Roadmap" – six steps to building a tax-efficient retirement plan. Ultimately, we'll help show you how your different types of retirement income are taxed in different ways.
Here's an overview of the steps:
Master provisional incomeCategorize your money by tax impactOrder your income withdrawalsMeasure your tax bracket capacityDeciding "Pay Now vs Pay Later"A plan for ongoing managementWe hope you enjoy the show!
 
Investment advisory services offered by duly registered individuals through CreativeOne Wealth, LLC a Registered Investment Advisor.  CreativeOne Wealth, LLC and MOKAN Wealth Management are unaffiliated entities.

A Roth conversion is a process of moving funds from a traditional Individual Retirement Account (IRA) or a qualified retirement plan (like a 401k) to a Roth IRA. This conversion means that the account holder will owe income taxes on the converted amount, but once the conversion is complete, all future earnings and withdrawals from the Roth IRA will be tax-free. This can be a useful strategy for people who believe they may be in a higher tax bracket in the future or want to have tax-free retirement income. We discuss the 5 effects of Roth conversions and how they can play into a tax-efficient retirement plan.The difference between "taxed now" and "taxed later"Using taxable dollars to buy more Roth dollarsHow Roth conversions can possibly lower RMDsSetting up fewer taxable dollars on your balance sheetIntegrating your retirement plan with your tax planning – comprehensive retirement planning