Retired-ish Cameron Valadez

It seems that each and every year when our firm reviews tax returns in consultations and second opinions we find dozens of missed tax savings opportunities: whether it be missed deductions, forgone strategies, less than ideal business entity or real estate structures, or simply improperly reported figures.
This holds true whether you do your taxes yourself with an online software or use a professional. Sometimes these missed opportunities are due to honest mistakes, other times it is due to tax documents with improper figures such as 1099s from investment firms, but more often than not it is due to the complex tax code and the lack of awareness of the potential strategies available to you and how to properly implement or report them when filing.
Every year we are reminded of the importance of reviewing tax returns to make sure that these savings opportunities aren’t continuously missed in future years, and you pay more in taxes than necessary or have to pay penalties that could have been avoided. 
In this episode, we review some of the areas of your tax returns you should pay more attention to, and some of the potential strategies to be on the lookout for. 
More specifically, I discuss:
The first steps to take before beginning your tax preparation What to look out for when receiving tax documents such as W-2s and 1099s Common pitfalls and errors to watch out for when gathering information and inputting it into your individual tax returns Commonly missed deduction opportunities for business owners Potential carryover losses for beneficiaries of a trust or estate What to do with your newfound tax savings Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis Ask Cameron A Question! The key moments in this episode are:
00:00:00 - Missed Tax Savings Opportunities 
00:01:29 - Importance of Reviewing Your Tax Return 
00:03:05 - Checking Tax Documents 
00:08:25 - Providing Accurate Information 
00:11:52 - Tax Considerations for Investments 
00:16:08 - Understanding Tax Loss Carryovers 
00:17:06 - Taking Advantage of Market Decline 
00:18:38 - Managing Tax Savings 
00:19:35 - Seeking Second Opinion and Getting Retirement Planning Resources 
00:20:56 - Investment Risks and Tax Considerations 

Over the past few years one of the hottest topics has been the rise of inflation throughout the economy. Inflation impacts our day-to-day financial lives in numerous ways, good and bad, and has a significant effect on our investments over time. It is a silent killer that affects our spending habits, retirement income and other financial goals you we have. 
Understanding how inflation works over the long-term and how it can affect your investment decisions is a critical piece to your financial and retirement plans.
Social Security has two unique provisions for those who will receive pensions from government related entities known as the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). If you are to receive a pension from a government related entity, these are two must know provisions to help you make Social Security claiming decisions.
More specifically, I discuss:
The misconceptions around inflation How inflation affects your investments and planning Predicting the movements of the economy and interest rates Listener question regarding Social Security WEP and GPO provisions Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis  Ask Cameron A Question! The key moments in this episode are:
00:00:00 - Understanding the Impact of Inflation 
00:04:19 - Long-Term Impact of Inflation 
00:07:42 - Addressing Inflation and Taxes in Financial Planning 
00:11:09 - The Risk of Predicting Inflation and Interest Rates 
00:14:30 - Understanding Social Security Provisions 
00:17:41 - Understanding the Windfall Elimination Provision (WEP) 
00:18:56 - Impact of WEP on Spouse's Social Security Benefits 
00:20:25 - Complexities of WEP Calculation 
00:21:55 - Government Pension Offset (GPO) and Its Impact 
00:24:14 - Seeking Comprehensive Retirement Planning 

Although you may be familiar with some of the basics of Traditional IRA and Roth IRA retirement accounts, there are many different rules and tricky nuances that you might not know that can open the door for more wealth building opportunities, or possibly be a cause for concern.
For instance, you may think you make too much money to contribute to a Roth IRA or that you can’t because you have a 401(k) plan at work when that may not be true. Or maybe you’re contributing to one of these types of accounts and taking tax deductions when you’re not actually allowed to. Or you may be reporting contributions and withdrawals incorrectly on your tax returns.
All of these issues are crucial to understand each year when using Traditional IRA and Roth IRA retirement accounts to accumulate wealth.
More specifically, I discuss:
Summary of the differences between a Traditional IRA and a Roth IRA The rules surrounding contributions to a Traditional IRA and Roth IRA including:
How to fund them Annual contribution limits Eligibility to make contributions Contribution deadlines Defining “Earned Income” for contribution eligibility Contribution limitations to Roth IRAs Deductibility of Traditional IRA contributions and limitations Non-deductible IRA contributions and the “Back-Door” Roth IRA strategy Tax reporting implications of contributions to be mindful of Roth 5-Year Clock for Roth IRA contributions Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis  Ask Cameron A Question!  
The key moments in this episode are:
00:00:00 - Understanding Traditional and Roth IRAs

00:01:28 - Critical Information for Retirement Planning

00:03:00 - Pre-tax and Tax-deferred Retirement Accounts

00:04:10 - Contribution Limits and Eligibility Requirements

00:06:01 - Strategies for Capitalizing on Contribution Opportunities

00:16:48 - IRA Contribution Deadlines

00:17:18 - Maximizing Contributions

00:18:25 - Income Fluctuations and Planning

00:19:44 - Pro Tips for Contributions

00:27:34 - Tax Implications and Reporting

00:32:32 - Understanding the Pro Rata Rule

00:33:36 - The Five Year Rule for Roth IRA Contributions

00:35:31 - Starting the Five-Year Clock

00:36:22 - Seeking Professional Retirement Planning Advice

00:38:18 - Risks and Considerations in Retirement Planning

When looking into getting extra healthcare coverage beyond the basic coverage provided by Original Medicare Parts A and B, you’ll have to choose between either a Medicare Advantage Plan or a Medicare Supplement Plan also known as Medigap.
One isn’t necessarily better than the other, they each have their place in the market. In order to make the decision on which one you should go with; you should have some basic level of financial planning done ahead of time since the route you choose to go can have a significant effect on the potential out of pocket costs you pay for healthcare over the remainder of your retirement.
More specifically, I discuss:
Summary of Medicare Advantage Plans and Medicare Supplement Plans (aka Medigap) How Medicare Advantage Plans work compared to Medicare Supplement Plans How the decision between the two route of additional coverage coordinate with your overall retirement plan The pros and cons of Medicare Advantage Plans The pros and cons of Medicare Supplement Plans How prescription drug coverage works depending on the route you take How to go about making a decision regarding which type of additional coverage to go with  
Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis Ask Cameron A Question!  
The key moments in this episode are:
00:00:00 - Understanding Medicare Advantage and Medicare Supplement Plans 
00:01:46 - Original Medicare Coverage and Additional Healthcare Costs 
00:04:04 - Pros and Cons of Medicare Advantage Plans 
00:10:51 - Limitations and Risks of Medicare Advantage Plans 
00:15:28 - Understanding MA Plans and Drug Coverage 
00:17:35 - Exploring Medigap Plans 
00:20:14 - Pros and Cons of Medigap Plans 

Large pre-tax retirement accounts such as Traditional IRAs, 401(k) plans and the like are great savings vehicles for retirement. The problem is, they make for lousy and tax laden estate planning.
The tax authorities have a claim to the money in these accounts, and the retirement and tax laws surrounding them are very complex and ever-changing.
This requires careful strategizing if you have large balances in pre-tax retirement accounts in order to pass this money in a tax-efficient manner to your surviving spouse, children, or favorite charitable organizations.
In the end it’s not about how much you’ve accumulated, it’s about how much you keep.
More specifically, I discuss:
The tax authorities and your retirement account: The Distribution Phase vs. Accumulation Phase Understanding what will happen to pre-tax retirement accounts when inherited A summary of the new retirement and tax laws that complicate retirement accounts and estate planning: Adult children as beneficiaries of your retirement account A surviving spouse as beneficiary of your retirement account Other types of beneficiaries such as a charity Strategies to consider in order to pass more of your unused retirement savings to a spouse and other beneficiaries Trusts as beneficiaries of retirement accounts Additional considerations and things to avoid  
Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis  Ask Cameron A Question!  
The key moments in this episode are:
00:00:00 - Importance of Estate Planning for Retirement Accounts

00:02:13 - Complex Retirement and Tax Laws

00:04:20 - Challenges of Passing Wealth Efficiently

00:08:01 - Inheriting Retirement Accounts and Tax Implications

00:13:00 - Strategies for Beneficiaries

00:16:18 - Options for Spouse Beneficiaries

00:19:27 - Charitable Considerations

00:22:09 - Leaving Retirement Accounts to Trusts

00:25:27 - Things to Avoid and Consider

00:27:51 - Additional Guidance and Resources

One out of four people that experience divorce in the United States is age 50 or older, and nearly one out of ten is age 65 or older. These later-in-life separations is commonly referred to as Gray Divorce, and with it often comes complex financial situations.
By properly creating a thorough financial affidavit during the divorce process, you can significantly increase your confidence in your financial independence post separation.
More specifically, I discuss:
What is a financial affidavit? Who prepares a financial affidavit? What should you include in your financial affidavit to prepare you for negotiations? The role of an attorney and financial professional in the divorce process Common mistakes made when preparing a financial affidavit and how to address them Where to get help if needed  
Resources:
Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump Start Analysis for Ages 50+ Ask Cameron A Question!  
The key moments in this episode are:
00:00:00 - Gray Divorce and Financial Complexity 
00:03:55 - Importance of Financial Affidavit 
00:08:40 - Preparation and Consultation 
00:11:50 - Long-Term Financial Impact 
00:15:16 - Post-Divorce Financial Planning 
00:18:12 - Considerations for Traditional IRA to Roth IRA Conversion 
00:18:44 - Risks and Considerations in Bond Investments 
00:19:17 - Tax Implications and Asset Allocation 
00:19:35 - Importance of Tax Advisor and Diversification