In this episode of The Asset Preservation Hour, financial advisor Stewart Willis and Spike Spengel are joined by Scott Preble, an advisor from the Arizona offices, to talk about the tax bill that could be hiding inside the retirement savings you worked so hard to build. The conversation starts with the headline that Social Security benefits could be cut by 22%, and Stewart explains why that number is widely misunderstood and why rushing to file early out of fear could be the wrong move.
You'll also hear why Social Security is often the most overlooked part of a retirement plan, even though it can represent between one and two and a half million dollars over a married couple's lifetime. Stewart and Scott explain why they believe taxes are likely headed higher for people who saved in IRAs and 401ks, and why Social Security may not stay as tax friendly as many people assume.
Then, a real question from one of our events: a couple in their sixties who share a home and a life but are not legally married. Stewart and Scott break down what that means for survivor benefits, spousal continuance on an IRA, the 10 year rule for non spouse beneficiaries, and the shorter five year clock that can hit your kids when an inherited IRA gets passed along again. Stewart shares a story about a longtime client who is nearly 90 and just now rethinking Roth conversions, and he explains why the "you're too old for a Roth conversion" advice is nonsense, and why some advisors may steer you away from it.
If you want to avoid leaving your family with a tax bill instead of a legacy, this episode will give you plenty to think about before tax planning season begins.
📞 Call 877-5-RETIRE or visit AssetPreservationWealth.com to schedule your complimentary Social Security and tax planning review.
What is The Asset Preservation Hour?
Join Stewart Willis, President of Asset Preservation Tax & Retirement Services, and co-host Spike Spengel as they explore strategies for protecting, growing, and maximizing your wealth. Designed for those in or near retirement, this podcast delivers expert insights on tax planning, investment advice, estate planning, and building a secure financial future—all tailored to help you make the most of your life’s work.