Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!
PRACTICAL PLANNING SEGMENT
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00:30) Today we are going to talk about charitable and family giving.
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00:53) I misquoted the HSA contribution limits in episode 565
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02:40) In January we are doing another Retirement Plan Live series.
03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.
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04:21) Today we're going to talk about charitable and family giving
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05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.
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07:41)What are ways of giving to a charitable organization?
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12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.
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14:42) Let’s talk about family giving. You can give up to $18,000 a year in family giving.
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16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.
LISTENER QUESTIONS
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18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.
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25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?
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28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”
SMART SPRINT
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37:55) In the next seven days review your charitable and family giving.
BONUS
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38:15) Roger shares another excerpt from his grandfather's WWII journal.
REFERENCES
Upcoming Podcast Guests:
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What is Retirement Answer Man?
A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com