Just like shedding holiday weight, your portfolio might need to go on a diet in the New Year—a tax diet.

In this Season One finale of Retirement Tax Matters, Adam and Garrett discuss the concept of Tax Drag and how it can silently erodes the returns of high-net-worth retirees. We dive into the specific strategy of Asset Location (not to be confused with Asset Allocation) as a primary method for reducing this drag.

We explore why holding bonds in your Traditional IRA and growth stocks in your Roth IRA may be an efficient move you could make in 2026. Join us for this lighthearted holiday special as we ring in the New Year with smarter tax planning.

Key Topics:

• What is "Tax Drag" and how does it hurt your returns?

• The difference between Asset Allocation and Asset Location.

• Why High-Net-Worth retirees need to be careful with taxable brokerage accounts.

Timestamps

(00:00) - Intro

(01:15) - New Year's Resolutions

(02:30) - Reducing Tax Drag in 2026

(05:50) - Asset Location

(07:39) - What to do in 2026

(09:50) - Tax Return Driven Financial Planning for HNW Retirees

(10:10) - Outro

(10:44) - Disclosure

Merry Christmas from the team at Retirement Tax Matters!In this special holiday episode, Garrett Crawford, CFP® and Adam Reed step away from the technical world of tax brackets, RMDs, and Roth Conversions to reflect on the season. They share personal Christmas memories—including the story of how they first met during the holidays—and discuss the deeper why behind financial planning.While we spend most weeks focused on tax efficiency, today we focus on the efficiency of the heart. Garrett and Adam discuss why the happiest retirees they work with are often the most generous and connected, and how the spirit of giving can shape a legacy far more than a portfolio return.We hope you enjoy this lighter, reflective episode. We are grateful for you tuning in this year.

Resources:

• Review our Disclosures

• Free Guide: 6 Things High-Net-Worth Retirees Should Know For Retirement:

Timestamps

(00:00) – Merry Christmas from RTM

(01:12) – Garrett’s Favorite Christmas Memories

(04:18) – Adam’s Fender Stratocaster Story

(06:15) – The Role of Generosity in Retirement

(10:02) – Generosity and Connectivity: Two key ingredients in Retirement

(12:22) – Merry Christmas & Luke 2:10

Episode 16 of Retirement Tax Matters tackles the financial psychology of tax aversion—the emotional resistance high-net-worth retirees often feel toward paying taxes, even when it might be the most strategic move. We explore why successful savers, who built wealth by minimizing costs, often struggle to execute strategies like Roth conversions or selling highly appreciated stock because they view paying tax dollars as a loss of capital. | Disclosures

(00:00) Intro

(00:35) Financial Psychology

(02:10) Tax Aversion

(06:30) Personal Experience with Views on Tax

(10:30) Taxes in Non Qualified Accounts

(15:34) Outro

(16:17 ) Disclosure

Resources:

• Join the Weekly Newsletter: Get these tax strategies delivered to your inbox every Thursday: https://www.retirementtaxmatters.com

Is your retirement income triggering an extra 3.8% surtax?

The Net Investment Income Tax (NIIT) is a stealth tax that catches many high-net-worth retirees by surprise. Because its income thresholds haven't been adjusted for inflation since 2013, more retirees are tripping over this wire every year.

In this episode, Garrett and Adam demystify the NIIT. They break down exactly how the "lesser of" calculation works, why your Roth conversions might be inadvertently triggering this penalty, and why you shouldn't necessarily let a 3.8% tax wag the dog of your entire financial plan.

Key Topics Covered:

00:00 Intro01:08 Net Investment Income Tax (NIIT)03:15 What is it?05:01 How it works?07:05 Examples08:57 A Growing Problem11:42 NIIT and Roth conversions14:45 Scared of NIIT?18:25 Outro19:15 NEWSLETTER19:58 Disclosure

Resources:

• Join the Weekly Newsletter: Get these tax strategies delivered to your inbox every Thursday: https://www.retirementtaxmatters.com

Disclaimer:The information provided in this episode is for educational purposes only and does not constitute specific tax, legal, or investment advice. Garrett Crawford and Adam Reed are not promoting any specific security. Please consult with a qualified tax professional or financial advisor before making decisions based on your specific situation.

Episode 14 of Retirement Tax Matters explores the critical difference between being sold an insurance policy and actively engaging in comprehensive insurance planning, specifically tailored for high-net-worth retirees. We discuss why simply buying a product from an agent can leave you with policies you don't understand, versus working with a financial planner who integrates insurance into your broader tax and legacy goals. The conversation covers when life insurance is still necessary (such as for estate tax planning or special needs), why many retirees might not need it, and the importance of conducting a full inventory of your existing policies to identify redundancy. We also introduce advanced strategies like 1035 exchanges to repurpose old, inefficient policies into better-suited products like long-term care coverage. Finally, we highlight the often-overlooked necessity of an umbrella policy for asset protection and discuss how partially self-insuring risk can sometimes be the smartest move for HNW families. | Disclosures

Episode 12 of Retirement Tax Matters provides a financial planner's 101-level orientation to Medicare, breaking down the alphabet soup of Parts A (Hospital), B (Medical), and D (Drug). We explain the general concepts and common paths retirees consider, such as using a Medicare Supplement to create more predictable fixed monthly costs versus the 20% coinsurance. From a financial planning perspective, we then detail the significant impact of IRMAA (Income-Related Monthly Adjustment Amounts), showing how a high income (ex. $325,000) can trigger premium surcharges for married couples. The key insight, however, is that while these fixed Medicare costs are manageable for most HNW Retirees, the real financial risk is the one Medicare does not cover: The cost of Extended Care (Long-Term Care). We call this "Part E" and provide third-party cost projections that show how this risk, which can exceed $15,000/month in the future, is the more critical component of your long-term financial plan. | Disclosures

⁠00:00⁠ Intro ⁠

02:50⁠ Disclaimers ⁠

06:10⁠ Part A and B Overview ⁠

10:00⁠ Supplement and Advantage Plan

12:29⁠ Part D

13:42⁠ Financial Planning with Medicare ⁠

15:50⁠ Costs ⁠

22:00⁠ Part E ⁠

24:30⁠ Cost of Long Term Care ⁠

29:25⁠ Conclusion ⁠

30:25⁠ Outro

Disclaimer: The information provided in this video is for general informational and educational purposes only and does not constitute specific Medicare or insurance advice. All examples of costs and premiums are illustrative. When you are ready to enroll in Medicare, we strongly recommend you speak with a qualified, independent, and AHIP-certified Medicare specialist who can provide specific recommendations based on your personal health situation, prescription drug needs, and up-to-date state-specific plan rules.

Episode 12 of Retirement Tax Matters focuses on Social Security optimization for Hign-Net-Worth retirees, framing it as a critical spousal protection and legacy tool rather than a simple break-even calculation. We explain why the higher-earning spouse delaying their benefit to age 70 is often the most critical decision, as it maximizes the guaranteed, inflation-adjusted survivor benefit for their partner. We then cover the key 2026 updates, including the 2.8% Cost of Living Adjustment (COLA) and the new maximum monthly benefit of $4,152 for a worker filing at Full Retirement Age. We also discuss how the Social Security payroll tax wage base has increased to $184,500. Finally, we connect this high-benefit strategy to your long-term tax plan, discussing how this large, guaranteed income stream interacts with RMDs and can contribute to the surviving spouse tax shock making proactive planning essential. | Disclosures

In Episode 11 of Retirement Tax Matters we discuss cash dilemmas for high-net-worth retirees: finding the right balance between necessary liquidity and optimizing your returns. While having readily accessible cash for emergencies is important, we explore the potential drawbacks of holding excessive amounts in multiple low-yielding bank accounts, which can add unnecessary complexity. Discover how recent T+1 settlement changes allow funds in conservative brokerage investments like money markets (sometimes yielding more) to be accessed typically by the next business day, challenging the need for overly large bank balances. Furthermore, we examine the tax inefficiency of earning substantial bank interest, taxed at high ordinary income rates, compared to potentially investing a portion of that excess cash to prioritize lower long-term capital gains rates (15-20%). This conversation provides a framework for simplifying your overall cash strategy, balancing peace of mind with potential growth and tax efficiency. | Disclosures