📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

Nobody enjoys tax season, but retirement introduces a whole new set of rules, and many retirees don’t realize the impact until it’s too late. In this episode, Wade breaks down some of the most common tax mistakes new retirees make and explains why tax planning shouldn’t be treated as a once-a-year task, but as a strategy that works for the next decade and beyond.

Later in the episode, Wade answers listener questions, offering insights on common retirement challenges- like whether to keep heavily concentrated stock in a 401(k) and how to manage taxes on an inherited IRA.

Here’s some of what we discuss in this episode:

💣 RMD Time Bomb: Future withdrawals can create massive tax hits

🔁 Roth Strategy: Conversions must be timed and coordinated carefully

💸 Social Security Taxes: Benefits can be more taxable than expected

🧮 Short vs Long-Term: Tax prep isn’t the same as tax planning

‍❤️ Survivor Impact: Taxes often rise after one spouse passes

Read The 5 Biggest Tax Mistakes New Retirees Make in the First 5 Years

https://www.kiplinger.com/taxes/tax-planning/biggest-tax-mistakes-new-retirees-make-in-first-years

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

There’s no shortage of financial advice out there and unfortunately, not all of it is good. Some of the most damaging retirement mistakes don’t come from reckless behavior. They come from myths that sound reasonable, get repeated often, and quietly work their way into your planning decisions. Wade breaks down some of the most common retirement myths and explains why believing them can quietly wreck your long-term strategy, and what to do instead.

For this week’s Kingdom Minute, Wade shares the story of Elisha and the widow from 2 Kings to illustrate how God often uses what we already have, however small, as the basis for His provision.

Here’s some of what we discuss in this episode:

📘 Bigger Plan Better?: Thick binders don’t equal clarity

📜 Just A Will?: Simple estates still need key documents

💔 Half Income Myth: Surviving spouse needs far more

🏦 Social Security Reliance: It’s a foundation, not full income

💵 Lower Taxes Assumption: Retirement brackets may surprise you

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

New government-backed savings accounts for kids are coming, and on the surface, they sound like a win. The Trump Accounts promise $1,000 in free money for eligible newborns, long-term investing, and a potential financial head start. But once you look under the hood, important questions emerge. In this episode, Wade breaks down what we know so far, the pros and cons, and how these new accounts might fit — or not fit — into your family’s long-term strategy.

Here’s some of what we discuss in this episode:

💵 Free Money Window: $1,000 for eligible newborns

⚖️ Pros and Trade-Offs: Simple setup but tax implications

📊 Account Comparisons: 529s, Roths, and UTMAs

🏢 Private Sector Support: Employers and donors may contribute

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.