Tax planning often slips to the bottom of our financial to-do lists—until a surprise bill or missed opportunity crops up. But behind the scenes, the right process for an ongoing tax strategy can put you leagues ahead, reducing uncertainty and helping you capitalize on changes. On the show this week, we’ll walk through the seven stages of tax planning, highlighting key insights and practical actions you can take.

• 00:00 Holistic Tax Planning Overview
• 01:56 Understanding clients’ overall current situation and future goals
• [03:11] Importance of staying up-to-date for maximizing client opportunities
• [05:05] Importance of gathering detailed, current financial information:
• [06:50] Identifying tax planning opportunities and potential pitfalls by life stage
• [09:53] Adjusting withholding, making estimated payments, and managing expectations
• [13:19] Identifying and quantifying strategic tax planning actions
• [18:34] Examples of in-year tax planning

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Planning for retirement isn't just about hitting your savings targets and hoping for the best. It's about getting creative, asking new questions, and challenging your own assumptions.

We follow the retirement planning journey of a fictional couple, Dwight and Angela, who are three to five years from retirement, using the SIFT framework shared by Rohit Bhargava and Ben duPont in their book “Non-Obvious Thinking”, to shed light on hidden financial opportunities.

• [00:00] Broadening perspectives on retirement strategies.
• [03:11] Making time to reflect to get better clarity on retirement plans.
• [07:05] Expand your perspective by looking for alternative experiences and advice beyond typical financial practices.
• [11:05] Focus on solving the right problem to combat overwhelming options.
• [14:58] Explore other investment opportunities like a business 401k, HSA, or brokerage account.
• [17:35] Coordinated financial planning strategies for our case study couple.

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Planning for your child’s college education can feel overwhelming, especially when faced with skyrocketing tuition costs and countless savings options. This week on the show, we’re discussing the question of exactly how much you should save in a 529 college savings plan.

• [00:00] Decide your college funding goal before saving in a 529 account.
• [02:06] An overview of college costs.
• {02:35] Advantages of the 529 Plan.
• [03:54] Weighing college savings vs. retirement savings.
• [05:31] What happens if I save too much?
• [07:35] Expanded legislation as part of the OBBB.

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📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to ensure you are positioned to experience your ideal retirement.