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The Truth About Taxes and Retirement

Business & Economics Podcasts

Welcome to The Truth About Taxes & Retirement Podcast with J. Barry Watts from SavingYouTaxes.com. In this podcast, Barry puts four decades of experience as a Tax Strategist and Retirement Designer to work in helping business owners find ways to reduce income taxes immediately and helping people approaching retirement reduce or eliminate the taxes they will pay on their retirement income—sometimes achieving the zero percent tax bracket

Location:

United States

Description:

Welcome to The Truth About Taxes & Retirement Podcast with J. Barry Watts from SavingYouTaxes.com. In this podcast, Barry puts four decades of experience as a Tax Strategist and Retirement Designer to work in helping business owners find ways to reduce income taxes immediately and helping people approaching retirement reduce or eliminate the taxes they will pay on their retirement income—sometimes achieving the zero percent tax bracket

Language:

English

Contact:

800-270-1755


Episodes
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The Difference Between Death Insurance vs Life Insurance (Ep. 66)

1/3/2024
Do you have insurance to secure your family’s financial future? If yes, when was the last time you reviewed your policy? It’s Life Insurance Awareness Month! Let’s look at how insurance plays a crucial role in your overall retirement plan. In this episode, J. Barry Watts delves into the intricacies of life insurance and the difference between death insurance and life insurance. Barry discusses: Temporary vs. permanent insurance (how to know what’s right for you) Ways life insurance can create tax-free income How to use your death benefit while you're living (Accelerated Death Benefit) A peak into Barry’s personal life insurance policy, including monthly payments and death benefit And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:34:51

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Don’t Miss this Opportunity to Pay Less in Taxes (Ep. 65)

12/20/2023
The U.S. national debt has reached $32 trillion! There is only one way to pay off this massive debt — by raising taxes. In fact, tax rates will likely see a sharp rise on January 1st, 2026. In this episode, J. Barry Watts explains how you can tackle the rising tax problem with an effective strategy that many people overlook. Barry discusses: Eye-opening statistics that point to higher tax rates in the future A major tax issue with IRAs and 401(k)s Actionable ideas to protect yourself from the rising tax problem Two ways to achieve tax-free growth on your retirement savings And more Resources: Free Retirement Toolkit Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:28:06

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Paying Less Taxes Now & In Retirement (Ep. 64)

9/13/2023
What do you think is your number one expense in retirement? (Hint: It’s not healthcare.) If you said taxes, you guessed it right! Healthcare costs pale in comparison to what you pay in taxes during retirement. In this episode, J. Barry Watts helps you understand strategic tax planning, how it differs from tax compliance, and how the right team of experts can make it incredibly simple for you — so you can pay less taxes now and in retirement. Barry discusses: Four signs to determine if your tax professional is working for you or the IRS The difference between tax strategists and CPAs (expertise and approach to tax planning) Why you should NOT be afraid of audits How to know if a tax strategy is legitimate And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:33:29

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Untangling the Retirement Rat’s Nest (Ep. 63)

8/30/2023
Have you ever seen a rat’s nest? It is tangled, messy, and unorganized. Your retirement can end up looking just like a rat’s nest if you don’t plan properly! Your Social Security, pension, taxes, Medicare…everything entangled into a chaotic mess. In this episode, J. Barry Watts shares a six-step process to untangle the retirement rat’s nest, so you can retire with clarity and confidence. Barry discusses: Why financial planning is a lot more than just “managing money” How to build a tax-efficient income that lasts until you’re 100 years old Planning for healthcare and long-term care How to leave behind a lasting legacy that extends beyond material possessions And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:44:18

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Demystifying Medicare (Ep. 62)

8/16/2023
Are you struggling to navigate Medicare? You’re not alone. The complex web of rules, acronyms, and jargon involved in this enigmatic government program leaves many scratching their heads! In this episode, J. Barry Watts demystifies Medicare and helps you make informed decisions for choosing the right plan and meeting your healthcare needs cost-effectively. Barry discusses: The different types of Medicare plans (Parts A, B, C and D) How to pay for expenses that are NOT covered by Medicare Medicare Supplement vs. Medicare Advantage plans (how to know what’s right for you) When and how you can enroll for Medicare And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com (417) 882-1726 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:29:02

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The Three Don’ts: Don’t Run Out of Money (Ep. 61)

7/5/2023
You can’t afford to run out of money in retirement! When you've quit your job and stopped receiving a paycheck, you must protect your nest egg for the rest of your life. In this part three of a three-part series called The Three Don’ts of Retirement, J. Barry Watts shares how to build a retirement income plan and avoid running out of money. Barry discusses: How to build an income plan around your Sit-On-The-Porch number How people might accidentally run out of money in retirement Three key factors that drive your retirement income (regardless of what the stock market does) And more Resources: The Three Don’ts: Burden Your Family (Ep. 59) The Three Don’ts: Overpay Your Taxes (Ep. 60) Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:11:54

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The Three Don’ts: Overpay Your Taxes (Ep. 60)

5/31/2023
Do you think taxes are going up or down over the course of your retirement? After surveying thousands of people, we found that overpaying in taxes is one of the greatest concerns among those preparing for retirement. In this part two of a three-part series called The Three Don’ts Of Retirement, J. Barry Watts explores ways to reduce your total tax bill throughout your retirement, especially with the current income tax rates expected to rise in the future. Barry discusses: The problem with IRAs and 401(k)s and their impact on retirement savings Why required minimum distributions (RMDs) are like a ticking tax time bomb strapped to your retirement How to take advantage of tax-free accounts Latest changes in tax rates and brackets And more Resources: The Three Don’ts: Burden Your Family (Ep. 59) Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:17:40

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The Three Don’ts: Burden Your Family (Ep. 59)

5/17/2023
Many people think about a nursing home when we talk about long-term care. But long-term care could also be care in your home. It could also include adult day care, or assisted living. While it may not be a pleasant topic to think about, it is essential to ensure you receive the care you need while reducing the financial and emotional burden on your loved ones! In this episode, J. Barry Watts explains how to plan for your long-term care in an effective and timely manner — and one that is affordable for you. Barry discusses: Five ways you can pay for long-term care What to do if an illness disqualifies you from long-term care protection The benefits of life insurance with an accelerated death benefit (ADB) Why relying on your partner for long-term care might not be the best plan And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:18:19

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The Two Checks You Need in Retirement (Ep. 58)

4/19/2023
Having a guaranteed lifetime income (your paychecks) during retirement can help you cover your basic living expenses, so you can focus on what’s left — the playchecks. In this episode, J. Barry Watts speaks with retired U.S. Army Lieutenant Colonel Tom Hegna, who is now a retirement expert, best-selling author, public TV host and international speaker. Together, they share ways to build reliable sources of retirement income and minimize risk. Colonel Hegna discusses: Key takeaways from his books “Paychecks and Playchecks” and “Don't Worry, Retire Happy!” The benefits of insurance (and why people should not see it as something negative) How insurance companies differ from banks (in light of the Silicon Valley Bank fiasco) Why retirees should always consider long-term care in their financial plan And more Resources: “Paychecks and Playchecks: Retirement Solutions for Life” by Tom Hegna “Don't Worry, Retire Happy! Seven Steps to Retirement Security” by Tom Hegna “The Secret to a Happier Retirement: Friends, Neighbors and a Fixed Annuity” by The Wall Street Journal Connect With Tom Hegna: TomHegna.com LinkedIn: Tom Hegna Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts About Our Guest: Tom Hegna is an economist, author, and retirement expert. As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature "Paychecks and Playchecks" retirement approach, helping baby boomers and seniors retire the "optimal" way. Tom specializes in creating simple and powerful retirement solutions. He has the unique ability to pump up a crowd, make people laugh and solve complex financial problems using easy-to-understand words, ideas and stories. He’s been featured in Business, Forbes, Money Rates, and many other leading publications. He is available to speak with businesses, government organizations, professional associations, financial professionals and their clients across the globe.

Duration:00:36:29

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Who Needs Insurance? Who WANTS Insurance? (Ep. 57)

4/5/2023
Insurance can be a tricky thing to navigate. Some people who need it don’t always want it, while others who want it may not necessarily need it. Plus, a lack of understanding of insurance and how it works could lead to poor decisions and increased reluctance. In this episode, J. Barry Watts discusses the common types of insurance plans, their tax benefits, and when one plan might be preferred over another. Barry discusses: Three key problems to keep in mind before buying insurance The difference between death and life insurance (and which one you really need) The process of qualifying for life insurance Why insurance decisions depend heavily on your individual circumstances And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:44:24

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Inherited IRA Rules (Ep. 56)

3/22/2023
After accumulating wealth for years, you want it to be inherited by the right beneficiaries when the time comes. (Instead of your ex-spouse from 10 years ago!) If you are the one inheriting the IRA, you want to minimize the tax liability on your inheritance. In this episode, J. Barry Watts explains the most tax-efficient way to handle inherited IRAs and setting up your IRA for optimal distribution to your loved ones. Barry discusses: The importance of updating your beneficiary designation forms (and maintaining a copy) Who should — and shouldn’t — be named as a beneficiary on your IRA How to set up primary, contingent, and tertiary beneficiaries to avoid probate Key tax implications and distribution requirements for an inherited IRA And more Resources: New IRA & 401K Rules for 2023 (Ep. 55) Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:31:49

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New IRA & 401K Rules for 2023 (Ep. 55)

3/8/2023
When it comes to taxes, some legislations can feel incredibly complex to the average American, such as the recently passed SECURE Act 2.0 — which was 4,000 pages long! But don’t worry. In this episode, J. Barry Watts highlights the key changes in this new legislation and breaks down how they affect people who have IRA accounts, 401(k)s, or other types of qualified retirement plans. Barry discusses: What you need to know about taking required minimum distributions (RMDs) in 2023 How SECURE Act 2.0 helps people with low retirement savings “catch up” faster A new rule that allows you to rollover unused 529 plans — and key caveats to keep in mind Major changes relating to 401(k) plans only And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:20:26

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Growing Up Watts (Ep. 54)

2/22/2023
“The things I teach in classes, seminars, and the podcast are the things we practice in our own lives…financially and personally.” — J. Barry Watts. In a previous episode, Barry spoke with his wife about money and marriage. Today, Barry invites his beloved daughters to the hot seat! In this episode, J. Barry Watts joins his daughters Madison and Sydnie Watts, who share their experience of growing up in the Watts household and how it shaped their lives — personally, professionally, and financially. Madison and Sydnie discuss: Their childhood stories (farm life, goat shows, and first jobs) How they developed budgeting habits and a strong work ethic from a young age Life lessons from their grandparents and great-grandparents Their favorite travel memories with family — including mission travels The biggest money lessons that have stuck with them And more Resources: Money & Marriage: Keeping Romance Alive when Finances are on Life Support (Ep. 53) Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:48:33

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Money & Marriage: Keeping Romance Alive when Finances are on Life Support (Ep. 53)

2/8/2023
Are you curious about how to instill the importance of budgeting and money management into your marriage? In this episode, J. Barry Watts brings on his wife Kelly Watts to dive into the magic of budgeting and managing money. She shares her experiences with organizing the family’s finances, how she keeps track of their spending, determining categories by analyzing past spending patterns and her advice for seniors and kids. Barry and Kelly discuss: Finances early on in their marriage How they manage their finances now Some non-negotiables when it comes to managing money The financial habits they taught their children The importance of having a long-term care plan in place for old age And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCare Corporation Twitter:@jbarrywatts

Duration:00:46:52

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What the Recent Election Means for Your Pocketbook with Congressman-Elect Eric Burlison (Ep. 52)

1/18/2023
Elections have consequences. The electoral decision in November has significant consequences for business owners, retirees, and tax payers. In this episode, J. Barry Watts is joined by Congressman–Elect Eric Burlison from Missouri to discuss how the election has and will continue to impact the money in your pocket. They share their thoughts about the consequences of a divided government on our country’s future. Eric and Barry discuss: The three major implications of the election results in terms of taxes and economy The continuing volatility and its impact on decision making due to the divided government The possible effects of executive orders on your taxes Why it is critical to start changing the tax status of your retirement assets now ahead of the expected tax rise in 2026 And more Resources: Request for the “5 Ways Taxes Can Rise During Retirement” report Connect With Eric Burlison: Twitter: Eric Burlison Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:39:10

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How Much Money Do You Need to Retire? (Ep. 51)

1/4/2023
How are we supposed to know how much money we need to live our retirement years comfortably? Is it a million dollars? Can you get by on less? How do we even go about determining this? In this episode, J. Barry Watts explains what you need to figure out when looking to retire regarding that number in your bank account. We want to help you retire with confidence, dignity, and create a legacy for generations to follow, allowing you to live out your retirement years with ease. Barry discusses: Why taxes are the centerpiece of your retirement strategy How far $1 million will get you in each state during retirement The diminishing correlation between money and happiness How to determine the monthly income you need And more Connect With Barry Watts: Schedule an Introductory Call PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts LinkedIn: WealthCareCorporation Twitter:@jbarrywatts

Duration:00:20:44

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The 4 Stages of Retirement (Ep. 50)

10/19/2022
Retirement is a process with a number of stages. In this episode, J Barry Watts discusses the four key stages of retirement: Anticipation, Liberation, Reinvention and Reflection. He breaks down every stage of retirement in detail to help you identify what stage you are currently in, and gives you navigational tips for that stage and prepares you to transition to the next stage. Barry explains: The details of every stage of retirementHow to identify the stage you are currently inGuidance for items to update in your retirement and estate plan for each stage. Navigational tips through each stage Implementing tax strategies to help you transition into retirement with ease And more Resources: Contact us for information about online classes Storyworth Connect With Barry Watts: Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporationTwitter:@jbarrywatts

Duration:00:20:31

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How to Get to the 0% Tax Bracket (Ep. 49)

10/5/2022
In this episode, J. Barry Watts unpacks a situation he recently encountered with a client, leading you through the situation they were in before doing any planning. He illustrates the steps taken in this process to improve their situation ultimately achieving the zero percent tax bracket when they retire.

Duration:00:40:25

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Hidden Taxes in Retirement (Ep. 48)

9/22/2022
Have you ever wondered about the cost of taxes you will pay in your retirement? Will they be more or less than what you are paying today? The short answer is — unfortunately, more. For nearly all of us, taxes will be higher in retirement than they are today. Many people will unknowingly pay thousands of dollars in additional taxes that are hidden to the point where you might not even know you paid them! In this episode, J. Barry Watts unpacks the surprise taxes that unsuspectingly come upon you in retirement and how they will affect you in the long run. These taxes reduce your wealth, weaken you financially, cause you to run out of money earlier, and diminish the financial legacy you leave to your heirs. Barry discusses: How to avoid these costs with strategic tax planningThree types of hidden taxes you may have to pay What your expected tax cost would be based on your incomeAn anecdotal story of how we helped someone save significantly on their income tax And more Connect With Barry Watts: Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporationTwitter:@jbarrywatts

Duration:00:27:47

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Avoiding Your Largest Tax (Ep. 47)

8/30/2022
We’ve talked about reducing taxes and a number of strategies to pay less to the IRS, but no one ever talks about your largest tax and how to avoid it. Do you know what the largest tax is? Have you ever heard of the Dumb Tax? In this episode, J Barry Watts talks about the Dumb tax and why we don’t hear about it often enough, leaving us clueless once we get it taken away from us. He discusses in depth what this tax looks like and how we can avoid it, saving you money. Barry discusses: How people are overpaying income taxesPersonal anecdotes of situations Barry has seen with his clients paying these Dumb taxes in the pastHow a tax strategist can best help save you from paying the Dumb tax How people end up paying taxes they don't have toAnd more Connect With Barry Watts: Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporation

Duration:00:24:32