Ep 83: Biden‘s ”American Families” Tax Plan - Key Changes & Planning Opportunities

10/21/21 • 33 min

1 Listener

Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

If you drive a car, I'll tax the street; If you try to sit, I'll tax your seat; If you get too cold, I'll tax the heat; If you take a walk, I'll tax your feet. "Taxman" - The Beatles Biden's tax proposals have finally been put into legislation and released on September 13th. Thankfully they're not as bad as the Beatles lyrics and tax increases were also less than what was expected. Hear Kevin discuss key proposals for individuals with the good, the bad, and those that didn't make it into the bill, and be sure to pay attention to the end to hear the key things to do to keep more in your pocket. Read more: https://www.truewealthdesign.com/ep-83-bidens-american-families-tax-plan-key-changes-planning-opportunities/ Today's rundown: 1:12 - Celebrating a birthday 4:33 - Background on the proposal 6:11 - The bad 10:44 - Backdoor Roths 13:36 - IRA change for accredited investors 16:02 - The good 21:20 - Things that didn't make it in 27:18 - Planning to-do items

Previous Episode

Ep 82: Social Security Update - Solvency, COLA, & Planning Strategies

The 2021 Social Security Trustee's Report was recently released and the 2022 COLA is near finalized. What can we expect for the COLA and glean from the report? Tune in to hear the important points and key planning implications for your Social Security benefits. Spoiler alert: Social Security solvency is not as bad as you may be led to be believed by the media and planning strategies remain important and are more key in today's low-interest rate world. Read more: https://www.truewealthdesign.com/ep-82-social-security-update-solvency-cola-planning-strategies/ The rundown for this episode: 2:41 - Background on this topic 3:40 - Trustees report 8:07 - Solvency fixes 12:49 - Cost of Living Adjustment 17:30 - Problems that create opportunities 21:35 - Survivor benefits 22:26 - SS using outdated interest rate assumptions 26:48 - Planning implications

Next Episode

Ep 84: Investment Allocation Update - Thinking About Your Investment Recipe

Having reasonable assumptions for investment returns is critically important for many reasons. These assumptions will impact your retirement plan, investment allocation, and your peace of mind.

Hear Kevin review discuss a recent letter written to his clients about the three broad categories of investments. He'll discuss high-level metrics on how attractive or expensive various parts of the stock and bond markets are and what to broadly expect in the years to come. Tune into the end when he discusses higher-yielding investments and how many investors are unwittingly taking more risk today than they realize.

Reminder: Investment returns are not guaranteed. There are costs to invest. Expectations discussed are just estimates and are probability-based (range-based) and are from Blackrock, Research Affiliates, Schwab and Vanguard per data available on their websites.

Read more: https://www.truewealthdesign.com/ep-84-investment-allocation/ Today's rundown:

0:55 – Catching up with Kevin

1:40 – Things to consider before years end

5:44 – How long does it take to start a plan?

8:13 – Investment allocation updates

11:15 – 3 categories of a portfolio

15:50 – Appreciation assets

16:21 – Vanguard and Schwab 10-year forecast

24:08 – Discount of foreign markets

26:44 – Is it more difficult to have a diversified portfolio?

28:47 – Preservation assets

31:54 – Credit risk and credit spreads