Welcome to episode 79 of Accessible Finance! Join Eric and Rachael Johns as they break down how to compare job offers beyond just the paycheck. Learn what benefits to look for, how to quantify those benefits, and why they matter more than you might think. From healthcare and retirement plans to paid time off and work flexibility, this episode covers everything you need to know to make an informed career decision.

🎙️ Have a financial question? Email us at podcast@equilibriumfp.com. Don't forget to like, subscribe, and share!

00:00 Introduction and Episode Overview

00:15 Evaluating Job Offers Beyond Salary

01:05 Understanding Healthcare Benefits

05:58 The Importance of Retirement Plans

12:08 Investment Options and Fees in 401k Plans

13:40 Finding the Summary Plan Description

14:04 Understanding Plan Fees and Expenses

14:26 Evaluating Investment Options

15:06 Advisor Fees and Plan Charges

17:26 Importance of Quantifying Benefits

19:31 Red Flags in Compensation Packages

20:13 Vesting Periods and Retention Tools

21:53 Transparency in Job Offers

23:30 Final Takeaways on Compensation Evaluation

In episode 78 of Accessible Finance, we tackle the challenge of managing tax risks in pre-tax accounts like 401(k)s and traditional IRAs. Eric and Rachel discuss the importance of considering future tax brackets and RMDs (Required Minimum Distributions) while planning your retirement. Learn about strategies like Roth conversion ladders to mitigate hefty tax bills, the significance of filling the lower tax brackets, and how delaying certain income streams like Social Security can be beneficial. If you're sitting on a mountain of pre-tax savings or want a personalized tax strategy, this episode will guide you through optimizing your tax planning for a comfortable retirement.

🎙️ Have a financial scenario you’d like us to discuss (without giving personalized advice)? Send your questions to podcast@equilibriumfp.com—we’ll keep your information completely anonymous!

📢 Don’t forget to like, subscribe, and share with friends who could benefit from smarter retirement planning tips!

00:00 Introduction to Episode 78

00:12 Concerns About Retirement Taxes

01:23 Understanding Roth Conversion Ladder

02:26 Tax Planning Strategies

03:28 The Impact of RMDs

06:36 Qualified Charitable Distributions (QCDs)

08:02 Workplace 401k and Financial Planning

09:41 Reducing Future Taxes

10:29 Understanding RMD Percentages

11:34 Tax Implications of Withdrawals

12:01 Planning for Higher Tax Brackets

12:59 Roth Conversion Strategies

14:41 The Importance of Diversification

16:22 Long-Term Financial Planning

17:14 Working with Advisors and Planners

18:51 Avoiding Common Financial Pitfalls

21:06 Final Takeaways and Contact Information

In Episode 77 of Accessible Finance, we tackle a pressing question: 'How do I reduce my tax bill before I retire?' Eric and Rachael discuss critical strategies for those nearing retirement, including deferring income, maximizing pre-tax contributions, leveraging donor-advised funds for charitable giving, and planning Roth conversions. They delve into the importance of preparing for retirement well in advance, ideally five years prior, and touch upon key concepts like marginal effective tax rates, RMDs, and more. Tune in to learn how to set yourself up for a secure and tax-efficient retirement.

00:00 Introduction to Episode 77

00:38 Deferring Income Before Retirement

02:41 Maximizing Charitable Contributions

07:03 Planning for Roth Conversions

09:14 Understanding Marginal and Effective Tax Rates

11:28 Avoiding Tax Cliffs and Hidden Landmines

14:33 Required Minimum Distributions (RMDs) Explained

17:17 The Importance of Early Financial Planning

19:28 Conclusion and Contact Information