Lifetime Income Series: Lower Your Taxes – More Money in Your Pocket

This week Jim and John focus on tax planning and how you can use different strategies to lower your tax bill. The more money you save on taxes, the more dollars you have to spend or save towards retirement, and those savings can help you reach your retirement goals sooner. Jim starts by laying out all the tax changes that go into effect in 2016. Then, Jim notes that the first step you need to take is finding your marginal tax bracket. This dictates how much tax planning you need to do and also tells you the rate at which your next taxable dollar of income will be taxed. You will need to know both your federal tax bracket as well as your state tax bracket. Knowing the combined tax brackets will be a helpful guide as to the types of investments you should be making and how your portfolio should be most efficiently allocated. Jim illustrates these tax saving strategies through a case study. The guest this week is Rebekah Rotstein, a recognized expert in Pilates and exercise for osteoporosis and overall bone health.

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