Episode Details
Back to Episodes$10M Retirement: The Tax Mistake High Earners Make
Description
Can you support your adult children without derailing your retirement? In this episode of Money Matters, Scott and Pat dive into the financial realities of a caller with a nearly $10M net worth who is spending $75,000 a year to support his adult daughter. They break down the math on his retirement timeline and uncover a common "tax efficiency" mistake that could be costing him significant returns.
Also in this episode:
The "Shell Game" of State Budgets: How budget constraints in states like California could impact your long-term security.
Roth Conversions & Moving States: Why a move from California to Nevada completely changes the math on Roth conversions and RMD management.
The "Payroll" Pitfall: The hidden risks of putting family members on your business payroll for tax benefits.
Investing "Backwards": Why your 401(k) and brokerage account allocations might be working against each other.
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