Tag: Tax Planning
The Power of Tax Pro Formas with Dylan Stewart (Ep. 29)

The Power of Tax Pro Formas with Dylan Stewart (Ep. 29)

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Have you ever wished you could predict your tax bill before it arrives?

Tax pro formas could help you do just that.

Join Jim Kruzan, CFP®, CRPC®, and returning guest Dylan Stewart, CFP®, CPA, for an enlightening discussion about the often overlooked strategy of using tax pro formas in financial planning. Learn how to anticipate tax liabilities, make informed decisions, and optimize your financial strategy to build upon your wealth and create the retirement you desire.

Talking points include: 

  • How tax pro formas work and fit into financial planning as a whole
  • How to use a tax pro forma to avoid unexpected tax liabilities
  • The downsides of AI in this space and the importance of accurate data collection for building a strong tax pro forma
  • The importance of holistic tax planning, the integration of Roth conversions, and reviewing your tax history
  • Common tax pro forma mistakes and how to avoid them
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Dylan Stewart:

About Our Guest: 

Dylan Stewart, CFP®, CPA, serves as a Wealth Advisor at Kaydan Wealth Management, offering comprehensive wealth management and guiding clients through the Evolutionary Wealth Process. As a member of the Investment Policy Committee and collaborator with Senior Wealth Advisors, he plays a pivotal role in shaping and maintaining client financial strategies.

“I love helping clients feel safe and secure by helping them achieve their financial goals and dreams.”

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Navigating the Waters of Required Minimum Distributions (RMDs) with Dylan Stewart (Ep. 24)

Navigating the Waters of Required Minimum Distributions (RMDs) with Dylan Stewart (Ep. 24)

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Need clarity around required minimum distributions (RMDs) and their impact on your retirement cash flow?

This week, Jim Kruzan, CFP®, CRPC®, is joined by Dylan Stewart, CFP®, CPA, Wealth Advisor at Kaydan Wealth Management, to unpack the intricacies of RMDs and their critical role in retirement planning.

Learn about the mechanics, tax planning aspects, long-term financial strategies, and implications of RMDs and how they can influence your financial landscape. 

Whether you’re approaching retirement or are already navigating your golden years, this conversation is packed with knowledge to steer you clear of making common mistakes!

Jim and Dylan discuss: 

  • What are RMDs, and who do they impact
  • Common problems or mistakes people make with RMDs
  • Strategies for managing RMDs to alleviate potential tax burdens
  • The impact of RMDs on Social Security and Medicare premiums
  • The mechanics of calculating RMDs and how it can change over time
  • Innovative ways to utilize RMDs for charitable giving, education funding, or as a strategic legacy plan
  • And more!

Resources:

Connect with Jim Kruzan: 

Connect with Dylan Stewart:

About our Guest: 

Dylan Stewart, CFP®, CPA, serves as a Wealth Advisor at Kaydan Wealth Management, offering comprehensive wealth management and guiding clients through the Evolutionary Wealth Process. As a member of the Investment Policy Committee and collaborator with Senior Wealth Advisors, he plays a pivotal role in shaping and maintaining client financial strategies.

“I love helping clients feel safe and secure by helping them achieve their financial goals and dreams.”

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Integrating Charitable Giving Into Your Retirement Plan (Ep. 19)

Integrating Charitable Giving Into Your Retirement Plan (Ep. 19)

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Charitable giving not only feels good and leaves a positive impact on the world, but it can also provide financial advantages for retirees.

In this episode, Jim Kruzan, CFP®, CRPC®, uncovers multiple strategies to weave charitable giving into your retirement and estate planning. Whether you want to maximize your tax benefits or leave a lasting legacy, get ready to learn how to make the most of your contributions and amplify your impact.

Jim discusses:

  • Biggest motivations to integrate charitable giving into retirement planning
  • Commonly used giving strategies (charitable remainder trusts, donor-advised funds, qualified charitable distributions, and more)
  • Ways to create a consistent income stream for yourself while giving to charity
  • The importance of philanthropic due diligence
  • Implications of gifting assets or stocks instead of cash
  • And more

Resources:

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Podcast Image showing the title "Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Episode 17)"
Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Ep. 17)

Milestone Moments: Navigating 7 Key Ages in Retirement Planning (Ep. 17)

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Between 50 and 72, there are significant birthdays that can impact your retirement finances.

These age-based milestones can help you grow your retirement nest egg, avoid financial penalties, withdraw your retirement funds early, and more!

In this episode, Jim Kruzan, CFP®, CRPC®, highlights seven legislative birthdays that every retiree or soon-to-be retiree should circle on their calendars. By the episode’s end, you’ll realize why planning your retirement cash flows is crucial before these milestones creep up on you!

Jim discusses:

  • Benefits of turning 50, including catch-up contributions and early retirement for qualified public safety workers.
  • How to make penalty-free withdrawals at 55 and 59.5 (from eligible plans)
  • The difference between taking Social Security at 62, 70, and anywhere in between 
  • Medicare’s 7-month enrollment window to avoid penalties
  • The impact of Secure Act 2.0 on the required minimum distribution age
  • And more

Resources:

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Podcast Image showing the title "Medicare 101: The Ultimate Guide (Episode 16)"
Medicare 101: The Ultimate Guide (Ep. 16)

Medicare 101: The Ultimate Guide (Ep. 16)

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Imagine a retirement where you’re free from the fear of rising, and sometimes unexpected, medical bills.

In a world of ever-rising healthcare costs, a solid understanding of Medicare is a necessity!

In this episode, Jim Kruzan, CFP®, CRPC®, unravels the intricacies of Medicare and paves the path for a more simplified Medicare experience. Whether you’re a decade away from retirement or just around the corner, you’ll learn actionable insights to save stress, time, and money.

Jim discusses:

  • The difference between Medicare and Medicaid
  • Core components of Medicare (parts A, B, C, and D)
  • How the ‘Donut’ hole may unexpectedly increase your prescription drug costs
  • Important enrollment deadlines to avoid hefty penalties
  • The financial impact of Medicare on your retirement plan
  • And more

Resources:

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Getting Your Retirement Back On Track (Ep. 15)

Getting Your Retirement Back On Track (Ep. 15)

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Picture this: You’ve crafted the perfect retirement plan. You’ve dreamt about it, and it’s finally here. But then, life throws you a curveball. Suddenly, your well-laid path takes an unexpected detour!

Even the most carefully crafted plans must adapt to changing circumstances.

In this episode, Jim Kruzan, CFP®, CRPC®, shares practical strategies to get your retirement back on track.

Jim discusses:

  • Signs that your retirement may be off track
  • Budgeting strategies to cut unnecessary expenses without sacrificing quality of life
  • How “safe withdrawal rates” can guide portfolio adjustments
  • How to weather market downturns by using debt strategically
  • And more

Resources:

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Top 5 Social Security Filing Mistakes to Avoid (Ep. 14)

Top 5 Social Security Filing Mistakes to Avoid (Ep. 14)

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“When should I start taking Social Security?”

“Can I claim spousal benefits? If yes, how much?”

“How will my Social Security income be taxed?”

These are some of the questions that many retirees (and soon-to-be retirees) struggle with!

In this eye-opening episode, Jim Kruzan, CFP®, CRPC®, explains the top five Social Security filing mistakes to avoid and how to make well-informed decisions that can potentially make or break your retirement!

Jim discusses:

  • Benefits of delaying Social Security until age 70 (and what happens if you file early)
  • Eligibility criteria for spousal benefits and the ideal time to claim them
  • The “earnings test” you should know about before filing for Social Security
  • How to maximize survivor benefits
  • How to minimize the potential tax burden on Social Security
  • And more

Resources:

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Podcast Image showing the title "7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)"
7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)

7 Common Retirement Planning Mistakes (And How To Avoid Them) (Ep. 13)

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Do you know what makes or breaks your retirement?

The assumptions and financial choices that might seem trivial at first, but have a significant impact later down the road!

In this episode, Jim Kruzan, CFP®, CRPC®, highlights 7 common retirement planning mistakes, drawing on decades of experience as a financial advisor. He also shares actionable ideas to avoid those mistakes.

Jim discusses:

  • How to budget for retirement without giving up the little joys in life
  • Why you should never underestimate healthcare costs
  • Considerations for pension planning, including age, health, and spousal benefits
  • The “set it and forget it” mentality that can potentially jeopardize your retirement
  • The importance of seeking professional financial guidance
  • And more

Resources:

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Podcast Image showing the title "How Much Money Do You Need To Retire?"
How Much Money Do You Need To Retire? (Ep. 12)

How Much Money Do You Need To Retire? (Ep. 12)

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How can you save for retirement if you don’t know how much money you’ll need?

It’s time to calculate your financial finish line so you don’t run out of money during retirement!

In this episode, Jim Kruzan, CFP®, CRPC®, shares easy-to-follow methods and rules of thumb to estimate your retirement expenses and income — and what to do if you have no idea where to begin.

Jim discusses:

  • Key points to discuss with your spouse about your “dream retirement”
  • Why you should categorize your retirement expenses into needs, wants, and wishes
  • How to account for major lifestyle adjustments and rising healthcare costs
  • Rules of thumb to quickly check if you’re on track
  • And more

Resources:

Connect with Jim Kruzan: 

About Your Host: 

Balancing the responsibilities of Founder and Senior Wealth Advisor puts Jim in a unique position at Kaydan Wealth Management. As the Founder, Jim is responsible for guiding the direction of the firm’s moral compass and ensuring the entire team is advancing its mission statement. As Senior Wealth Advisor, he manages the firm’s largest and most complex client relationships and is also hands-on with the development of comprehensive, process-driven wealth solutions.

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