Use 401k or Alternative, Lump Sum or Stretch Out, Deductions for Charitable Gifts – Tax Mailbag Episode

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Show Notes

We’re back for our third and final week of answering listener questions about year-end tax planning. These episodes are a unique opportunity for you to gain insights from real-world scenarios and inquiries shared by our listeners. In this installment, we’re delving into the crucial concept of tax diversification, exploring methods to optimize your tax deductions for charitable contributions, and more.

Throughout this episode, we’ll talk about the strategies and opportunities that can help you keep more money in your retirement accounts and less in the hands of the IRS. If you’re looking to thrive in life, wealth, and retirement, don’t miss this conversation. Click play to see what you can learn!

Here are the questions we’ll tackle in today’s show:

  • I’m 56 years old and plan to retire at 70. My wife and I have almost all our money in our 401ks- should we start saving somewhere else because of RMDs?
  • I’m retiring toward the end of the year and have about 16 weeks of PTO I can use. I’m told that I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks for a few months after I retire. Does it matter which way I do it?
  • My husband and I give around $10,000 / year to different charitable organizations. Our tax preparer said we are no longer able to deduct these donations.  Is that true?  Is there any way to get a deduction again on our taxes?

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.