Never leave money on the table. This is your shortcut to upgrading your life, money and travel—all while spending less and saving more. Get tactical moves and deep dives into designing a life you’re excited about.
Host Chris Hutchins is a life hacker who has saved millions by breaking down every aspect of life and looking to maximize happiness at the lowest cost. Chris and guests like Tim Ferriss, Tony Hawk, Codie Sanchez and Gary Vaynerchuk are here to deliver smart strategies you can plug into your own life—from a money hack that increases your net worth, to a routine change that boosts your productivity.
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Never leave money on the table. This is your shortcut to upgrading your life, money and travel—all while spending less and saving more. Get tactical moves and deep dives into designing a life you’re excited about.
Host Chris Hutchins is a life hacker who has saved millions by breaking down every aspect of life and looking to maximize happiness at the lowest cost. Chris and guests like Tim Ferriss, Tony Hawk, Codie Sanchez and Gary Vaynerchuk are here to deliver smart strategies you can plug into your own life—from a money hack that increases your net worth, to a routine change that boosts your productivity.
Smarter Strategies for Retirement, Wealth Building, and Taxes with Michael Kitces
All the Hacks: Money, Points & Life
59 minutes
2 months ago
Smarter Strategies for Retirement, Wealth Building, and Taxes with Michael Kitces
#243: Discover smarter strategies to grow your wealth and create financial flexibility. We dive into when it makes sense to invest beyond retirement accounts, how to access savings early through Roth conversions and 72(t) distributions, ways to reduce taxes with HSAs, tax-advantaged accounts, and charity, and so much more.
Michael Kitces is the Head of Planning Strategy at Focus Partners Wealth, co-founder of XYPN and publisher of a continuing education blog for financial planners, Nerd’s Eye View.
Link to Full Show Notes: https://chrishutchins.com/smarter-savings-retirement-michael-kitces
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For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals
Resources Mentioned
Michael Kitces: Website | Focus Partners Wealth | XYPN
Blog Posts
The Four Phases Of Saving And Investing For Retirement
3 Types Of Retirement And Their Very Different Savings Strategies
Supplemental Saving In An HSA For Retiree Medical Expenses
IRA Aggregation Rule And Pro-Rata IRA Taxation
Effective Backdoor Roth Strategy: Rules, IRS Form 8606
Strategies For Maximizing (Or Minimizing!) Rule 72(t) Early Distribution Payments
Systematic Partial Roth Conversions & Recharacterizations
72t Distribution Calculator
ATH Podcast
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Email for questions, hacks, deals, and feedback: podcast@allthehacks.com
Full Show Notes
(00:00) Introduction
(00:53) Should You Max Out Your Retirement Accounts?
(05:08) Investing in Your Career as a High-Return Strategy
(09:55) Saving in a Taxable Account vs. Retirement Account
(13:40) Tax Advantages of a Retirement Account vs. Brokerage Account
(16:19) How to Think About Emergency Savings
(18:06) Choosing the Best Retirement Accounts
(24:21) Reimbursing Medical Expenses via HSA
(27:02) Evaluating the Core Retirement Accounts
(29:19) Nuances of the Backdoor Roth IRA
(30:53) Traditional vs. Roth IRA
(32:12) Why the Majority Shouldn’t Worry About Tax Brackets
(36:58) Roth Conversions in Low-Income Years (Sabbaticals)
(39:52) Consolidating and Managing Old 401(k)s
(42:05) Can You Access Retirement Funds via Roth Conversions?
(42:44) Why Michael Doesn’t Practice Roth Conversions Before Retirement
(45:36) The Rules for 72(t) Distributions
(48:35) Tackling the Account Sequencing Problem
(52:16) Leveraging Charity for Tax Deductions
(53:58) What Happens When You Leave Money to Your Kids
(1:00:43) Where to Find Michael, His Work and Services
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All the Hacks: Money, Points & Life
Never leave money on the table. This is your shortcut to upgrading your life, money and travel—all while spending less and saving more. Get tactical moves and deep dives into designing a life you’re excited about.
Host Chris Hutchins is a life hacker who has saved millions by breaking down every aspect of life and looking to maximize happiness at the lowest cost. Chris and guests like Tim Ferriss, Tony Hawk, Codie Sanchez and Gary Vaynerchuk are here to deliver smart strategies you can plug into your own life—from a money hack that increases your net worth, to a routine change that boosts your productivity.
