The Truth About Taxes and Retirement: Recent Episodes
J. Barry Watts
Welcome to The Truth About Taxes & Retirement Podcast with J. Barry Watts from SavingYouTaxes.com. In this podcast, Barry puts four decades of experience as a Tax Strategist and Retirement Designer to work in helping business owners find ways to reduce income taxes immediately and helping people approaching retirement reduce or eliminate the taxes they will pay on their retirement income—sometimes achieving the zero percent tax bracket
Does the word “taxes” make you feel intimidated and overwhelmed right away?
If yes, you’re not alone! It’s completely understandable. After all, the US tax code is 70,000+ pages long.
As someone who deals with taxes daily, J. Barry Watts is here to enlighten you about some tips and strategies you might not know regarding taxes (so it feels less scary to you).
Barry discusses:
- What makes 50% of Americans subject to taxes when they die
- How Social Security taxes and Medicare premiums are calculated
- Multiple ways to make your charitable giving more tax-efficient
- Avoiding a huge mistake while transferring assets (like a home) to the next-gen
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
- YouTube: Watts On Wealth
The post What People Don’t Know About Taxes (Ep. 69) appeared first on Wealthcare.
Do you ever feel that taxation is skewed against the average citizen? Or that wealthy people don’t pay their fair share?
It’s because they know how to use the tax code to their advantage!
In this episode, J. Barry Watts peels back the layers of the tax system and explains how to apply the tax code’s provisions to your benefit — just like the wealthy.
Barry discusses:
- Why people don’t trust the government with their tax money
- What it means to find the “red lights” and “green lights” in the tax code
- Little-known tax-saving strategies (such as investing in rare earth minerals)
- Additional examples of using the tax code to one’s advantage, such as segregated asset plans and the “Augusta Rule”
- Questions you should be asking your CPA
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
- YouTube: Watts On Wealth
What do you need to feel confident in retirement? Is it $1 million? $2 million?
Actually, it’s not about how much money you accumulate, but rather having a retirement income plan.
Join J. Barry Watts for an insightful conversation about converting your lifetime savings into a consistent income source that lasts until the end of your life.
Barry discusses:
- The first step of a retirement income plan — your ‘sitting on the porch’ number
- The overwhelming shift from saving to spending your hard-earned nest egg
- How to be psychologically and relationally ready for retirement
- How interest rates might impact your retirement income
- Common mistakes to avoid during the distribution phase of retirement
- And more
Resources:
- Three Ways to Lower Your Taxes in Retirement
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
- YouTube: Watts On Wealth
Do you have insurance to secure your family’s financial future? If yes, when was the last time you reviewed your policy?
It’s Life Insurance Awareness Month! Let’s look at how insurance plays a crucial role in your overall retirement plan.
In this episode, J. Barry Watts delves into the intricacies of life insurance and the difference between death insurance and life insurance.
Barry discusses:
- Temporary vs. permanent insurance (how to know what’s right for you)
- Ways life insurance can create tax-free income
- How to use your death benefit while you’re living (Accelerated Death Benefit)
- A peak into Barry’s personal life insurance policy, including monthly payments and death benefit
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
The U.S. national debt has reached $32 trillion!
There is only one way to pay off this massive debt — by raising taxes. In fact, tax rates will likely see a sharp rise on January 1st, 2026.
In this episode, J. Barry Watts explains how you can tackle the rising tax problem with an effective strategy that many people overlook.
Barry discusses:
- Eye-opening statistics that point to higher tax rates in the future
- A major tax issue with IRAs and 401(k)s
- Actionable ideas to protect yourself from the rising tax problem
- Two ways to achieve tax-free growth on your retirement savings
- And more
Resources:
- Free Retirement Toolkit
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
What do you think is your number one expense in retirement? (Hint: It’s not healthcare.)
If you said taxes, you guessed it right! Healthcare costs pale in comparison to what you pay in taxes during retirement.
In this episode, J. Barry Watts helps you understand strategic tax planning, how it differs from tax compliance, and how the right team of experts can make it incredibly simple for you — so you can pay less taxes now and in retirement.
Barry discusses:
Four signs to determine if your tax professional is working for you or the IRS
The difference between tax strategists and CPAs (expertise and approach to tax planning)
Why you should NOT be afraid of audits
How to know if a tax strategy is legitimate
And more
Connect With Barry Watts:
Schedule an Introductory Call
PriorityCare@WealthCareCorp.com
(417) 882-1726
WealthCareCORP.com
LinkedIn: J Barry Watts
LinkedIn: WealthCareCorporation
Twitter:@jbarrywatts
Have you ever seen a rat’s nest? It is tangled, messy, and unorganized.
Your retirement can end up looking just like a rat’s nest if you don’t plan properly! Your Social Security, pension, taxes, Medicare…everything entangled into a chaotic mess.
In this episode, J. Barry Watts shares a six-step process to untangle the retirement rat’s nest, so you can retire with clarity and confidence.
Barry discusses:
- Why financial planning is a lot more than just “managing money”
- How to build a tax-efficient income that lasts until you’re 100 years old
- Planning for healthcare and long-term care
- How to leave behind a lasting legacy that extends beyond material possessions
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- (417) 882-1726
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
Are you struggling to navigate Medicare?
You’re not alone. The complex web of rules, acronyms, and jargon involved in this enigmatic government program leaves many scratching their heads!
In this episode, J. Barry Watts demystifies Medicare and helps you make informed decisions for choosing the right plan and meeting your healthcare needs cost-effectively.
Barry discusses:
The different types of Medicare plans (Parts A, B, C and D)
How to pay for expenses that are NOT covered by Medicare
Medicare Supplement vs. Medicare Advantage plans (how to know what’s right for you)
When and how you can enroll for Medicare
And more
Connect With Barry Watts:
Schedule an Introductory Call
PriorityCare@WealthCareCorp.com
(417) 882-1726
WealthCareCORP.com
LinkedIn: J Barry Watts
LinkedIn: WealthCareCorporation
Twitter:@jbarrywatts
You can’t afford to run out of money in retirement!
When you've quit your job and stopped receiving a paycheck, you must protect your nest egg for the rest of your life.
In this part three of a three-part series called The Three Don’ts of Retirement, J. Barry Watts shares how to build a retirement income plan and avoid running out of money.
Barry discusses:
How to build an income plan around your Sit-On-The-Porch number
How people might accidentally run out of money in retirement
Three key factors that drive your retirement income (regardless of what the stock market does)
And more
Resources:
The Three Don’ts: Burden Your Family (Ep. 59)
The Three Don’ts: Overpay Your Taxes (Ep. 60)
Connect With Barry Watts:
Schedule an Introductory Call
PriorityCare@WealthCareCorp.com
800-278-1755
WealthCareCORP.com
LinkedIn: J Barry Watts
LinkedIn: WealthCareCorporation
Twitter:@jbarrywatts
Do you think taxes are going up or down over the course of your retirement?
After surveying thousands of people, we found that overpaying in taxes is one of the greatest concerns among those preparing for retirement.
In this part two of a three-part series called The Three Don’ts Of Retirement, J. Barry Watts explores ways to reduce your total tax bill throughout your retirement, especially with the current income tax rates expected to rise in the future.
Barry discusses:
The problem with IRAs and 401(k)s and their impact on retirement savings
Why required minimum distributions (RMDs) are like a ticking tax time bomb strapped to your retirement
How to take advantage of tax-free accounts
Latest changes in tax rates and brackets
And more
Resources:
The Three Don’ts: Burden Your Family (Ep. 59)
Connect With Barry Watts:
Schedule an Introductory Call
PriorityCare@WealthCareCorp.com
800-278-1755
WealthCareCORP.com
LinkedIn: J Barry Watts
LinkedIn: WealthCareCorporation
Twitter:@jbarrywatts
Many people think about a nursing home when we talk about long-term care. But long-term care could also be care in your home. It could also include adult day care, or assisted living.
While it may not be a pleasant topic to think about, it is essential to ensure you receive the care you need while reducing the financial and emotional burden on your loved ones!
In this episode, J. Barry Watts explains how to plan for your long-term care in an effective and timely manner — and one that is affordable for you.
Barry discusses:
- Five ways you can pay for long-term care
- What to do if an illness disqualifies you from long-term care protection
- The benefits of life insurance with an accelerated death benefit (ADB)
- Why relying on your partner for long-term care might not be the best plan
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
Having a guaranteed lifetime income (your paychecks) during retirement can help you cover your basic living expenses, so you can focus on what’s left — the playchecks.
In this episode, J. Barry Watts speaks with retired U.S. Army Lieutenant Colonel Tom Hegna, who is now a retirement expert, best-selling author, public TV host and international speaker. Together, they share ways to build reliable sources of retirement income and minimize risk.
Colonel Hegna discusses:
- Key takeaways from his books “Paychecks and Playchecks” and “Don’t Worry, Retire Happy!”
- The benefits of insurance (and why people should not see it as something negative)
- How insurance companies differ from banks (in light of the Silicon Valley Bank fiasco)
- Why retirees should always consider long-term care in their financial plan
- And more
Resources:
- “Paychecks and Playchecks: Retirement Solutions for Life” by Tom Hegna
- “Don’t Worry, Retire Happy! Seven Steps to Retirement Security” by Tom Hegna
- “The Secret to a Happier Retirement: Friends, Neighbors and a Fixed Annuity” by The Wall Street Journal
Connect With Tom Hegna:
- TomHegna.com
- LinkedIn: Tom Hegna
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
About Our Guest:
Tom Hegna is an economist, author, and retirement expert. As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature “Paychecks and Playchecks” retirement approach, helping baby boomers and seniors retire the “optimal” way.
Tom specializes in creating simple and powerful retirement solutions. He has the unique ability to pump up a crowd, make people laugh and solve complex financial problems using easy-to-understand words, ideas and stories. He’s been featured in Business, Forbes, Money Rates, and many other leading publications. He is available to speak with businesses, government organizations, professional associations, financial professionals and their clients across the globe.
Insurance can be a tricky thing to navigate. Some people who need it don’t always want it, while others who want it may not necessarily need it.
Plus, a lack of understanding of insurance and how it works could lead to poor decisions and increased reluctance.
In this episode, J. Barry Watts discusses the common types of insurance plans, their tax benefits, and when one plan might be preferred over another.
Barry discusses:
- Three key problems to keep in mind before buying insurance
- The difference between death and life insurance (and which one you really need)
- The process of qualifying for life insurance
- Why insurance decisions depend heavily on your individual circumstances
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
After accumulating wealth for years, you want it to be inherited by the right beneficiaries when the time comes. (Instead of your ex-spouse from 10 years ago!)
If you are the one inheriting the IRA, you want to minimize the tax liability on your inheritance.
In this episode, J. Barry Watts explains the most tax-efficient way to handle inherited IRAs and setting up your IRA for optimal distribution to your loved ones.
Barry discusses:
- The importance of updating your beneficiary designation forms (and maintaining a copy)
- Who should — and shouldn’t — be named as a beneficiary on your IRA
- How to set up primary, contingent, and tertiary beneficiaries to avoid probate
- Key tax implications and distribution requirements for an inherited IRA
- And more
Resources:
- New IRA & 401K Rules for 2023 (Ep. 55)
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
When it comes to taxes, some legislations can feel incredibly complex to the average American, such as the recently passed SECURE Act 2.0 — which was 4,000 pages long!
But don’t worry.
In this episode, J. Barry Watts highlights the key changes in this new legislation and breaks down how they affect people who have IRA accounts, 401(k)s, or other types of qualified retirement plans.
Barry discusses:
- What you need to know about taking required minimum distributions (RMDs) in 2023
- How SECURE Act 2.0 helps people with low retirement savings “catch up” faster
- A new rule that allows you to rollover unused 529 plans — and key caveats to keep in mind
- Major changes relating to 401(k) plans only
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
“The things I teach in classes, seminars, and the podcast are the things we practice in our own lives…financially and personally.” — J. Barry Watts.
In a previous episode, Barry spoke with his wife about money and marriage. Today, Barry invites his beloved daughters to the hot seat!
In this episode, J. Barry Watts joins his daughters Madison and Sydnie Watts, who share their experience of growing up in the Watts household and how it shaped their lives — personally, professionally, and financially.
Madison and Sydnie discuss:
- Their childhood stories (farm life, goat shows, and first jobs)
- How they developed budgeting habits and a strong work ethic from a young age
- Life lessons from their grandparents and great-grandparents
- Their favorite travel memories with family — including mission travels
- The biggest money lessons that have stuck with them
- And more
Resources:
- Money & Marriage: Keeping Romance Alive when Finances are on Life Support (Ep. 53)
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
Are you curious about how to instill the importance of budgeting and money management into your marriage?
In this episode, J. Barry Watts brings on his wife Kelly Watts to dive into the magic of budgeting and managing money. She shares her experiences with organizing the family’s finances, how she keeps track of their spending, determining categories by analyzing past spending patterns and her advice for seniors and kids.
Barry and Kelly discuss:
- Finances early on in their marriage
- How they manage their finances now
- Some non-negotiables when it comes to managing money
- The financial habits they taught their children
- The importance of having a long-term care plan in place for old age
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCare Corporation
- Twitter:@jbarrywatts
Elections have consequences. The electoral decision in November has significant consequences for business owners, retirees, and tax payers.
In this episode, J. Barry Watts is joined by Congressman–Elect Eric Burlison from Missouri to discuss how the election has and will continue to impact the money in your pocket. They share their thoughts about the consequences of a divided government on our country’s future.
Eric and Barry discuss:
- The three major implications of the election results in terms of taxes and economy
- The continuing volatility and its impact on decision making due to the divided government
- The possible effects of executive orders on your taxes
- Why it is critical to start changing the tax status of your retirement assets now ahead of the expected tax rise in 2026
- And more
Resources:
- Request for the “5 Ways Taxes Can Rise During Retirement” report
Connect With Eric Burlison:
- Twitter: Eric Burlison
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
How are we supposed to know how much money we need to live our retirement years comfortably? Is it a million dollars? Can you get by on less? How do we even go about determining this?
In this episode, J. Barry Watts explains what you need to figure out when looking to retire regarding that number in your bank account. We want to help you retire with confidence, dignity, and create a legacy for generations to follow, allowing you to live out your retirement years with ease.
Barry discusses:
- Why taxes are the centerpiece of your retirement strategy
- How far $1 million will get you in each state during retirement
- The diminishing correlation between money and happiness
- How to determine the monthly income you need
- And more
Connect With Barry Watts:
- Schedule an Introductory Call
- PriorityCare@WealthCareCorp.com
- 800-278-1755
- WealthCareCORP.com
- LinkedIn: J Barry Watts
- LinkedIn: WealthCareCorporation
- Twitter:@jbarrywatts
Retirement is a process with a number of stages.
In this episode, J Barry Watts discusses the four key stages of retirement: Anticipation, Liberation, Reinvention and Reflection. He breaks down every stage of retirement in detail to help you identify what stage you are currently in, and gives you navigational tips for that stage and prepares you to transition to the next stage.
Barry explains:
The details of every stage of retirementHow to identify the stage you are currently inGuidance for items to update in your retirement and estate plan for each stage. Navigational tips through each stage Implementing tax strategies to help you transition into retirement with ease And more
Resources:
Contact us for information about online classes Storyworth
Connect With Barry Watts:
Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporationTwitter:@jbarrywatts
In this episode, J. Barry Watts unpacks a situation he recently encountered with a client, leading you through the situation they were in before doing any planning. He illustrates the steps taken in this process to improve their situation ultimately achieving the zero percent tax bracket when they retire.
Have you ever wondered about the cost of taxes you will pay in your retirement? Will they be more or less than what you are paying today?
The short answer is — unfortunately, more. For nearly all of us, taxes will be higher in retirement than they are today. Many people will unknowingly pay thousands of dollars in additional taxes that are hidden to the point where you might not even know you paid them!
In this episode, J. Barry Watts unpacks the surprise taxes that unsuspectingly come upon you in retirement and how they will affect you in the long run. These taxes reduce your wealth, weaken you financially, cause you to run out of money earlier, and diminish the financial legacy you leave to your heirs.
Barry discusses:
How to avoid these costs with strategic tax planningThree types of hidden taxes you may have to pay What your expected tax cost would be based on your incomeAn anecdotal story of how we helped someone save significantly on their income tax And more
Connect With Barry Watts:
Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporationTwitter:@jbarrywatts
We’ve talked about reducing taxes and a number of strategies to pay less to the IRS, but no one ever talks about your largest tax and how to avoid it.
Do you know what the largest tax is? Have you ever heard of the Dumb Tax?
In this episode, J Barry Watts talks about the Dumb tax and why we don’t hear about it often enough, leaving us clueless once we get it taken away from us. He discusses in depth what this tax looks like and how we can avoid it, saving you money.
Barry discusses:
How people are overpaying income taxesPersonal anecdotes of situations Barry has seen with his clients paying these Dumb taxes in the pastHow a tax strategist can best help save you from paying the Dumb tax How people end up paying taxes they don't have toAnd more
Connect With Barry Watts:
Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporation
vites legendary comedian Yakov Smirnoff onto the show to discuss the path that led him from Russia to America and his unique perspective on all that is wonderful about America!
In this episode, J Barry Watts teaches you how to take advantage of the stock market when it’s volatile in a way that prevents losses, while providing a pathway to grow your accounts.
Taxes, the hidden burden that comes around once a year to reap the benefits of your hard-earned money.
What we say to this is; put yourself in a position to pay the least amount of taxes possible so that you can save more money for your future.
In this episode, J Barry Watts and Philip Brown highlight three key ways to protect your money from taxes, allowing you to retain more of your income and use it in your life, with family, friends or simply for your future.
Barry and Phil discuss:
Why you need to beware of “government” tax advisorsHow business owners can benefit by identifying the right entity structureHow to best deal with tax auditsWhat you can write off in taxes to save you moneyAnd more
Related:
Saving Taxes by Converting Your LLC or S Corp into a C Corp (Ep. 39)
Connect With Barry Watts:
Schedule an Introductory CallPriorityCare@WealthCareCorp.com 800-278-1755WealthCareCORP.comLinkedIn: J Barry WattsLinkedIn: WealthCareCorporation
Your cash accounts should be secure, liquid, and protected. Even during times of uncertainty. This account may sound too good to be true. But, we promise you it’s not. It’s actually only a phone call away. In this episode, J Barry Watts addresses the uncertainty swarming the market and the account he recommends to combat … Continue reading Good News about Keeping Cash Safe, Available, and Growing (Ep. 43) →
There is a lot going on in the market right now and knowing how to react and when to react to protect your financial future can be tricky. Luckily there are some key concepts that can help you keep your 401k (and your future) from going over the cliff. In this episode, Barry Watts discusses … Continue reading Keep Your 401K from Going Over the Cliff (Ep. 42) →
Starting a business is hard work. If you eventually sell that business, you likely want to maximize your pay day. We’ve never met anyone who wants to pay more in tax, but yet, a lot of people do. One of those areas that often gets overlooked is capital gains on the sale of stock in … Continue reading Selling Your Business & Paying Zero Taxes (Ep. 41) →
Where does income in retirement come from? What strategies are there to manage your income in retirement to ensure you stay retired? If these are questions you find yourself wondering, this is the episode for you! In this episode, J Barry Watts gives an overview of a few strategies you can use to ensure your … Continue reading Increasing Income in Retirement (Ep. 40) →
The structure of your business can have a huge impact on your bottom line after taxes. Whether starting a new business or saving taxes by restructuring your existing one, understanding how different business structures impact the taxes you pay helps you save thousands of dollars each year. In this episode, J Barry Watts of WealthCare … Continue reading Saving Taxes by Converting your LLC or S Corp into a C Corp (Ep. 39) →
What kind of credentials does your financial advisor have? If you are working with an advisor with a credential of some type, what might cause your retirement plan to fail anyway? In this episode, J Barry Watts dives into the various credentials a financial advisor can carry, and shares the difference between many of those … Continue reading 38. Advisor Credentials & Why Retirement Budgets Fail →
Are you sitting on cash, afraid to invest it in the markets during this crazy time in our country? Are you unsure what to do? Well, you’re not alone. In this episode, J Barry Watts speaks simply about what to do with your cash now. Barry details three steps to take, including why it is … Continue reading 37. What To Do With Cash Now →
Have you ever wondered exactly what a good financial advisor is supposed to do for you? There are five habits of highly effective advisors to retirees, and if your advisor is not doing these things for you, it might be time to consider a change? In this episode, J Barry Watts teaches you about the … Continue reading 36. The Five Habits of Highly Effective Advisors to Retirees →
There’s a lot of talk in Washington about potential new taxes, but what impact will those changes in tax law have on you personally? In this episode, J Barry Watts unpacks the impact proposed tax law changes may have on you in before or in retirement. Barry covers some of the proposals in President Biden’s … Continue reading 35. New Taxes Threaten Your Retirement →
What will taxes be like for you in retirement? Have you ever thought about that? In this episode, J Barry Watts teaches you how to reach the 0% tax bracket—or at least to get your taxes as low as they can be. He explains why there are some who cannot reach the 0% tax bracket, … Continue reading 34. How to Retire in the 0% Tax Bracket →
The upcoming holidays present a wonderful opportunity to have important conversations with your family about many things, including topics such as healthcare planning, funeral planning, and who will get what. In this episode, J Barry Watts helps you understand how you bring these topics up to aging parents while the whole family is around. It’s … Continue reading 33. Holiday Conversations About Hard Topics →
Would you like to put $58,000 into a Roth IRA this year, then grow that money, tax-free, until you retire, and then take it out as tax-free retirement income? In this episode, J Barry Watts introduces the mega back door Roth IRA strategy. He shares how some individuals can contribute $58,000 to their Roth IRA, … Continue reading 32. Mega Backdoor Roth IRA Strategy →
Are you truly wealthy or working wealthy? What’s the difference between the two? For moderately wealthy people who don’t believe they have any tax strategy opportunities, this episode is for you. In this episode, J Barry Watts introduces a tax strategy and draws the line between the truly-wealthy and the working-wealthy. Barry also emphasizes the … Continue reading 31. How the TRULY-WEALTHY & the WORKING-WEALTHY DIFFER: Family Endowment Plans →
Have you ever considered opening a trust for your family? Legacy trusts can ensure your family’s legacy for generations to come. In this episode, J Barry Watts discusses trusts and how valuable they can be to your family. Barry simplifies and answers questions you may have regarding trusts. Barry shares why people don’t have trusts, … Continue reading 30. Strengthening Your Family Through Legacy Trusts →
How do you figure out the required minimum distributions (RMD) on your retirement accounts? What are the taxes? Can you reduce or eliminate the taxes? In this episode, J Barry Watts and Eric Burlison look at four ways you can reduce or eliminate the taxes owed on your RMDs. Barry and Eric remind listeners of … Continue reading 29. Reducing Taxes on Your IRA or 401(K) Required Minimum Distributions →
Estate planning can be complicated and may involve some uncomfortable conversations with family members and loved ones, albeit necessary. You want to be sure that your estate is going to the right people in the right order. In this episode, Barry Watts uncovers the mystery of estate planning. Barry looks at multiple legal mechanisms used … Continue reading 28. Taking The Mystery Out of Estate Planning →
Historically, many Americans have planned to rely on Social Security to get them through retirement. But what happens if Social Security isn’t enough to help you secure the retirement you want and know you deserve? In this episode, J. Barry Watts discusses some of those tough questions about Social Security, and helps you to understand … Continue reading 27. Everything You Ever Wanted to Know About Social Security But Were Too Afraid to Ask →
Not managing your sequence of returns risk properly could damage your retirement. In this episode, J Barry Watts helps you understand how to protect yourself and your retirement from this type of investing risk. He helps you understand what a sequence of returns is, how it can hurt your retirement, and how to manage the … Continue reading 26. Don’t Let This Devastate Your Retirement →
Do you know which fees you pay on your investment account? How much are they? And if you don’t know, shouldn’t you? How can you find out what these fees are and where they come from? In this episode, J Barry Watts and Eric Burlison provide you with all the information you need to better … Continue reading 25. Understanding the Investment Fees You Pay →
We know that risk is always involved in investing—in fact, we know that past performance cannot guarantee future results. However, there are tools and strategies that exist that can help you protect your investments and your retirement from risk. In this episode, J Barry Watts speaks about tools that you are able to take advantage … Continue reading 24. How to Protect Your Investments and Retirement from Risk →
Every single person is unique, and with that, comes a unique level of risk tolerance within their portfolio. In this episode, J Barry Watts and Eric Burlison discuss risk and volatility as it pertains to your portfolio, and how you can understand what your own personal risk tolerance is. Barry and Eric use examples of … Continue reading 23. How Risk Impacts Your Retirement →
When it comes to retirement, there are a lot of questions that you should be asking yourself to prepare. However, there is one very important question that people don’t always take the time to think about. In this episode, Barry Watts speaks about what questions you should be asking yourself as you plan for your … Continue reading Episode 22 – Your Biggest Retirement Question →
When it comes to planning for long-term care, your health is just as important as your wealth in helping you qualify. In this episode, Barry Watts discusses new ways to pay for long-term care, and the importance of planning for long-term care before it is too late! Barry shares the options available to you and … Continue reading Episode 21 – New Ways to Pay for Long-Term Health Care →
Have you ever been in the situation where you are meeting with someone about your finances and you just can’t seem to answer their questions? This problem happens more frequently than you might think, and we are here to help you never be in that situation again! In this episode, Barry Watts goes through nine … Continue reading Episode 20 – Questions You Must Answer Before Visiting a Retirement Designer →
You could be paying your child as an employee as a way to increase your tax savings. Does that sound a little too good to be true? We are here to tell you, it’s not! In this episode, Barry Watts explains how you are able to set your child up as an employee for your … Continue reading Episode 19 – Saving Taxes By Employing Your Kids →
You did not read the title incorrectly! There is a $200,000 tax deduction that you could be using! And many times, we don’t see people taking advantage of it. In this episode, Barry Watts and Eric Burlison dive into conversation about a huge tax deduction that Barry is already using, and how you could be … Continue reading Episode 18 – The $200,000 Tax Deduction I Personally Use →
What if we told you that there is a tax-free way you could better retain your most valuable employees through an account that they can withdraw money from each year? In this episode, Barry Watts discusses the Golden Handcuff plan you could be using to keep your most valuable employees, and how using the plan … Continue reading Episode 17 – Golden Handcuffs to Retain Valuable Employees →
Under the new Administration, there are proposed tax increases under review in Washington, and it’s beneficial if you understand them sooner rather than later! In this episode, Barry Watts and Eric Burlison discuss various proposals that have been presented by the Biden Administration that could potentially increase your taxes. Barry and Eric highlight three of … Continue reading Episode 16 – Immediate Tax Increase Being Planned →
When it comes to your money, it is important to have the right amount in each bucket so you can hold the most amount of non-taxable money. In this episode, Barry Watts dives into conversation about the three buckets your money could fall into, what taxes look like in each bucket, and just how much … Continue reading Episode 15 – Getting More Money into Tax Free Accounts →
Are you interested in a tax-free account that will help you work towards your retirement goals? In this episode, Barry Watts and Eric Burlison, Tax Strategists and Retirement Designers, take a look at a type account that not many people are aware of and dissect it to help you fully grasp how it works! The … Continue reading Episode 14 – How to Have More Tax Free Income in Retirement →
Do you understand how annuities work? Do you have negative feelings attached to annuities? We are here to help you answer your questions! In this episode, Barry Watts and Eric Burlison dive into conversations about annuities and how they can be used to benefit you. They aim to provide you with information that will help … Continue reading Episode 13 – Protecting Your Retirement Income →
Have you ever wondered what someone in the financial industry does with their own accounts? In this episode, Barry Watts and Eric Burlison discuss Barry’s experience in the financial industry and Barry shares some of the things he does personally to get the most out of his own accounts while protecting his assets from the … Continue reading Episode 12 – The Right Faucet to Fill your Retirement Bucket →
Trying to fill a bucket that has holes in it is impossible and extremely frustrating. In this episode, Barry Watts and Eric Burlison discuss how your financial bucket is constantly leaking through four main holes, and what you can do to address and fix each of them. In this episode we will discuss: What the … Continue reading Episode 11 – Stop Leaking Money from your Retirement Accounts →
Retirement is like a mountain and it’s the coming down the mountain that is the scary part. In this episode, Barry Watts and Eric Burlison discuss how your retirement is like climbing and descending a mountain, and what you should be doing to plan for that journey. In this episode you will learn: Why retirement … Continue reading Episode 10 – Climbing the Summit of Mt. Retirement →
Ready to sell a highly appreciated asset, but worried about your tax bill? In this episode, Barry Watts and Eric Burlison are joined by tax strategist Bruce Jones of Tax Wealth. Having been in the financial industry for nearly 50 years, Bruce shares his expertise on mitigating your taxes when it comes to selling highly … Continue reading Episode 9 – Reducing Taxes via the Installment Sale Rule – with Bruce Jones →
Business owners: how would you like to put away six figures and get a tax deduction for doing so? In this episode, J. Barry Watts dives into segregated asset plans (SAPs), revealing the tax and financial savings you could gain as a business owner for retirement. Discover how your entire family can benefit from this … Continue reading Episode 8 – Why don’t you have a tax deductible Segregated Asset Plan? →
Would you like to be able to make a hefty tax deductible contribution to your retirement plan this year? Today, Barry Watts and Eric Burlison discuss tax deductions, introducing many ideas and processes when it comes to putting money into your own plan as a business owner. In this episode you will learn: What a … Continue reading Episode 7 – The Insider’s Guide to Big Retirement Tax Deductions for Business Owners →
Decreasing a gain may sound counterintuitive, but decreasing capital gains can actually save you money in taxes. In this episode, Barry Watts and Eric Burlison dive into capital gains and possible strategies to decrease this tax. Discover the impact this can have on your taxes along with depreciation and appreciation. In this episode you will … Continue reading Episode 6 – How to Avoid Paying Capital Gains →
How much are you currently losing from taxes? How much would you have to earn to keep that money? In this episode, Barry Watts is joined by Eric Burlison to discuss the importance of saving the money you earn instead of paying it in taxes. They dive into how taxes can influence your true earnings … Continue reading Episode 5 – Why Saving Money in Taxes Is Better Than Making Money →
How much are you paying in taxes right now? How are you going to make sure you pay less in taxes after you retire? In this episode, Barry Watts reveals options to reduce your taxes, today and into retirement. Discover retirement plans that can reduce your taxes after retirement and options to get you in … Continue reading Episode 4 – Five Truths About Taxes →
Do you know what your CPA’s plans are for your taxes? In this episode, Barry Watts dives into the world of tax planning and the information you need to know. Discover what most CPAs are doing with your taxes and the proactive approach you should adopt. In this episode, you will learn: What tax planning … Continue reading Episode 3 – What is Tax Planning? →
When it comes to understanding taxes in America, there is a common misconception that you will live on less in retirement. However, in retirement, every day is Saturday, which means every day is a high-spending day. In this episode, Barry Watts is joined by co-host Eric Burlison, Missouri State Senator and tax expert, to discuss … Continue reading Episode 2 – Every day is Saturday in Retirement →
SavingYouTaxes.com is proud to present The Truth About Taxes and Retirement Podcast! In this podcast, Barry puts 25 years of experience in the financial industry to work in helping business owners find ways to reduce income taxes immediately. In this episode, you will learn: Who Barry is and why he chose a career in finance … Continue reading Episode 1 – Get to Know J. Barry Watts! →