As we see the world getting back to some form of normalcy, we are emerging with new habits we have gained over quarantine. Many families found themselves spending on just what they needed and not as much on what they wanted since everything was shut down. We want to look at some of the financial lessons that the lockdown and pandemic has taught us and why you may want to keep these habits up moving forward.
Taylor and Brad discuss the recent stock market madness involving Gamestop, as well as the trend of bitcoin trading.
We invite a very special guest to this week’s episode, Taylor’s wife, Torrey Fike! Many people do not know how to bring up the conversation of retirement to their spouse, or the right questions to ask. So in light of this, Taylor and Torrey have an honest conversation about what they want retirement to look like.
On our previous episode, we discussed the importance of having tax-free income in retirement. But now, let’s dive a little deeper. Taylor will show us how both your Social Security benefits and your health insurance premiums can be affected by the amount of tax-free income you have — or don’t have — in retirement.
When in comes to retirement planning, it’s crucial to understand how taxes will affect you now and in the future. So let’s take a look at some of the most common retirement savings accounts out there, how their tax advantages vary, and how you can set yourself up for tax-free income down the road.