Create Your Custom Early Retirement Strategy Here
Get access to the same software I use for my clients and join the Early Retirement Academy here
Flowchart on Inheriting Accounts (mentioned in episode)
Navigate the financial maze of inheritance with me as we uncover the vital steps to securing your legacy without drowning in taxes. A revealing tale from my practice showcases the weighty decisions faced by those expecting wealth transfers, and sets the stage for a thorough exploration of the tax implications that come with different types of accounts.
We address the rules that dictate non-spousal IRA inheritances, including the critical 10-year rule for non-eligible designated beneficiaries, and discuss the nuances of brokerage account benefits like a step-up in basis. Wrapping up, I invite you to take part in shaping our community's future episodes—your questions are the fuel that drives our journey to early retirement, so let your curiosity lead the way.
Create Your Custom Early Retirement Strategy Here
Get access to the same software I use for my clients and join the Early Retirement Academy here
Ari Taublieb, CFP ®, MBA is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients retire early with confidence.
Create Your Custom Early Retirement Strategy Here
Get access to the same software I use for my clients and join the Early Retirement Academy here
Flowchart on Inheriting Accounts (mentioned in episode)
Navigate the financial maze of inheritance with me as we uncover the vital steps to securing your legacy without drowning in taxes. A revealing tale from my practice showcases the weighty decisions faced by those expecting wealth transfers, and sets the stage for a thorough exploration of the tax implications that come with different types of accounts.
We address the rules that dictate non-spousal IRA inheritances, including the critical 10-year rule for non-eligible designated beneficiaries, and discuss the nuances of brokerage account benefits like a step-up in basis. Wrapping up, I invite you to take part in shaping our community's future episodes—your questions are the fuel that drives our journey to early retirement, so let your curiosity lead the way.
Create Your Custom Early Retirement Strategy Here
Get access to the same software I use for my clients and join the Early Retirement Academy here
Ari Taublieb, CFP ®, MBA is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients retire early with confidence.
Today's episode is all about inheritance. How do you think through it, especially if you're going? Hey, I don't wanna plan on it for my retirement, but I also know there's tax implications if I get money a certain period of time, but I know it depends on when I inherit that and so I'm gonna clear up all of this for you guys today. I'm gonna start the episode with a story. I always wanna make sure that I'm making content that resonates with you guys. As you guys, as I've mentioned before, I listen to a lot of podcasts and I don't like fluff content and oftentimes if someone who's a podcaster is like hey, here's our announcements for the week, like I know me, and I'm just like, great, let me skip this to get to the content I want to listen to. So I try as much as possible to not make any skippable content or skippable announcements, so that you guys are listening to the whole show. I want it to be as impactful as possible for you. So, to the whole show. I want it to be as impactful as possible for you. So I'm going to start with the story, then I'm going to go through the reviews of the week, the hate of the week or the interesting comment of the week, as I mentioned a few weeks ago, and then I'm going to go through those different laws and changes that might impact you. So if you have, you know, inheritance that you think might come in the next few years, if you think it might be 10, 15 years, if you go, hey, I've got an inherited account right now and I just don't know what I should do. I am going to answer those questions. I just want to tell you this story so you can understand where I'm coming from and how I approach it with clients. So the way I want you guys to understand this is a child of a client came to me. They said, ari, I heard your episode on inheriting accounts before. I did one a while ago. And they said I'm really worried because my father's your client and he's invested really well and I'm just really worried. I said why are you worried? He said well, I'm worried because if I inherit these dollars, I think I have to pay taxes on them. I go, that's partially true, based on the type of account Roth, pre-tax, et cetera but why are you even telling me this at all? They go well, I'm telling you this because I think I'm gonna quit my job. I said why are you gonna quit your job? And, by the way, guys, I know my clients very well, I know this child very well. It was kind of out of left field kind of a thing. So I said why are you gonna quit your job?
Speaker 1:They said, well, I don't love it, I go. That's not why you told me that you really want to be a physician and so I don't believe you. They said, okay, fine, the reason I'm quitting my job is because you said on the podcast that if something happens, I'm going to be paying taxes on these dollars. I said, okay. They said well, you know I'm going to be a physician and I'm going to be in a really healthy tax bracket. I'm here here in California, just like you, and you know we're getting crushed and so because of that, I don't want everything my father worked so hard for to get taxed at the highest possible tax rate.
Speaker 1:I said, okay, let's stop right there. Are you telling me you're no longer going to become a physician because your father invested? Well, they go. Yes, I go. That's not logical. They go, ari, I know that I can't imagine. This is the first time a client's approached you with something like this. This is not about logic. This is about the fact that my father is not from this country, invested really well, did all the right things, and I don't want him paying more than he needs to in taxes. I said, okay, I need to think about an example to illustrate this for you. They go, ari, I don't care what logic you tell me this is, it's not going to resonate. I don't want to be a physician. I said, okay.
Speaker 1:So the point of this story is not to scare all of you, but there's a risk of investing too well, where now, all of a sudden, a child alters their future. Now we had a long conversation. The child is still going to become a physician and we're going to be doing good tax planning. This is before we discuss that. So they're going to be fine and they're not switching their career. But the point here is, I say there's the risk of bad planning and the value of good planning.
Speaker 1:Many of you know this, but my parents were burned by multiple advisors and that's why I am an advisor. And if you're not doing it well meaning just financial planning in general children might take a whole nother position that they don't even want to take. They might not work. There's a risk if you invest so well that your children go well, I don't need to work, I'm gonna be fine. There's another risk where you don't give them enough while they're still alive, when you could actually help them, and now you pass away with $20 million. So there's, of course, a balance to be had here.
Speaker 1:The point of the story is, I don't want you to invest so well that you now alter what your children were gonna do. Now, it's very rare that this is even the case. But I like to start with the story and then I'm going to go through real inheritance examples and how you should think through all this stuff. So don't want to start on a sad note. By any means, it ended very well. The client is going to become a physician. They're happy about it. There's no concerns there, just so you guys know.
Speaker 1:So what I'm going to start with now, after that story, is the comments of the week. So these are comments. Once again, every week, I'm going to pick the very nice review of the week and highlight that, or and slash. I'm going to pick a comment that's either hate of the week or just an interesting comment that I want to highlight. So this one happens to be both.
Speaker 1:So, on a comment of a recent video this comes from Bob's 4718. And if you're listening on the podcast app, great. If you're on YouTube, you can see it right here he says who wants to be the richest person in the graveyard? Seriously, die with zero dollars. Enjoy the life you work so hard for not leaving it for anyone. So, on that comment, if you haven't read the book, die With Zero, I highly recommend it.
Speaker 1:I don't think it's perfect, and no book's perfect, but I like the approach, which is essentially hey, live the life you want to live. You don't get extra points dying the richest person at your grave. A lot of you are going, hey, I've got inheritance coming in, but I don't have kids. So, like, I don't want to die with $10 million. I'm like, great. I think that would be a failure if you did, and so I'll joke with clients and I'll say what is your estate plan? I promise guys, no advertisements on the show.
Speaker 1:Just a quick pause because I have a fun, exciting announcement for you. I don't get to work with all of you most of you and I recognize that, and I'm the first person to say hey, it depends when you want to work with an advisor. Oftentimes I'll say don't work with an advisor unless you have a certain asset threshold or if you're just the type of person that's like, hey, I just don't want someone else managing my money, but I still want guidance on all the strategies you talk about specifically for an early retirement. So the exciting announcement is June 1st I'm coming out with my early retirement academy. I sent this email to a lot of you a few months back saying, hey, it's been in the works, I'm working on it. I've been putting more time and energy and effort into this than you can imagine, and it's not gonna be for everyone, but it's gonna be for those that are saying, hey, I want access to the tools that you use on the YouTube videos, I want to run my own projections, I want that software, I want to make sure I'm not overlooking anything for my retirement and I'll make it affordable for all of you. So what I'm doing is I'm putting that together. By June 1st it will be completed, and so, if you want a discount code before it launches, there's going to be a survey in the description of today's episode. You can fill that out and that will put you on my email list so that before I actually release it, I'll give you the discount code and you'll have that before I launch it on June 1st. So just quick announcement there. It's going to be an early retirement academy specific, for that will be everything you need to know If you want to retire early and run your own projections. It's not going to be you know you're speaking with me or my advisors that that's when people are working with me.
Speaker 1:But some of you are like, hey, I don't necessarily need that, maybe in the future, but it's just a timing thing. And that's what I'm big about think about. When people say when should I work with an advisor, I say it depends. I just don't think everyone needs one. It's based on the stage of life you're in, the level of complexity and things like that. So I want to put something together to help as many of you as humanly possible. That's why I do what I do. So keep your eyes peeled for that, fill out the description in the survey and let's get back to today's episode.
Speaker 1:That's estate planning. So some of you are going, yep, that's exactly what I'm trying to do. Some of you are like, hey, I wanna leave 2 million bucks to each child. I just wanna make sure I'm not a future burden to my children. I also wanna make sure I'm helping myself along the way, because they can make more money if they need to, because they have time. So, understanding this comment, I get it you don't wanna die with the richest person in the grave. I agree. Want to make sure estate planning it's different for everyone. So what I don't want you to do is take a cookie cutter approach and go. Well, you know, yeah, I don't have kids and I'm not married, and so because of that, I'm going to have the same retirement plan as my neighbor and I'm going to retire at 60, just like them, or 62. Don't do that. If you don't have children and you don't want to give $2 million to eat three different kids, hey, you could retire a lot earlier and you can spend way more. Not because it's good or because it's bad, it's just that's the reality. If you want to give 5 million to each child and I have clients that want to do that I say great, here's what's happening. You're working seven more years and you're traveling to this degree and they're like cool, I'm happy to do it because that's what I want to have happen at the end. So not right or wrong.
Speaker 1:Then the hate comment is a reply to this comment. It's really not a hate comment, but this comes from K-A-T-O-V-O-M Cozies, so Katovom Cozies, sorry if I'm not pronounced that correctly. And they reply. They say ultimate boomer comment with the laughing emoji Hope you leave something for your heirs. And so some of you might read that or hear that and go hey, that's really mean you know calling this person a boomer. And so I'm going to read to you the reply from the original person who commented the first comment.
Speaker 1:So the first person once again the Bob's 4718,. He said who wants to be the richest person in the graveyard? Seriously, die with zero. Enjoy the life you work so hard for. I'm not leaving it for anyone. So the person replies ultimate boomer comment Hope you leave something for your heirs.
Speaker 1:So the first person says hey, yes, boomer is indeed the case. I just loved his reply. He goes yep, boomer is indeed the case. Like, yep, owning it. In the same way, a lot of you like hey, why are you talking about retirement planning? You look like you're 12. It's like I love this stuff more than anyone you probably know. And so like, yep, I'm young, I love it. That's me. I'm weird. So, yes, boomer, is indeed the case. Um, we have no kids, only nieces and nephews, and we already spoil them rotten.
Speaker 1:Money left behind for others is okay, but time spent and money spent on family while you're still alive is so much better. It's about the experience, not the money left behind, spending every cent. So I love it's not right or wrong, it's just. I love the way he's like hey, I wanna help, I just to help, I just want to help while I'm here. I don't want to die with a gazillion dollars. Let me understand once again that I have a different situation, and so I think, when he was maybe replying with that comment, or she or they never know nowadays, you know, I want to make sure that they are absolutely looking at this in their specific lens, not because their neighbor or coworker or any of that. We have a phrase for that that we call head trash, where oftentimes, if you're retiring early or thinking about it because you are in a good spot, but your neighbor isn't, your coworker isn't, your friend isn't, you're like hey, maybe I'm not in a good spot. No, no, no, that's head trash. You could be in an amazing spot and they might not be, and that's just the case. So that Now that we've been through the little story and the comments of the week, the real question a lot of you are asking is hey, I'm gonna be inheriting some money.
Speaker 1:I don't know the tax implications, I don't know how to think about this. Before I give you a 30, 40 minute lecture, where half of you are trying not to fall asleep, even if you're nice and trying to listen to me there's a flow chart that we created, okay. So what I want you to do, I'm going to put it up right on the screen right now so you can see it. If you're on YouTube watching, if you're on the podcast and you're just listening, that's okay too. It's in the description, so you're going to see me go through this. The best thing would probably be pulling it up while I'm actually going through this, but you don't need to do that. If you're driving, don't get in a car crash or anything crazy like that.
Speaker 1:Some people tell me hey, if you can listen to me, do tax planning while working out. Like kudos to you. I listen to history podcasts while I work out, but once again, I'm weird. So this here of can I delay distributions from the traditional IRA I inherited. That's the question I'm going through. So some of you are like, hey, I'm not inheriting a traditional IRA, I'm just getting a brokerage account, or I've just got cash coming in, or my parents are going to sell a home and I'm going to get a portion of that.
Speaker 1:It becomes complicated quickly. This is why we exist as financial advisors. So if you are looking for a holistic approach for everything, not just the investment stuff so I'll joke with my clients in new clients specifically, I'll say hey, if you reached out and you only want investment guidance meaning no tax or withdrawal or state health care insurance I go, don't hire us. Okay, hire 10 firms down the street. I might even help you pick which one, because they don't do what we do. We do holistic, which is everything. Some people don't want that. Like great. Once again, we're probably not the best fit. We're the very first person I'm the first person to put my hand up and be like we don't work with everyone. We work with those that want the next level of planning and the specific tax planning is what we specialize in.
Speaker 1:So the question here for a lot of you is hey, I inherited a traditional IRA. You might be the spouse of someone meaning someone passed away, someone very near and dear to your heart and you've got this IRA. You're like I don't know what to do. You might go hey, I'm the child and I don't know what I'm going to do. I'm going to inherit this in six months. Or, you know, I'm going to inherit this in two years and so I want to plan for it intentionally Lots of different tax planning stuff. So this flow chart is something you can go through and it's very, very easy. That's why we created it. You can go you know, did my father or mother pass away at this time? Okay, yes, it was before this period. So here's what this means. Now I'm going want to see it for yourself and take some more time and just figure out the answer. You can absolutely do that as well. So this is why I do that.
Speaker 1:Now there's a few things I want to bring up here. The few like simple answers. Once again, I know all of you are very busy. As much as possible, I want to give you the answers right away, real quick, just some loose stuff. If you're a spouse, you've got more leeway, way more options. So, like, don't stress, if you're a spouse a lot of different choices. You can make the ira your own Um, you can roll it over into another account. You can make yourself the beneficiary like. You have tons of options. So not that you're stressing, but if you're like, oh my god, my spouse just passed away, what do I do? You're gonna have more flexibility than if you're inheriting this as a child.
Speaker 1:Um, now, in terms of inheriting an IRA, you definitely need to make sure you're doing the right rules, because if not, the taxes become a little crazy. Now it becomes once again complicated very quickly. But you've got two options. If we're putting it really simple, you can transfer the assets into an inherited IRA in your name. And now you're choosing to take these what are called RMDs required minimum distributions over your life expectancy or that of the person that passed away. You're like, hey, what is that in English? I'm going to go through in a second. The other option is you can transfer the assets into an inherited IRA. So once again, it's an IRA of, let's call it, my mom, my mom, susan. Susan passes away hopefully not anywhere time soon, but Susan passes away. I'm now going to make it Susan's inherited account. So, once again, my name is Ari. I can make it Susan's inherited account, so I can transfer that into an inherited account. I can do that and I can choose to take the distributions over 10 years.
Speaker 1:So once again, let's go back to that first story. Someone's the child of the client was like hey, and I'm not going to say their name because they didn't want me to. So they said, hey, don't use. They said well, ari, once again I'm going to become a physician, a high tax bracket. What do I do? Well, let's assume they're in a really high tax bracket and they're like oh my God, I think I have to take this money. And you know, my father invested so well. I'm so scared to pay so much in taxes. I go, you will.
Speaker 1:But you can be strategic here. You don't have to take it all at once. You can take it. So let's assume you have an epiphany after five years. You don't want to become a physician and you stop working, your spouse stops working and there's no income. Well, that might be a great year to take more of the account because you don't have as much taxable income. It just has to be completed by the end of the 10th year. So you're. Oh, so there's more strategy involved? Yes, there is. So this is why I say tax planning is integral. Now it must be liquidated. I mean it has to be zero by December 31st of the year, that is, 10 years after the original owner's death. So lots of options and planning and things we're going to talk about on this. The main things here. I've got my little checklist. I want to make sure estate planning and rules lots of stuff are changing, the kind of easy, low-hanging fruit.
Speaker 1:Don't ignore beneficiary forms. I've seen it where the beneficiary was not listed correctly and they were going to get the assets because it was clear that the name was just misspelled but it was a hassle. So, like, make sure, when it comes to prepping your estate plan, you've got all the right things in place. Some of you have asked me like, hey, I don't have a trust, does that mean I don't get? No, no, no, trusts and wills and medical directions and power of attorneys all important stuff. That doesn't apply If you have an IRA. You don't need a trust. You just list a beneficiary directly on there. It's the simplest, easy way. Don't overcomplicate it. If there's no designated beneficiary, then it goes to the estate and the issue there is the beneficiary will be stuck with a five-year distribution rule instead of a 10-year distribution rule and it becomes a whole lot more complicated. So a lot of these forms are misleading More often than not.
Speaker 1:I just tell my client would you please let me fill it out for you Now, for compliance purposes. Let's make sure you understand what you're signing, why you're signing. I'm explaining it to you, but we're just doing it for you because you can click, you know, one box incorrectly and now it's a hassle. And then, lastly, some people are like hey, what about that Roth IRA? Roth IRAs are awesome. If you're inheriting a Roth IRA, there's lots of different tax planning things you don't need to worry about so oftentimes. You know what do I do about that? You still have to take money, but not taxed, and a lot of different planning tools, so don't stress about that. So this flow chart that I've created for all of you, you're going to be able to read it. So if I'm reading it with you right now, even if you're just listening on the podcast app, that's okay.
Speaker 1:The first question here you're going to see in the upper left where it says start here. It says did you inherit a traditional IRA from an account owner other than your spouse? Okay, other than your spouse. So let's assume the answer is yes. So, yes, you're inheriting it from someone other than your spouse. Let's call it your dad. Okay, great, got that From there? Did the owner of these IRAs? Did your dad pass away after December 31st 2019? Okay, got it. Let's make sure, once again, let's keep it English here, let's not make it Portuguese. Okay, so I had a dad. They passed away. Wasn't fun from there? They passed away. Yes, it was after 2019. Let's assume they passed away last year. Got it? So 2023. So we follow the chart. Did they pass away after? Yes, okay, keep going. Was the owner? You're going to see the little arrows you can follow Was the owner of that IRA the account's original owner?
Speaker 1:So you're like okay, let me make sure my dad passed away in 2023. Were they the original owner? Okay, did my dad inherit that from someone else? Or did my dad first open the account? Okay, my dad first opened the account? Great, and so was he the original owner? Yes, he was the original owner.
Speaker 1:Next question At the time of the owner's death, when the father passed away in 2023, were you either a minor child of the owner fewer than 10 years younger? So, less than 10 years younger than the owner, disabled or chronically ill? Okay, so let's assume the answer is no. Okay, so let's assume the answer is no. You are not a minor child. You are not fewer than 10 years younger. It was much more than that. You are not disabled and not chronically ill, which is the case for 90% of you, 95%. Okay, so then you're gonna see.
Speaker 1:It says you are a non-eligible designated beneficiary. What does that mean? Okay, you are not subject to RMDs. That's what does that mean? Okay, you are not subject to rmds. That's the first thing it says there. So, once again, my job oftentimes is telling clients hey, don't worry about it, I'll. I teach my clients. One of the things you're going to start to say is that sounds interesting, but it doesn't apply to me, because all the time your neighbor and co-worker friends go, hey, didn't you hear that rule changed and you should do this, and that, hey, that's great, sounds interesting, doesn't apply to me. So you're going to see the first thing there you are not subject to RMDs. The greatest deferral allowed is under the 10-year rule, by which you must withdraw the entire account balance by the end of the 10th year after the year of the prior owner's death. Okay, total English, let's hit it. Okay, your father passed away in 2023. Now you're going. What do I do?
Speaker 1:Okay if you were not disabled fewer than 10 years. All that good stuff I just went through. You have 10 years to take this account and you can be strategic as to how you take that. Now there are rules that are changing. They're saying you have to take a portion every year. A lot of different nuance here. Okay, but the point here is the loose current legislation today, and I call it loose because it feels like they change it every week. But this is how I want you to think about it and you might go whoa, okay, so I've got some options you do. Now you need to be strategic. Now let's go the other way, okay. So some of you I'll tell you right now tune out. This is now I'm gonna go through it.
Speaker 1:What if it's the opposite? What if you're like hey, no, I've got like a brokerage. Your dad bought Apple stock for $10,000. Now it's worth 10 million. And you're like, dad, you know I really miss you, but you gave me 10 million bucks. So, like, I appreciate it, but doesn't replace having you. But like, I think I'm going to pay a lot in taxes. No, okay. So with a brokerage account, there's a step up in basis, so you're inheriting it as if you just bought it for 10 million bucks. You're like well, what about the taxes from the $10,000 to $10 million? Don't worry about it, okay, it doesn't apply to you. Now, this is very rare. I'm just going to mention it because it comes sometimes.
Speaker 1:There's something called net unrealized appreciation. Don't worry about the details because you might fall asleep. Not because you're not competent, it's just you're not doing it all day, every day. Here's the basic premise. Let's assume you've got $5 million of, but it's in your 401k, okay, whoa, that's very different 401k brokerage account. So it's in your 401k, meaning you have a lot of company stock. Okay, when you do that, you invested well, like good for you. But now you have a choice.
Speaker 1:Most people say, yeah, I'm gonna move that money that's in my 401k that's Apple stock to an IRA. Okay, I'm gonna move the money it's got a rollo Great. You might not want to do that, and the reason you might want to do that is when you take that money out, it's ordinary income. You have an option to use what's called net unrealized appreciation where, instead of moving this big concentrated stock position, your 401k, you can say wait a second, I have an option I'm going to go ahead and use like my, like my card, my NUA card, if you will, and what that allows you to do is say I'm going to intentionally pay taxes on the original cost basis so that the rest of it moves to a brokerage account. You're like well, well, well, brokerage account why that? Versus the IRA? Brokerage account gets capital gains tax treatment. It's more preferential, it's better than ordinary income treatment.
Speaker 1:So the point here is, if you do that, some of you are like, ooh, can I, like you know, skip the rules here, maybe do this NUA thing, and then all of a sudden you know it's all in a brokerage account and then I pass away the next day and then you know my child doesn't have to pay tax on it. No, okay. So there's a lot of rules and nuance here. That gets confusing quickly. But the point of it, to keep it simple, is, if you're going down this flow chart once again and you're like wait a second, did I inherit this IRA from other than my spouse? Yes, okay. So once again, you inherit from your father. Did the IRA owner pass away after December 31st 2019? Before we said yes.
Speaker 1:Now let's assume no, let's assume you inherited this before 2019, okay. You're like oh my God, what do I do now? Oh my God, how do I think about this? Do I just do I quit my job? No, okay, you don't freak out. You work with a planner because the rules are very, very different. But to keep it really simple, the RMD changes and the applications and the 10-year rule it becomes overwhelming what I'll say here. Refer to the flow chart, but understand the details are gonna very quickly. Here's what I'll tell you.
Speaker 1:Most of you are like listen, I think I get the basic premise asset allocation, social security and tax planning in general but when it comes to inheriting and tax planning and the strategic, I've never had someone come back. Hey, I've got my tax plan for when I inherit this account. Can you just validate that doesn't happen, okay, because this is the nuanced level. Go to the flow chart. You can see here there's a lot of details. Don't get lost.
Speaker 1:What I want to do today is make sure you understand simply how do you think through this? Roth IRAs specifically, if you're inheriting those, what potentially might you have to think about If you take it all at once? Are there tax-free consequences? Guys, don't burn yourself where you're trying to become a financial advisor in retirement. Okay, this is what we love spending our time doing. This is all we do. So if you are looking for assistance on anything inheritance, things like this related this is what we do, okay, so don't freak out if you're like, oh my God, I don't know where to go. What do I do with this stuff? That's what we do.
Speaker 1:Now, what I want to make sure you understand when leaving all of this is, if you're going to inherit accounts, it really is intentional to be strategic about the timing as to when you take that money. Now you can't be strategic as to when your father, mother, et cetera, passes away, but you can be strategic as to how you take the income. And what I don't want to have happen and this is my final message for all of you guys before we tune out for today is you go, wait a second. I'm not going to be strategic with tax planning. I know I should, but I'll get to it when I get to it.
Speaker 1:And then here's what happens, because I've seen this Social Security gets turned on. You have required minimum distributions from your personal IRAs, pre-tax accounts, 401ks, et cetera. So, social Security, your pre-tax accounts, there's a pension, there's rental income, and now you've got inherited money and now you're getting taxed out the wazoo and you're like well, why didn't I think about this stuff earlier? That's why I'm bringing it up now. So I joke that I'm the meanest early retirement advisor. My job is not to be your best friend. My job is to give it to you straight and, yes, we can be friendly. So I want to make sure you are not paying more tax than you need to.
Speaker 1:That's it for today's episode, guys, hopefully. So please do, of course, leave a review If this has been helpful. Leave a comment on YouTube. Let me know if you want more content like this and what other content you're looking for. And finally, it's more fun to retire with a friend. So I encourage you, if you don't mind sharing this with someone that you wanna go travel with and have fun with in retirement, even if it's your spouse. So hopefully, guys, this was helpful and love you guys. Talk to you next week.
Speaker 2:Thank you for listening to another episode of the early retirement show. If you have a question that you want answered in a future episode, you can always go to my website, early retirement podcastcom. That's early retirement podcastcom, and you can go ahead and submit a question that I'll look to answer in a future episode. Thank you all for listening. Please do rate it, review it and share it with someone who you think would benefit from this information. If there's anyone out there that you know, I certainly appreciate it and I will see you all each week. Hey guys, it's me again. Please be smart about this. Nothing in this podcast should be construed as financial, tax or legal advice. Consult with your tax preparer or financial advisor before taking any action. This podcast is for informational purposes only.