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: Resources: Connect With Barry Watts:
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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: Connect With Barry Watts:
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“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: Resources: Connect With Barry Watts:
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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: Connect With Barry Watts:
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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: Resources: Connect With Eric Burlison: Connect With Barry Watts:
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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: Connect With Barry Watts:
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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 retirement How to identify the stage you are currently in Guidance for items to update in your retirement and estate plan for each stage. Navigational tips through each stage
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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.
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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
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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
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