I chat with Trevor Ellis, CFP®, with Northwestern Mutual and we discuss retirement and tax strategies at various life stages.

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For more info on Trevor and his services, check out his LinkedIn:

00:00 Intro
00:24 Why financial planning career?
01:56 Different Tax Buckets
05:58 Paying down debt
10:20 HSAs
14:35 Backdoor Roth IRA
19:05 Advice for early accumulators
20:30 Advice for 5-10 years from retirement
25:21 Common mistakes
27:36 Roth Conversions
30:18 Trevor’s Info

Disclaimer: The information provided is for general informational purposes only and should not be construed as financial, legal, or tax advice. Always consult with a qualified professional before making any financial, legal, or tax-related decisions….(read more)

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Episode 25: Retirement and Tax Strategies for Every Age (with Trevor Ellis, CFP®)

In a world where financial security is crucial, planning for retirement is of utmost importance. But sometimes, the process can be overwhelming and intimidating. Luckily, there are experts like Trevor Ellis, a Certified Financial Planner® (CFP®), who can provide invaluable insights into retirement and tax strategies for individuals of all ages.

In episode 25 of his informative podcast, Trevor Ellis dives deep into the subject matter, guiding listeners through various stages of life and shedding light on the importance of planning ahead. From early adulthood to the golden years, Ellis highlights key considerations and strategies to ensure a comfortable retirement.

One of the notable aspects of this episode is the emphasis on starting early. Ellis stresses that individuals in their 20s and 30s have a distinct advantage in terms of time, which they can leverage to build a robust retirement savings plan. Whether it’s through employer-sponsored retirement plans like 401(k)s or individual retirement accounts (IRAs), Ellis provides valuable tips on maximizing contributions and taking advantage of compound interest.

But it’s not just about starting early; Ellis recognizes the importance of adjusting retirement plans in different life stages. As individuals progress in their careers, get married, or start a family, retirement strategies must adapt accordingly. From changing risk tolerances to reviewing beneficiary designations, this episode offers insights into critical adjustments to ensure financial security.

Another valuable aspect of this episode is its exploration of tax strategies. Ellis delves into the intricacies of tax planning, discussing the benefits of tax-advantaged accounts like Roth IRAs and health savings accounts (HSAs). He explains how these accounts can provide tax-free growth and withdrawals, ultimately optimizing retirement savings.

Furthermore, Ellis touches upon the topic of Medicare and Social Security. These essential components of retirement planning often require careful consideration, and Trevor Ellis provides clarity on how individuals can maximize their benefits. From understanding the impact of timing on Social Security benefits to planning for healthcare expenses, Ellis provides expert advice that can help listeners make informed decisions.

Overall, episode 25 of Trevor Ellis’ podcast is a comprehensive resource for individuals at any stage of life. Through his expert insights and actionable strategies, Ellis empowers listeners by breaking down complex retirement planning concepts into understandable and manageable steps. Whether you’re just starting your career or preparing for retirement, this episode is a must-listen, providing the necessary tools to achieve financial security and peace of mind in your golden years.