Our July 6th show was as always, packed with information and our first guest was Daniel Chung of Mass Mutual! Daniel has been an expert contributor on many shows now and each time he is back, we get so much more than we bargained for!
Harvey asked Daniel how to keep the tax man away and Daniel answered by; if we can eliminate our taxes now by converting our IRA’s to Roth conversions, we will pay the taxes now and not later when we have retired. Also with Roth IRA’s you will not pay capital gains tax nor federal income tax. Shelley asked Daniel what the difference between a Roth IRA & a regular IRA was and we learned that w/ Roth IRA’s, you use after tax dollars to pay for it. With a regular/traditional IRA, you will take the deduction on that income and have to pay taxes later.
When you retire, you assume you’re in a lower tax bracket, but as Daniel has seen in his 20 years of experience, he is yet to see this happen.
Daniel is very happy to help all of our listeners when you’re thinking about planning for your retirement, or if you simply have any questions and financial guidance & planning, so don’t hesitate to contact him!
Please tune in every Sunday on KDWN AM 720 at 4pm to listen to our latest show. You can also subscribe to our YouTube channel to watch this video along with all the others.