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Tax Planning Strategies Under the New Tax Cuts and Jobs Act

The Financial Detox team at Labrum Wealth Management does A LOT of tax planning. And no wonder, as it's such an important part of wealth management, especially as your situation changes over the years and you enter the first phase of your retirement.

We’ve been getting a lot of tax inquiries since the passage of the Tax Cuts & Jobs Act, which substantially changed America’s tax code for the first time in decades. It has left a lot of people wondering how to best utilize their options as they plan for retirement, begin receiving payments, or even re-enter the workforce in a part-time capacity. That’s why today’s focus is all about tax planning. We’re answering questions and sharing simple strategies that you can use to make smarter investment decisions.

Key Takeaways

  • Why your net effective tax rate may drop off right around retirement, but will likely pick up over time—and how to take advantage of lower tax brackets, immediately after you retire.
  • What makes the Roth IRA such a great tool to pass money on to heirs.
  • The reasons your withdrawal strategy profoundly impacts how much tax you pay—and how much money you actually have to live on.
  • How much you should contribute to a Roth 401k vs. a traditional 401k—and the advantages and drawbacks of each.
  • Why there are more layers to the new tax brackets than it may initially seem—and how all facets of your income impact what you owe.

Interview Resources

As a free gift to podcast listeners, we’re offering a free one-time Tax Map. We’ll analyze your tax return and determine how we can help you best minimize the taxes you pay!

To claim your free Tax Map right now, simply email jason@financialdetox.com with last year’s tax return. I look forward to working with you!


The content of this radio show is provided for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any types of securities. Mr. Labrum and Labrum Wealth Management/Financial Detox are not responsible for the consequences of any decisions or actions taken as a result of information provided in this radio show and do not warrant or guarantee the accuracy or completeness of the information provided. The information discussed today reflects the views of Mr. Labrum and his guest(s) as of the date of this show and are subject to change without notice.  Past performance is no guarantee of future results. Any forward looking statements or forecasts are based on assumptions and actual results may vary from any such statements or forecasts. No reliance should be placed on any statements or forecasts when making any investment decision. Accordingly, listeners should not rely solely on the information provided today in making any investment decision.

There is a risk of loss from investing in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor's financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses.


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