Tax Planning – Unleash Your Retirement

Building Wealth Beyond Your Working Years (Ep. 8)

By UnleashYourRetirement | September 21, 2023

Where will your money come from when the 9-to-5 ends?

If you’ve ever asked yourself this question, then this episode is for you!

Listen as David Koren from RVA Wealth Management arms you with strategies to diversify your income sources, ensuring you can fully enjoy your golden years. From understanding the ins and outs of IRAs and Roth IRAs to alternative income streams, this episode is a comprehensive guide to your financial future. Don’t leave your retirement to chance; secure your future now!

In this episode, David covers:

The A-Z of Individual Retirement Accounts (IRA) and Roth IRAs, including tax benefits and limitations
Alternative income streams such as Rental Real Estate, Part-time Work, and Inheritance, along with their pros and cons
The crucial details about Social Security: when to start and how to optimize your benefits
Actionable tips to fill your “income buckets” for a diversified and secure financial future
And more!

Ready for a worry-free retirement? Reach out to David for a complimentary consultation and start planning today!

Resources:

Connect with David Koren:

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The Truth About Taxes in Retirement with Cheri David (Ep. 6)

By UnleashYourRetirement | August 31, 2023

Do you need to be concerned about taxes in retirement?

Many people think that they will not have to pay tax on their Social Security or deal with taxes at all when they’re no longer working.

But required minimum distributions are taxed as ordinary income and can push many into higher tax brackets and up to 85% of your social security benefits will be taxed based on your adjusted gross income.

In this episode, David Koren speaks with Cheri David, CPA, CVA, Managing Partner and Principal at Clarkson David CPA, about taxes in retirement. While covering topics such as required minimum distributions, the taxation of social security benefits, Roth conversions, adjusted gross income, and deductions, they emphasize the benefits of working with a CPA to maximize take-home pay and reduce tax bills. They also discuss the advantages of health savings accounts (HSAs) and flexible spending accounts (FSAs) for tax planning.

David and Cheri discuss:

What adjusted gross income is and why it’s important
The difference between standard deductions and itemized deductions
Ways to reduce your tax burden
And more

Resources:

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Connect with Cheri David:

About Our Guest:

Cheri G. David, CPA, CVA is Managing Partner and Principal at Clarkson David CPA. Cheri founded the firm in 2005 on the principles of work-life balance. Business owners are continuously faced with ever-changing tax laws and regulatory paperwork. Helping business owners find relief and recognize areas between managing a business and managing their time is a foundation for that balance. Before entering the accounting profession over a decade ago, Cheri worked as a paralegal in Southern California and Las Vegas, Nevada, while attending college. During her 10 years in the legal profession, she worked with a few of the nation’s top trial lawyers who were involved in many high-profile cases. Her combined career paths offer business owners a diverse level of experience and perspective. Cheri’s family includes four amazing children; Riggs, Tucker, Matthew, and Graciella. There is never a dull moment as all of the children bring a special gift to the family. A passion to run led Cheri to finish her first Marathon in 2009, thereafter, finishing 3 more including the world-famous New York City Marathon in 2016. She continues to run and looks forward to the next race.

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Will My Money Last Throughout My Retirement? (Ep.4)

By UnleashYourRetirement | August 3, 2023

Will you be able to retire once you turn 75?

Many people think they’ll have to work longer than they want to so that they continue to have a source of income.

In this episode, David Koren, founder of RVA Wealth Management gives a birds-eye view of determining if your money will last throughout your retirement. Listen as he addresses some of the most commonly asked questions and covers the key considerations you should evaluate in order to prepare for retirement.

David discusses:

How to determine if your money will last throughout retirement
The disparity between when people think they will retire and when they actually retire
How long to plan for and considerations such as inflation and taxes
The importance of considering your lifestyle and understanding your spending habits
And more