Kim Laughton, is President of Schwab Charitable, a non-profit, donor-advised fund provider established with the support of Charles Schwab & Co., Inc. to make charitable giving simpler and more tax-efficient for clients. She is responsible for the general management of Schwab Charitable and the fulfillment of its charitable mission, setting strategy and priorities and ensuring all contractual obligations and goals are met. She’s here today to show us how to link your investment strategy with your tax strategy. Your investments can help reduce your tax bill in certain situations. You can even donate your required minimum IRA distribution. It’s Tax Day, so everyone is thinking about their taxes, but truthfully, thinking about taxes long before Tax Day will help you maximize your tax due.
Listen as Kim and Kate discuss:
Today, Kate and her guest talk about Social Security. For the last three years, Kate has been teaching people about Social Security with her seminars. This has been really important when considering that there is an endless supply of Baby Boomers out there, turning sixty two every month, who are interested in finding out more about the Social Security system.
When Kate started doing these seminars back in 2013 and she was looking for relevant information, one of the first books she read was Social Security Made Simple. On today's show, Kate talks to Mike Piper, the author of that book. Although Mike is a licensed CPA, he's no longer in the CPA business, as these days, he is a full time author. Listen in today to find out more about the current Social Security system and how it could affect you.
Today, Mike talks to Kate about:
•How the significant tweaks to the Social Security system, late last year and early this year, have necessitated some re-writing of his book.
•Whether the claims that Social Security is going bankrupt and that it cannot pay out projected benefits is a legitimate cause for concern, or not.
•The kinds of mistakes that people tend to make, that ends up costing them a lot of money.
•That the appropriate time for people to apply for Social Security is not necessarily linked to their age at the time of their retirement .
•Whether there could be times when claiming Social Security benefits early could make some sense.
•Some restricted strategies that are still available to people who were born at certain times.
•An overview of the complicated situations that tend to affect people who work for certain Government entities, like the Windfall Elimination Provision and the GPO and why people really don't like this .
•The best course of action for people who are affected by these complicated situations.
•The Family Benefit Maximum- what it means and where it's applied.
•How people should go about looking into the Family Benefit Maximum if they think that it applies to them.
•Some of the tax issues that people tend to make mistakes about with Social Security.
Mike's Blog: ObliviousInvestor.com
Taxes Made Simple and all of Mike's other books are available on Amazon.