James Haass, Retirement Income Specialist, Interviewed on the Influential Entrepreneurs Podcast

James Haass discusses planning for retirement.

Listen to the interview on the Business Innovators Radio Network:

Planning for taxes in retirement is a crucial aspect of financial planning. In this interview, James Haass emphasizes the need to carefully consider taxes when withdrawing money from retirement accounts. He acknowledges that taxes are beyond people’s control and that there is no guarantee that tax brackets will be lower in the future. Therefore, it is essential to strategically plan for taxes in retirement.

James also highlights the importance of maximizing one’s tax bracket to minimize tax liabilities.
He suggests that individuals should carefully determine how they will withdraw money from different accounts, such as IRAs, 401Ks, taxable accounts, and tax-free accounts. By strategically planning the timing and source of withdrawals, retirees can minimize their tax obligations and ensure they are not paying more in taxes than necessary.

Furthermore, James accentuates the consideration of legacy and the desire to leave an inheritance for one’s family. He poses the question of whether retirees want to deplete their retirement savings, leaving their families with nothing. This suggests that tax planning in retirement should also take into account long-term financial goals, such as leaving a financial legacy for future generations.

He discusses the importance of legacy planning and how life insurance and trusts can be valuable tools in this process. Legacy planning involves making strategic decisions about passing on wealth and resources to future generations. James Haass mentions that he dedicates significant time to legacy planning, particularly for clients with the financial means to do so.

James explained: “Retirement planning is not unlike climbing a mountain. First, you go up the mountain and I call that accumulation because you’re working through the years and putting away the money for retirement. And then when you get there, now you’ve got to figure out how to take the money out. That’s what I call going down the mountain. When we’re going down this retirement mountain, there are a lot of things we have to be thinking about like taxes, inflation, and market volatility. These things will affect how we take the money out.”


About James Haass
Over 40 years in financial services including 20 plus years with Northwestern Mutual Life.
15 Years as a financial advisor with large banks. Started own agency in 2015 with partner/spouse Michelle Haass, The Thoroughbred Advisors.

Probably the greatest gift he provides for his clients when they retire is a good night’s sleep.

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