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Have you ever compared yourself to your neighbor, your colleague, or that bratty kid you went to high school with? Of course, we all have!
Comparison is a natural human response and though not normally a good idea, it can be helpful in giving you a framework to think about your own situation. When you see what other people have done and how it worked out for them, it gives you a reference point to know where you are and how things might turn out for you.
In this episode, J. Barry Watts unpacks a situation he recently encountered with a client, leading you through the situation they were in before doing any planning. He illustrates the steps taken in this process to improve their situation ultimately achieving the zero percent tax bracket when they retire.
Barry discusses:
- The importance of your advisor consulting you based on your tax return
- What financial statements you should bring to your advising appointment
- The reason why he routinely plans his clients retirement to 100 years
Related: The Hidden Taxes in Retirement