Month: March 2024
The Unwritten Rules Of The Financial Road (Ep. 10)

The Unwritten Rules Of The Financial Road (Ep. 10)

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While many believe that financial success is solely determined by following conventional rules, Jason Coddington is here to challenge these beliefs.

Jason takes you on a journey through the unwritten rules of financial freedom. Using relatable metaphors and real-life examples, he effortlessly connects societal norms to essential financial principles, making complex concepts easy to understand and apply.

Key Highlights:

  • Rule of 72: Understand how to estimate investment doubling times with this simple, yet powerful, formula
  • Unwritten Financial Rules: Explore key rules such as spending less than you earn, paying yourself first, and managing spending with Parkinson’s Corollary
  • Saving Discipline: Learn the importance of saving 10% of your income and building an emergency fund
  • The “Piggy Bank Factor” and Withdrawal Strategies: Discover disciplined saving and retirement withdrawal strategies, including the ‘10% rule’ for savings and ‘4% rule’ for retirement withdrawals
  • Engaging Analogies: Absorb these financial strategies through relatable analogies
  • And much more!

Tune in to transform these insights into your personal finance strategy.

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How To Provide Charitable Gifts Through QCDs (Ep. 9)

How To Provide Charitable Gifts Through QCDs (Ep. 9)

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Want to make a meaningful charitable impact in your retirement years?

Join Jason Coddington of Coddington Wealth Advisors in the latest Money Metaphors episode as he demystifies Qualified Charitable Distributions (QCDs). This tool is a big breakthrough for savvy families and business owners aiming to blend philanthropy with tax efficiency. Learn how QCDs can be seamlessly incorporated into your retirement and estate plans, maximizing your charitable impact.

Key Highlights:

  • QCD Fundamentals: Dive into what QCDs are and how they’re tied to the Required Minimum Distribution rules for those over 73
  • Tax Reduction Tactics: Discover how QCDs can significantly reduce your taxable income, particularly beneficial for the philanthropically minded
  • Direct Transfer Essentials: Learn the critical process of moving funds directly from your IRA to charities to capitalize on tax benefits
  • Generous Provisions: Uncover the ability to donate up to $100,000 in one-time charity distributions for substantial tax savings
  • Recent Tax Law Effects: Gain insight into how the Tax Cuts and Jobs Act of 2017 makes QCDs even more advantageous due to the rise in standard deduction
  • Eligibility & Steps: Understand who qualifies for QCDs and the simple steps involved in executing them with the help of a financial advisor.

Explore these topics and uncover more valuable financial insights in this compelling episode.

 

Connect with Jason Coddington:

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Navigating the Maze of Individual Retirement Accounts (Ep. 8)

Navigating the Maze of Individual Retirement Accounts (Ep. 8)

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Confused about choosing between Traditional and Roth IRAs? 

Dive into clarity with our latest Money Metaphors episode, where Jason Coddington of Coddington Wealth Advisors navigates the world of Individual Retirement Accounts (IRAs). This episode delivers targeted insights for families and small business owners, breaking down the complexities of Traditional and Roth IRAs. Discover essential strategies, tax benefits, and planning tips to make informed decisions about your retirement savings.

Key Highlights:

  • Introduction to IRAs: Journey through the history of IRAs, highlighting their pivotal role in retirement planning since the 1970s
  • Traditional IRA Insights: Diving into Traditional IRAs, tax savings, tax-deferred growth, and the implications of withdrawals, along with critical age-related rules
  • Roth IRA Explained: Transitioning to Roth IRAs, discover the benefits of post-tax contributions and tax-free withdrawals, as well as their role in younger investors’ portfolios and estate planning
  • Tax Minimization Strategies: Explore how to reduce taxes in retirement, focusing on those over 73, through methods like Qualified Charitable Distributions
  • Innovative Financial Moves: Uncover how converting funds from a 529 plan to a Roth IRA can revolutionize your financial planning
  • And much more!

 

Resources:

  • Downloadable Flow Charts: To assist with understanding IRAs and their implications.
  • IRS Publication 580: Detailed guidelines on IRA contributions and distributions.

Connect with Jason Coddington:

 

Ira and Roth disclosures:

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

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