This episode starts with a question about whether American athletes have to pay taxes on Olympic medals and cash awards. Mark, Houston and Jerry then delve into the topic of taxes in retirement, including the changing tax system, taxes on Social Security, and different sources of taxes. They also touch on the importance of having a tax-efficient retirement savings plan and provide examples of tax-saving strategies. The conversation then transitions to the topic of leaks in retirement plans, specifically in 401(k)s, and the potential impact of fees, loans, and early withdrawal penalties. The guys suggest taking action to address these leaks, such as considering an in-service distribution to roll over funds into a self-directed IRA.
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