Laura Stover, RFC® and Michael Wallin, CFP® discuss the Baby Boomer Dilemma documentary and its implications for pre-retirees and retirees. The film talks about many topics we routinely cover on the show- the growing national debt crisis, the potential for higher tax rates in the future, and the need for proactive tax planning. The national debt has exceeded $32 trillion and is expected to rise further, potentially leading to higher tax rates in the future. Effective tax rates for Americans could reach 45% by 2030, according to predictions by experts.

We also cover the current state of the economy and the possibility of a recession in 2024. The market is currently experiencing a recovery, but there are concerns about a potential recession next year.

It is crucial to have  a well-diversified tax plan that includes a mix of deferred, tax-free, and taxable accounts to optimize retirement income  Roth conversions can be a valuable strategy to take advantage of current lower tax rates and create tax-free income in retirement.

It is important to stay informed, work with a team of professionals, and have a comprehensive retirement plan that addresses income, taxes, investments, and estate planning.

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