Summary
Mark Struthers, Certified Retirement Counselor and host of the Healthy and Wealthy Retirement YouTube channel, explores the holistic side of retirement planning, focusing beyond finances to include social, physical, and emotional well-being. In this episode, he discusses the upcoming expiration of the Tax Cuts and Jobs Act (TCJA) in 2026 and its profound impact on tax planning strategies.
Struthers highlights a sharp decrease in the federal tax exemption amounts projected for 2026, which could affect wealthy couples by reducing the exemption from over $14 million in 2025 to roughly half that amount. He underscores the importance of considering both current net worth and potential future wealth in preparation for these changes.
The video dives into gifting strategies—such as annual gift tax exclusions, direct gifts for education and medical expenses, and contributions to 529 plans—as practical tools to manage wealth transfer and reduce taxable estates. Roth IRAs are also discussed, particularly as a method for children with earned income to build tax-advantaged savings that can be withdrawn penalty-free.
Struthers stresses the importance of early planning and informed decision-making, supported by educational graphics and practical examples. The episode also touches on state-specific considerations, using Minnesota’s high income tax rates and low estate tax exemptions as an example.
Key Themes by Segment
00:00:00 – 00:00:31
- Holistic retirement planning introduction
- Emphasis on multi-dimensional wellbeing
00:00:31 – 00:02:11
- Overview of tax legislation impacts on retirement
- Insights from a recent wealth management conference
- Upcoming federal tax exemption changes
00:02:11 – 00:05:14
- Gifting strategies in retirement and estate planning
- Anticipating net worth growth and implications
- Use of educational graphics for clarity
00:05:14 – 00:08:18
- Potential legislative changes affecting planning
- Gifting via tuition, medical payments, and 529 plans
- Roth IRAs for wealth transfer and tax efficiency
00:08:18 – 00:09:50
- Gift tax considerations and benefits of early gifting
- Irrevocable nature of gifts and planning importance
00:09:50 – 00:12:37
- Charitable giving in asset management
- Making informed decisions aligned with personal values
- Customized advice based on individual goals
Insights
Mark Struthers delivers a comprehensive look at retirement planning that goes beyond numbers, incorporating tax law changes, gifting, and charitable giving into a holistic framework. His focus on the TCJA’s sunset in 2026 equips viewers with foresight to adapt strategies accordingly. Through clear explanations and practical tools, Struthers empowers clients to make thoughtful, personalized decisions reflecting their long-term financial and personal values.
Disclosure
Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where appropriately registered or exempt from registration, and only after clients have entered into an advisory agreement and received the firm’s ADV Part 2A brochure.
This video is for educational purposes only and not exhaustive. It is not investment advice. Consult your own financial professional for advice tailored to your situation.