Robert Brokamp

speaker

4,411 appearances 40 recordings 3 series first heard Oct 2025 last heard 19 Sep

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 40 in all, peaking in Aug 2026 with 5.

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Motley Fool Hidden Gems Investing · In Retirement, More Spending Leads to Higher Taxes · 8 Aug 2026 podcast

Well, first off, I do want to make it clear that I don't think you should spend your retirement pinching pennies just so you could stick it to the IRS. matched

You saved and invested for decades in order to have a fulfilling retirement and you should enjoy it. matched

However, I do think it's important to understand the full cost of additional spending in retirement. matched

Right? matched

Whenever we buy something, we always look at the price tag. matched

And it's important to know that any purchase in retirement that requires a bigger withdrawal from an IRA or a taxable brokerage account. matched

that true cost of that purchase is gonna actually be higher than what you see on that price tag. matched

Furthermore, you can limit your post-work tax bill by contributing more to Roth accounts or converting traditional accounts to Roth accounts. matched

And here's one final consideration. matched

Make it a goal to pay off your debts before you retire. matched

Nowadays, Americans are more comfortable going into retirement with debt. matched

Back in 1989, less than half of households in the 65 to 74 age range had any debt, according to the Federal Reserve. matched

Today, two-thirds of people in that age range owe someone money. matched

That debt represents an ongoing retirement expense, which, you guessed it, could result in higher taxes. matched

Nowadays, quickly paying down debt provides a pretty solid guaranteed return, which is essentially the interest rate you're paying. matched

The rates on most types of loans, such as mortgages, auto loans, school loans, are around 7% now, sometimes a bit lower, oftentimes a good bit higher. matched

The average rate on a credit card is around 20%. matched

On top of that, several studies have shown that retirees with less debt are happier. matched

One example, the 2024 Mass Mutual Retirement Happiness Study, which found that 61% of retirees who are much happier in retirement compared to when they were working, said they worked to pay off their debt at least five years before retirement, compared to 48% of those who are not happier in retirement. matched

So paying those debts off before you retire, especially using cash or bonds that are only earning 4% or less, will lower your expenses in retirement, which in turn could lower your taxes and make you feel more financially free. matched

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