It's Big, But Is It Beautiful? Let's Talk About It... | Ep 557

26:03She probably doesn't have mortgage interest deductions, but still she's going to be doing just fine. So I would say, well, three points. One, this is going to be relitigated in the future. Two is it helps some of the accumulators in the audience. And then three, in terms of the retirees, generally speaking, it's going to help the widowed retiree in a high property tax state. I think New Jersey is an avatar for that. Okay. Or our home New York state, right? I can think of properties on Long Island where we grew up and easily hit$15 ,000 to$20 ,000 in property taxes each year. And yeah, to your point about knowing where to start on planning, you pretty much know with a degree of certainty those property taxes are not going down.

26:45They're only going one way. So that if you're already over the standard deduction with just your property tax alone, regardless of the income. And I think that's the important part here is you're talking about accumulators. So right. There's two major components of this, the state and local tax. It's the state tax you pay on your state income tax return, plus your property tax on your home. Those are the two main components that I know of. Sean, you can of course chime in on anything else that might be included, but that's probably 90 plus percent of what people are taking for that. That's the lion's share.

27:19I know there's some limited ability, or at least as my understanding, I've not dived into this in a long time, if ever. There's some ability to deduct state sales tax, but I think you have to make some sort of election on that. Don't look to me as an authority on that, but it applies, I think, in more like the non-income tax states. Gotcha. Gotcha. Gotcha. Gotcha. So yeah. And when Sean says accumulator, that of course applies to anybody working. But naturally, if you make a significant income, a dramatically higher income, just picture a$500 ,000 income, just back of the envelope in a 5 % income tax state, that's$25 ,000.

28:00Maybe you live in a Long Island, like we're talking about here, Sean, and you have 15 ,000 property taxes just right there. You're at your 40 ,000 cap and that then becomes itemized. Then you add on charitable contributions and mortgage interest. Those are the three main legs of the stool of what most people are itemizing. Of course, there's things at the margins, but in the vast majority of cases, those are the three main items. So in that case, you're over, right? Yes, you're over. Now, I will mention one thing for completeness. There's an income phase out on the increase to the cap. I believe it starts at five.

28:33Did my example screw it up? No, your example is right on the border. So it was fine. I believe it's between 500 and 600 ,000 of income. It's this sort of odd issue that a very narrow slice of the American population is going to have. Think about it, right? How many people get their income right between five and six? Yes, that exists out there, but it's just not a large segment of the population. So this is something I have not even touched yet because it's like, look, it's going to apply to such a narrow slice of the population. I've already heard it referred to as the salt tax torpedo, where essentially you get more income, you're a high bracket, and you start losing your salt cap.

29:13It's way too complicated to spend much time on. But for very high earning, I use accumulators, it's a bogel heads term, right? Basically, people still work, right? You say, okay, for a narrow slice of that population, you might have to worry about a phase out on the salt tax deduction increase. Oh my goodness. But anyhow. Gotcha. That makes perfect sense. Thanks for listening to choose a fi and for all your support of our mission here. The absolute best way to support choose a fi is when you sign up for your next rewards credit card to use our cards page at choose a bi.com slash cards. I keep this page constantly updated.

29:51So it should always be the top resource for you. Thanks for being part of our community and for your support. All right, Sean, we're going to move on to there's a new senior deduction. But before we get there, I just want to say, we're just discussing a handful of items that you've specifically earmarked as applicable to the FI community. There are a lot of other things in this law. Let's be entirely clear. I'm just looking at whitehouse.gov. And we can talk a little bit about this. I suspect there's nuance rather than these are very crude things, no tax on tips, no tax on overtime, no tax on Social Security.

30:27I suspect it's much more nuanced than that. But there are a lot of additional tax provisions over and above what we're talking about today. That's right, Brad. You know, in preparing the outline for our conversation today, I said, what are going to be those provisions that are most impactful for the FI community? That doesn't mean there aren't other provisions that are impactful for the FI community, right? We can't, you know, it's one podcast episode. We can't do soup to nuts on everything or it'd be, it'd be a Joe Rogan experience podcast. And I think on tax rules, we don't want that. Totally agree.

31:00So, but like I said, at the outset of the episode, as we meaning you, okay, you're, you're the one doing the legwork on this. As you find more things that are pertinent to the fight community, we'll have you back on. We can do a short segment. We can do another entire episode. So by no means do I expect this to be the exhaustive final talk on this one big, beautiful bill, which is still hard to say out loud. Oh, BBB. Well, I don't know if we're shorting into that. But yeah, let's go to this senior deduction. Yes, Brad. And this has some political origins too. During the campaign, President Trump campaigned on a promise of no tax on social security.

31:39That promise ran into, they call it the bird rule, right? So I don't want to bore the audience on this, but essentially eliminating the tax on social security would have reduced social security funding. And the mechanism they use to pass this particular tax law, the reconciliation process, doesn't allow for changes to social security funding. That's my high level understanding of it. Any DC nerds out there, please don't at me if I miss something on that. So they said, well, okay, what's something we could do to benefit senior citizens and that we could afford under the tax law. And that's the genesis of this$6 ,000 per person deduction.

32:20It's being called the senior deduction. It's$6 ,000 per person. The only two requirements, generally speaking, are that by the end of the year, you are 65 years old. So by December 31st, you've gotten your 61st birthday. As long as that's true, you get it. And then you can't file married filing separate, which most retirees aren't going to do anyway. So as long as you meet those two criteria, generally speaking, you get this deduction. It means retirees are even more lightly taxed. Now it is subject to income phase outs. And this is interesting. The income phase outs are actually pretty generous.

32:58For singles, it's phased out six cents on the dollar between $75 ,000 and$175 ,000. Okay. So that's singles. For marrieds, my view as of now, and I think most practitioners would have this view as of now, it phases out between$150 ,000 and$250 ,000 of income. It's interesting. Over the weekend, there was some discussion on X. There's a handful of practitioners who say it phases out between$150 ,000 and$350 ,000. So this is a little nuance that needs to be worked out. I would bet on the$150 ,000 to$250 ,000 phase out, but I'll make an observation on that. If you're retired and you're making$150 ,000 in adjusted gross income, you're doing great.

33:49This phase out thing isn't going to hit all that many, even affluent retirees. So that's really good news. It's a very powerful deduction. I'm just going to mention two things. One, it doesn't matter if you are collecting social security or if you are not collecting social security. And one of my initial theses on this is it's an argument for delaying collecting social security if you can afford to do so. So that's one thing though. It has nothing to do, am I collecting social security? Am I not collecting social security? Irrelevant. Second thing, it applies even if you're still working. You don't have to be retired or not retire to get it.

34:25So you might still be working after age 65. You could get this. Now, yes, if you're making$500 ,000 because you're working, well, now you don't get it. Okay. But yes, you can get it regardless of being retired, being working or not working or collecting social security or not. Very interesting. Okay. So this is a$6 ,000 annual deduction per individual. So if you have a married filing joint family here, who's each of them are over 65, they would get their standard deduction plus an additional$12 ,000 of deductions in this case? That's exactly right. And you bring up a really good point. You get this regardless of whether you take the standard deduction or you take an itemized deduction, right?

35:04Because they wanted this to be applicable for all seniors who otherwise qualify. So the income matters, but for getting income, you can itemize your deductions and you take this, or you could take the standard deduction and you take this. And in fact, some back of the envelope math reveals that for a married couple, both 65 or older, in the year 2025, with the standard deduction, with the additional standard deduction that seniors get, and with this new senior deduction, they can exclude from income$46 ,700 of income. That's a real number. Okay. And I get it. $46 ,700 doesn't make you a Rockefeller.

35:45You're not flying first class all over the world, but that's real money. You could exclude from income this year, next year. We'll talk about the future of this in a second, but boy, that's pretty impactful. Yeah, that's not nothing. So, I mean, this is really significant for those of us in the FI community who are over 65, Sean, right? Let's paint the hypothetical of somebody who has paid off cars, paid off house, maybe their life in 2025, You don't have to worry about any kind of savings. You don't have to worry about any kind of income tax. Maybe your life at that point only costs about$4 ,000 a month.

36:19And that's pretty much covered right there on almost$0 of federal income tax liability. That's not nothing at all. It's tremendous. Now, I will say there is a drawback. It is a temporary tax cut. So now we're back to 2017 and the Tax Cuts and Jobs Act. but there's political pressure built in. All right. So what's going to happen is New Year's Day, 2029, the senior deduction expires. The deduction on tip income expires. The deduction on certain overtime income expires. And so you're going to have this political pressure back in the system. Well, wait a minute. If we do nothing, we're going to do tax hikes on seniors, waiters, waitresses, bartenders, and certain blue-collar workers.

37:06That's not a politically advantageous outcome for the politicians. So there's no guarantee here, but the political pressure will be built up to extend this senior deduction. No guarantees. It is only for four years right now, but it could just be a replay of the 2017 Tax Cuts and Jobs Act, right? Yes, it was temporary, but it set up its own future political pressure to get extended. So we'll see. Stay tuned. But this is tremendous news. And in fact, that 46 ,700 figure in 2026, add that non-itemizer charitable contribution, 2 ,000, that goes to 48 ,700 before inflation adjustments for the standard deduction and the additional standard deduction.

37:52So in 2026, we could be cooking with even more gas if we're 65 or older. Yeah, that is wild. Sean, before we move on to the premium tax credits, because I think that's where we're going to land the plane here. One item that I know came up in that 2017 Tax Cuts and Jobs Act, especially for us many small business owners, was the 199A deduction, the Qualified Business Income, QBI. I'm pretty sure that was set to expire at the end of this year, December 31st, 2025. Did this new OBBB have any bearing on that or is that still set to expire as of now? Great point, Brad. Qualified business income deduction was permanently extended at a 20 % rate.

38:35And I have not dug into the details on this. I understand some of the phase outs got modified, but don't quote me on that. But yes, for the solopreneur out there, the side hustler, very good news, small businesses, manufacturing businesses that are privately owned, very good news. The 20 % qualified business income deduction we've enjoyed the last eight years will continue and was permanently extended as well. So some very good news for a subset of the audience. Yeah, definitely for a subset. But for those of us who do benefit from that, that is, it's one of the wildest deductions I've ever seen, Sean.

39:11It's just basically take, again, there's always nuance, contact your professional, yada, yada, yada. But I mean, essentially you're lopping off 20 % of your business income, which is really pretty wild to see in practice on that tax return. So yeah, like you said, that is good news for the people who are benefiting from that. All right. Well, let's talk about premium tax credits. Yeah, Brad. So tax laws matter and what they don't do also matters. So we are going into 2026. And in 2026, the so-called subsidy cliff, the 400 % of federal poverty level cliff is scheduled to come back January 1st, 2026.

39:54And this is a cliff on income. It says if your income is above 400 % of federal poverty level, you get zero premium tax credit against your ACA medical insurance premiums. Okay. So this is a big deal. And some people are very worried about this. And I will say one big, beautiful bill does nothing to change that outcome, but it has an interesting wrinkle that we'll get to. But I also think we have to step back. All of this has history. And this history dates back to the year 2014. Many, many, many years ago, 2014 was the first year that we had premium tax credits. And I'm going to refer to 2014 through 2020 as the first era.

40:42During the first era, we had the 400 % of federal poverty level cliff applicable to premium tax credits, right? Your income was a dollar over that 400 % figure, zero, no premium tax credits. So that's the first error. Then we go to the second error. The second error we are in now, 2021 through 2025, they got rid of that cliff. They just said, okay, your income goes above 400%, gradually slope it down. Okay. 2026 starts the third era. The third era looks a lot like the first era, but is a little better. Okay. And I think it's worth remembering that during the first era, plenty of early retirees got premium tax credits.

41:30And more importantly, plenty of Americans got to retirement, early retirement, financial independence, however you want to state their financial goals. So yes, this premium tax credit issue absolutely matters, but it doesn't mean just because we're going into this third era does not mean people can't get premium tax credits does not mean people can't early retire. And I would argue the third era is better than the first era. Now, it's not as good as the second era, but it's better than the first era because of a one big beautiful bill change. So the big change in the one big beautiful bill here is starting in 2026, all bronze ACA plans will be high deductible health plans.

42:14So that means if you have a bronze plan, you get to make a deductible contribution to a health savings account, an HSA. So I'm going to call this bronze is gold planning, right? If you remember three words from today's conversation and you're an early retiree, remember bronze is gold. So what you could do is for 2026 and going forward, you sign up for a bronze ACA plan. that lowers your premium to start, which can help save money, right? So that's the first benefit. We have a lower premium off the bat, right? That's great. Lower premiums go with the bronze. Then what we do is we say, well, we're on a bronze plan and now we qualify for an HSA contribution.

42:58And so what we do is we write a check to an HSA for the year. If we're married and both of us are over 55. My quick and dirty math on that is 10 ,750. We can deduct from our income. So what we've done is we've created a federal and in many states, state tax deduction. So we're saving money there. We've lowered our modified adjusted gross income for that 400 % of federal poverty level cliff. So now we either move our income to a place where we now qualify and or we increase the amount of the premium tax credit. Because once we get under that 400, the lower our income, generally speaking, the higher the credit.

43:36So that's good news. And oh, by the way, by throwing money in that HSA, we're creating a tax-free reserve. So if we do have medical expenses during the year, those don't have to increase our taxable income. We don't have to go to our traditional IRA or sell a capital gain asset and trigger capital gains to fund that medical expense. We can just go into that HSA and pay for the medical expense out of the HSA. we now have a tax-free way of paying for that medical expense. So I think what we're setting up here is this bronze is gold optimization cycle for premium tax credits starting in 2026. Look, I'm not here to say everybody should go on a bronze plan, but boy, there are some benefits to going on a bronze plan if you are an early retiree starting in 2026.

44:24Wow. Okay. That's remarkable. And yeah, of course, like you're saying, we're never giving advice here. We're just talking through it. But yeah, when I've done my analysis on the ACA plans, I almost always come up with the fact that for my own case, again, not advice for anybody else, but for my own case, that getting any of the more significant plans, the silver gold plans, I'm basically just prepaying for expenses. And I like having the optionality of I'm pretty healthy. if I took a bronze plan, ultimately, if I got really sick that year, there still are caps on what you can pay towards your deductible out of pocket, et cetera.

45:04When I do the math for myself, it's pretty darn close to what the premiums would actually be if I just got the gold plan. So I'm in essence, prepaying for an unhealthy year, which to me makes essentially zero sense. And I have been trying to find HSA plans. I live in Virginia, so I can only look up my own plans on healthcare.gov, but I find fleetingly few, like shockingly few HSA plans. So it's nice to know now starting in 2026, that all bronze plans allow me to contribute to an HSA. And as we know, an HSA is really an amazing option for people in the FI community. Absolutely, Brad. And I think, look, falling off that cliff can be impactful.

45:47And if it would have only taken a$3 ,000 or$4 ,000 deduction to not fall off that cliff, get thousands of dollars of premium tax credits, and oh, by the way, get a tax deduction, why not throw it in an HSA? And all right, the bronze plan, the other thing about premium tax credits I see is that we sometimes forget. All we're trying to do is optimize for insurance cost. And there are two drivers of insurance costs. One is the retail rate for the plan. And that's the same for everybody, whether you're the richest guy in the store or the poorest guy in the store. That's a way by itself to lower our insurance premium expense for the year.

46:27We sign up for a bronze instead of a gold. That's one lever we can pull. And then the second lever is lowering income such that we qualify for a premium tax credit. And Brad, this actually goes back to a big Brad Barrett bugaboo. chasing dividends, right? If there's one thing Brad Barrett would tell you about going for financial independence, it's this, don't chase yield, don't chase dividends. Am I right, Brad? Yeah, you're right. You are right. You nailed me. Yeah. But Brad, that has a practical application in the premium tax credit conversation. Low yield, i.e. lower dividends, i.e. lower uncontrolled taxable income in a taxable account helps us qualify for premium tax credit.

47:11So this is yet another reason not to chase yield, not to chase income, particularly in a taxable account so that we can keep our taxable income lower and up our chance of qualifying for premium tax credit. Nice. I like it. I like it a lot. So, okay. A couple of little things, lest people yell at me because often this happens when I talk about dividends. So I have no issue with dividends that come from just a normal owning an index fund. And I think a lot of us in the fight community don't love dividend investing. I use that with like a capital D capital I, like as an overt strategy. I think that often becomes myopic people.

47:49It just becomes part of a, I don't know, almost like a religion, Sean. I think that's, that's what I have a problem with. And also that it does cut down on flexibility. You are getting a forced taxable event when really one of the hallmarks of the fight community is trying to preserve flexibility and trying to preserve, especially our tax flexibility and to pay as little taxes we can. I don't love forced taxable events. So yeah, thank you for allowing me another soapbox to talk about dividends, but I did want to talk about, uh, just real quick, that 400 % cliff. Now this is interesting. And I want to hear you talk about this obviously, but I'm actually going to relay it to the interplay of, of some misconceptions with how, especially tax brackets work because a lot of people, like you said, you and I both happen to be CPAs.

48:39You are extremely knowledgeable in this. I'm relatively knowledgeable and we understand how the tax brackets work. But a lot of people think that, oh, if I am in the next bracket, if I'm just $1 over, that all my prior dollars get taxed at that new income tax rate. Like, oh, I just moved into the new bracket. And it doesn't work that way. It's a graduated income tax system. The dollars that apply to the 10 % bracket are taxed at 10%. The dollars that apply to the 12 % are taxed at 12%. You don't retroactively go back. There are very few things that I see in the tax code that work that way, that you've reached this amount and then you're basically getting penalized for all prior dollars.

49:19This cliff with the ACA subsidies, the premium tax credits, this is something entirely different. This is one of those instances where you precisely are punished by being$1 over. Absolutely, Brad. And so, yeah, you're absolutely right that this is highly punitive and makes an additional dollar of income very corrosive. And there are different mitigation tactics available here. I talked about bronze as gold planning, but think about things like living on taxable assets first in early retirement instead of, say, traditional IRA distributions where we got basis recovery so our income's lower. That can be a big one.

49:56we talked about keeping yield low in our taxable accounts. That could be a big one. Another one that's going to be more important going forward, I think, is tactical Roth basis distributions. Think about an early retiree. I've got the number here. The 2025, 400 % of federal poverty level for a single individual is 62 ,600 according to my notes. Okay. Well, that means for our 2026 premium tax credit, we apply the previous year's level of federal poverty. If we get to $62 ,601 of income, we lose our premium tax credits in 2026. But let's say we're at$58 ,000 of income for the year and we need$5 ,000 more to live on for December.

50:44Maybe we go into our Roth IRA and take 5 ,000 of our old contributions or even old conversions, preferably five years or older, we take a$5 ,000 distribution from our Roth IRA to cover that last amount. Now, some people don't like draining Roth IRAs early in retirement. I would say, look, this person I just postulated, they're paying tax on the traditional IRA distribution or even on a capital gain, or potentially depends on other deductions, but let's just assume they're paying a tax on that, and it would push them over to not get a premium tax credit. They're essentially using a Roth IRA distribution to avoid two separate taxes.

51:26Now, the premium tax credit really isn't a tax, but it behaves like a tax. So why not use our Roth IRA basis when it can avoid two taxes instead of just one tax later in retirement. So I think we need to start being more considerate and more thoughtful about thoughtfully taking out Roth basis in our 50s to optimize for premium tax credits and maybe take out old HSA, previously unreimbursed qualified medical expenses. I have a little term for that, HSA Puck Me. Yeah, Puck Me. It's a term that needed to be made up, so I made it up. But it's our old unreimbursed medical expenses. We could just take that for that last$5 ,000 in my little example for the year.

52:11It's tax-free, doesn't trip income, doesn't push that person above the 400 % of federal poverty level. So there are tools in the toolbox. And I have seen this online a little bit, right? Folks are worried and sometimes worry becomes doomerism, right? You start dooming, oh no, this is terrible. And I think now is the time to go back to, well, what are the tools in the toolbox? What are the tactics and strategies available to me? And I've just laid out a handful in one podcast episode. Bronze is gold planning, keep ordinary income low, don't chase dividends, Roth basis withdrawals, use taxable assets to fund early retirement expenses.

52:49And there are others too. So this is, it's an issue. It deserves attention and consideration, but it doesn't deserve panic. Yeah. I love that. So yeah, Yeah, I think ultimately that comes down to flexibility. That's what you're talking about there. And I think that again is why a lot of people, especially in the FI community can benefit. I think most of us, many of us have taxable brokerage accounts. We have our traditional 401ks, IRAs. We also have Roth accounts. To have a little smattering of each of these is never a bad thing. We're not implying that should change your particular path. if you already said, like you might just have enough money to put into your traditional accounts.

53:32We're not saying that's a terrible idea by any means. Again, we talked about that earlier, Sean, right? Like you get the tax deduction and now you have this massive standard deduction. Okay. You're going to do pretty well for yourself, but for people who have the flexibility, it means look at the second order consequences, right? In this case, being above that 400 % cliff means you get$0 of premium tax credits. So when it comes time to live off your assets, if you have HSAs, if you have your taxable brokerage accounts, where we know long-term capital gains are excluded at a significant, significant amount, you have your standard deduction, you have your Roth basis, you have your HSAs.

54:08I mean, these things can add up to something that you're able to massage into keeping under that premium tax credit cliff. And Sean, that's, as you said, that's real dollars. This is not something to scoff at. So I think that's critical, the flexibility. And I did want to just chime in real quick with, you're talking about Roth basis. So essentially that's the Roth contributions that you've made over the years. And the cool thing about, about Roth IRAs is you can always take out the contributions tax and penalty free at any time. So that money is not locked up. And I think this is why when people ask me when they're in this situation, Hey, I I have the ability to put money into a Roth.

54:49It's either a yes or no, a zero or one kind of thing. I'm either going to put money into a Roth or I'm not. I'm a little worried about it being locked up. I say to them, that's not something to worry about at all with a Roth IRA account. That money that you put in can literally be taken out at any point. So why not do it in that scenario where, again, Sean, it's a zero or one. Those are my only two options in this hypothetical. You should do it, in my estimation, because there's no downside to it. You can't go back and do it for a prior tax year. Once you've missed this, you've missed it in essence.

55:19And I guess that would be subject to exact dates of filing and such. And Sean, you can talk about that. But in essence, you can't go back and redo this. So if you have the option and you're worried about that money being locked up, it's not. I promise you the actual contribution is not locked up. Absolutely, Brad. Part of the reason I like the Roth IRA is, yes, you can access your annual contributions at any time for any reason. tax and penalty free, which is just a great tool in the toolbox when we're thinking about things like optimizing premium tax credits. Another thing that you can access is Roth conversions that are five years old or older.

55:56Even for somebody in a premium tax credit issue, they might want to even consider, and I have to think this through a little more, Roth conversions that are less than five years old. Now that would trigger the 10 % early withdrawal penalty on the previously taxable amount. But if it was the choice between paying the 10 % penalty on a small distribution or totally blowing the 400 % poverty level cliff, I'd probably just take the 10 % penalty and move on with my life. And then the other thing, Brad, to just note is that the Roth IRA distribution rules are favorable to taxpayers. So what I mean by that is the first dollar that comes out is your old contributions, tax and penalty free, anytime, any reason.

56:37And you have to withdraw all of those before you get to a penny of Roth conversions. And then when you get to the penny of Roth conversions, it's the oldest ones first. So the distribution rules are very favorable to taxpayers in this regard. And so it is good to have Roth IRA assets. And a lot of planners just love to hold onto the Roth IRA forever in a day. Well, now that we're moving into the third era of the premium tax credit, and we're seeing the later end of retirement get even more lightly taxed, tactical distributions from Roth IRAs in one's 50s and early 60s are going to become more impactful and more important from a planning perspective.

57:19Yeah. Okay. That is exceedingly helpful. Sean, one last question. So the 400 % of federal poverty level, when you said it's something like for 2026, it'll be$62 ,000 and change. For a single, married, no kids, $84 ,000 and change. Is that taxable income? Is that after standard deduction and items like that? Or is this like top line income? So this is top line. It's modified adjusted gross income. For most taxpayers, it's just simply their adjusted gross income. There are a few ad backs. I don't have them readily available. The big one for the older set would be non-taxable social security income.

57:59That's actually an add back for this purpose. So this is yet another argument to delay claiming social security. In a senior deduction world, my thesis is more and more Americans are going to want to delay social security to age 70. That said, that's not a universal truth. And rare is the case that most advisors would recommend And taking it 62 for an affluent couple, I mean, that exists out there. But this would be another reason at 62, 63, 64 to not collect Social Security because both the taxable and the non-taxable piece are income for this premium tax credit purpose. Gotcha. Okay. This all makes sense.

58:38Sean, this has been exceedingly helpful. I think we did a pretty good job of covering the essential items as we see them today that apply to the FI community. Thank you so much for your diligence and care and really coming up with this outline for what I think was a really, really useful episode. So as everyone knows, they can reach you at fitaxguy.com. You also have a firm, Malini Financial and Tax, malinifinancial.com. I know you and Cody Garrett are putting together a book and love for you to talk about that for a minute and any other place you want people to find you. Yeah, thanks so much, Brad.

59:12Really enjoyed the conversation. Yes, Cody Garrett and I are currently working behind the scenes on a book, Tax Planning to and Through Early Retirement. And we're going through premium tax credit. We're going through one big, beautiful bill, senior deduction, and accumulation planning, and particularly drawdown planning in early retirement and then later retirement as well. We are self-publishing that book. We're hoping to get it out later this year. late Q3, early Q4 is the initial target that depends on a few moving pieces. But yeah, we're excited for that book. And Brad, I can send you a link for the show notes where folks can sign up for an email notification about when our publication date is announced.

59:58Brilliant. Love that. We'll definitely put it in the show notes. You also did a YouTube video, I believe, on the premium tax credits and maybe some other things on the one big, beautiful bill, but I know premium tax credits for sure. Yeah, Brad, I did a 15-minute YouTube video, which is long for me, on planning for 2026 premium tax credits and this issue from the One Big Beautiful Bill and Bronze's Gold planning. So I talk about all that. I hope that is a helpful resource for folks out there. Nice. And we'll definitely have that in the show notes as well. Sean, as always, thank you for being here.

1:00:32Thanks for being such an important part of the FI community and the Choose a FI community specifically. Brad, thanks so much for having me. Really enjoyed the conversation. Thank you for listening to today's show and for being part of the Chooseify community. If you haven't already, the best ways to get involved are first, subscribe to the podcast. So you're listening to this on a podcast player, just hit subscribe. And then subscribe to my weekly newsletter. I actually sit down every Monday and write this by hand. And I send it out Tuesday morning. So just head over to chooseify.com slash subscribe.

1:01:04And it's really, really easy to get on the newsletter list right there. And I would greatly appreciate it. It's the best way to get in touch with me. You can actually just hit reply to any of those emails and it comes directly to my inbox. So that's the way that I keep a pulse of the community and how we keep this, the ultimate crowdsource personal finance show. And finally, if you're looking to join an in real life community, we have Chooseify local groups in 300 plus cities all around the world. So head to chooseify.com slash local and you'll find a list of all of those cities in 20 plus countries all across the world.

1:01:38And if you're just getting started with FI or you have a family member or a friend who you think would be interested Two easy ways choose a FI episode 100 is kind of our welcome to the FI community And even though it's a couple years old at this point It still stands up and it's a really great just starting point to get an understanding of what is financial independence What are we doing here? Why are we looking to live a more intentional life where we save money and use it as a springboard to live a better life? And then Choose a Vi created a Financial Independence 101 course that's entirely free.

1:02:13Just head to choosefi.com slash fi101. And again, thanks for listening.