The Fit Wealth Show

Hosted by Amanda & Shawn Hanquist

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Oct 2026

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October 27, 20269 min

157. The Hidden Tax Mistake That Could Cost Retirees $400,000 (And How to Avoid It)

The Hidden Tax Mistake That Could Cost Retirees $400,000 (And How to Avoid It) Could you be paying more in retirement taxes than you need to—simply because you waited too long to start planning? Many people spend decades saving for retirement, but overlook one important piece of the puzzle: how their retirement income will be taxed once they stop working. As Social Security benefits, required minimum distributions (RMDs), and investment income begin overlapping, retirees can find themselves paying significantly more in taxes and Medicare premiums than they anticipated. In some illustrative retirement scenarios, the difference between proactive tax planning and waiting until retirement income decisions are forced upon you can add up to hundreds of thousands of dollars over time. In this episode of The Fit Wealth Show, Amanda Hanquist discusses one of the most overlooked retirement tax planning mistakes: waiting too long to develop a strategy. You'll learn why the years leading up to and immediately following retirement can present valuable tax planning opportunities—and how decisions made today may influence how much of your wealth you keep throughout retirement. In This Episode, We Discuss: Why waiting until required minimum distributions begin can limit your tax planning opportunities How Social Security, RMDs, and Medicare premiums can create unexpected retirement expenses Why the years between retirement and RMDs may offer valuable tax planning opportunities How strategic Roth conversions may help manage lifetime taxes Why the order you withdraw money from retirement accounts matters The difference between tax preparation and proactive tax planning Three financial planning steps to consider before year-end Why coordinating your investments, retirement income, and tax strategy matters Key Takeaway One of the biggest retirement tax mistakes isn't necessarily what you do—it's when you do it. Waiting until retirement to think about taxes can mean missing opportunities to manage your future taxable income. Whether you're five years away from retirement or already retired, understanding how your retirement accounts, Social Security benefits, and tax situation work together can help you make more informed decisions. The goal isn't simply to minimize this year's taxes. It's to build a strategy that considers your taxes throughout retirement, while supporting the lifestyle you've worked hard to create. ⏱️ Episode Topics Covered 00:00 – The Hidden Retirement Tax Mistake 00:35 – Who Needs Retirement Tax Planning? 01:15 – Why Waiting Until RMD Age Can Be Costly 02:25 – How RMDs, Social Security Taxes & Medicare IRMAA Add Up 03:35 – The $400,000 Retirement Tax Example 05:15 – Roth Conversions: A Strategy to Consider 06:50 – Which Retirement Accounts Should You Withdraw From First? 08:00 – Three Tax Planning Steps Before Year-End 09:10 – How Fit Wealth Can Help Enjoying The Fit Wealth Show? Be sure to subscribe so you never miss an episode on retirement planning, investing, tax strategy, and making smarter financial decisions. If you found this conversation helpful, we'd appreciate it if you left a review or shared it with someone preparing for retirement. Connect With Fit Wealth At Fit Wealth, we believe retirement planning should be about more than reaching a certain account balance. It's about making intentional financial decisions so your money can support the life you want to live—for years to come. If you're approaching retirement or already retired and wondering whether your financial plan is as tax-efficient as it could be, we'd love to learn more about you. Introduce Yourself: www.fitwealthadvisors.com Instagram: @fitwealth_ Website: www.fitwealthadvisors.com Podcast: The Fit Wealth Show — Apple Podcasts & Spotify YouTube: The Fit Wealth Show Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

October 20, 202610 min

156. I’m 62 With $1.8M—Can I Retire This Year and Keep Our Lifestyle?

We’re 62 With $1.8M—Can We Retire This Year and Keep Our Lifestyle? Having $1.8 million saved for retirement sounds like a lot of money—but does it actually mean you can retire? The better question isn’t simply “How much do we have?” It’s “How much can our savings safely provide each month, after taxes, while allowing us to maintain the lifestyle we want?” In this episode of The Fit Wealth Show , Shawn Hanquist, CFP®, walks through how a couple approaching retirement can begin turning a $1.8 million portfolio into an actual retirement paycheck. Rather than relying on one withdrawal rule or portfolio number, Shawn breaks down the different pieces that need to work together—from spending and taxes to Social Security, healthcare, investments, and the critical years between retirement and age 70. In this episode, we cover: Why your monthly after-tax spending need matters more than your net worth alone How to separate retirement spending into needs, wants, and unexpected expenses Why the years between 62 and 70 can be some of the most important years in your retirement plan How sequence-of-returns risk can affect retirees who begin withdrawing during a difficult market What the 4% rule can—and can't—tell you about retirement readiness How a guardrail strategy can help create a more flexible retirement paycheck Why $1.8 million in a 401(k) is very different from $1.8 million spread across pre-tax, Roth, and brokerage accounts How taxes can significantly change the amount of money that actually reaches your checking account The tax-planning opportunities that may exist between retirement, Social Security, and required minimum distributions What to consider when planning for healthcare before Medicare Why long-term care should be considered as part of your overall retirement risk plan Can You Retire at 62 With $1.8 Million? There isn't one universal answer. A stronger retirement plan looks beyond the size of the portfolio and asks whether all the pieces work together. Do you know how much you actually need each month after taxes? How will you fund the years before Social Security? What happens to your withdrawals if the market falls early in retirement? Where will your income come from—and how will those withdrawals be taxed? Have you accounted for healthcare, unexpected expenses, and long-term care? And does your investment strategy actually support the income you're expecting it to provide? Those are the questions that turn “I think we have enough” into an actual retirement income strategy. Ready to Build Your Retirement Paycheck? If you're approaching retirement and wondering whether your savings can support the lifestyle you've built, we'd be happy to help you look at the bigger picture. At Fit Wealth , we help clients coordinate their investments, retirement income, tax strategy, Social Security, and long-term financial decisions into one comprehensive plan. Start by introducing yourself at FitWealthAdvisors.com . We'll review what you share and, if it looks like we may be a good fit, you'll be invited to schedule a conversation with our team. Retire well. Live fully. Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

October 13, 202619 min

155. Maxing Out Your Retirement Accounts (Beyond the 401(k))

Maxing Out Your Retirement Accounts (and Go Beyond the 401(k)) Episode Overview You’ve probably heard it before: “Max out your 401(k).” But for high earners — especially business owners and entrepreneurs — that’s just the starting line , not the finish line. In this episode, Amanda kicks off our Year-End Tax Strategy Series by breaking down how to use advanced retirement planning tools to save more, lower taxable income, and accelerate wealth building before December 31st. If you’re earning $300K, $500K, or even seven figures, this episode shows you how to make your money work harder for you. In This Episode, You’ll Learn: 1️⃣ Why the 401(k) Isn’t Always Enough 2025 contribution limits: $23,000 ($30,500 if over 50) Why that barely moves the needle for high earners How to layer additional plans to reduce taxes and grow wealth faster 2️⃣ The $70,000 Opportunity The combined employee + employer contribution limit for 2025 How business owners can stack profit-sharing contributions Real example: earning $300K and deducting $70K from taxable income 3️⃣ Cash Balance & Profit-Sharing Plans How Cash Balance Plans let you save six figures annually — all pre-tax Why they’re ideal for high-income earners in peak earning years Using these plans to “catch up” on retirement quickly and legally 4️⃣ The Mega Backdoor Roth How to move up to $43,500 into a Roth 401(k) in 2025 Why tax diversification matters for long-term flexibility Building a balance of pre-tax, Roth, and taxable assets Key Takeaway If you’re a high earner or business owner, don’t stop at “maxing out your 401(k).” Start asking: “What else is available to me?” Because when you layer your retirement plans strategically , you can: ✅ Reduce taxes now ✅ Build wealth faster ✅ And create more flexibility later Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

October 6, 202617 min

154. Tax Strategy vs. Tax Preparation

Tax Strategy vs. Tax Preparation Explained In This Episode We’re breaking down the difference between tax strategy and tax preparation — and why that difference could mean six figures in savings over your lifetime. Many people think they “have a tax plan” because they have a CPA. But here’s the truth: Tax preparation is what happens in the spring — you hand over last year’s numbers, and your accountant tells you what you owe. Tax strategy happens throughout the year — it’s proactive, not reactive — and it gives you control over what you’ll owe next year. Think of it this way: Your CPA is the scorekeeper , but your tax strategist? That’s your coach. At Fit Wealth This is Shawn Hanquist’s zone of genius — not in a “find the loopholes” way, but in a structured, legal, strategic way that helps high earners minimize taxes and build sustainable wealth. He teaches clients to stop playing defense and start playing offense with their taxes by using tools like: Maximizing Retirement Contributions with Cash Balance or Defined Benefit Plans to save well beyond standard 401(k) limits. Optimizing Your S-Corp Salary and QBI Deduction to strike the right balance between W-2 income and distributions for maximum tax efficiency. Leveraging Bonus Depreciation to write off qualifying business equipment and vehicles before year-end. Using Charitable Giving through donor-advised funds or foundations to reduce taxable income while supporting causes you care about. Taking Advantage of Energy Credits for solar, EV purchases, and home or business efficiency upgrades. Exploring Oil and Gas Investments for advanced deductions and upfront tax advantages available to accredited investors. Using Tax Loss Harvesting and Capital Gains Timing to offset investment gains and manage taxes strategically across your portfolio. For high earners, the difference between planning this way and not? Sometimes it’s hundreds of thousands — every single year. Why Most People Overpay High earners are busy. They’re building and scaling— and they assume their accountant “handles it.” But when we take a closer look, we often find massive, missed opportunities. Not because anyone did anything wrong , but because no one’s sitting down proactively to say: “Hey, before December, let’s look at your income, deductions, and investments — and design a plan.” That’s the real secret of the wealthy: They don’t wait until April. They decide in the fall what April will look like. Biggest Takeaway If you only think about taxes when it’s time to file them, you’re already too late. But when you start planning ahead, you shift from just paying taxes to being tax efficient. Next week, Shawn and I are diving into the first strategy — how to use retirement plans as your tax-saving powerhouse , even if you’ve already maxed out your 401(k). Thanks for tuning in — we’ll catch you in the next one! Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

September 30, 202619 min

153. Why Your Financial Advisor Should Check Your Tax Returns

Does your financial advisor ask to review your tax return every year? If not, you could be missing valuable financial planning opportunities. Most people think of their tax return as something to file away once tax season is over. But your tax return is much more than a record of what happened last year—it's one of the most valuable planning tools for making smarter financial decisions going forward. In this episode of The Fit Wealth Show , Amanda and Shawn Hanquist explain why reviewing your tax return is a critical part of comprehensive financial planning and how it can uncover opportunities to improve your tax strategy, investment decisions, retirement planning, and overall financial picture. In This Episode, We Discuss: Why your tax return is one of the most valuable financial planning documents you have The difference between tax preparation and tax planning What your financial advisor should be looking for when reviewing your return Tax-saving opportunities that are often overlooked How your tax return can influence retirement planning and investment decisions Why coordination between your CPA and financial advisor matters Questions every financial advisor should be asking after tax season Key Takeaway: Your tax return shouldn't be the end of the conversation—it should be the beginning. When your financial advisor reviews your tax return as part of a coordinated financial plan, it can reveal opportunities to reduce future taxes, improve investment efficiency, optimize retirement strategies, and help ensure every part of your financial life is working together. Topics Covered: Financial Planning Tax Planning Tax Return Review Investment Management Retirement Planning Wealth Management Business Owners Information from Shawn Hanquist, CFP® Comprehensive Financial Planning Enjoying The Fit Wealth Show? Be sure to subscribe so you never miss an episode, and if you found this conversation helpful, we'd appreciate it if you left a review and shared it with a friend or fellow business owner. Your support helps us reach more people looking to build wealth with confidence. 🔗 Connect with Fit Wealth Instagram: @fitwealth_ Website: www.fitwealthadvisors.com Podcast: The Fit Wealth Show— subscribe on Apple & Spotify YouTube: The Fit Wealth Show The Fit Wealth Podcast is brought to you by Plan Group Financial, Inc. (PGF) d/b/a Fit Wealth Advisors. PGF d/b/a Fit Wealth Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results.

September 15, 202615 min

152. Put Too Much Money in a Roth, What Happens Next?

Accidentally contributed too much to your IRA? Don't panic. It's one of the most common retirement planning mistakes we see, and in many cases, it's completely fixable, if you know what to do. Whether you received a raise, earned an unexpected bonus, sold a business, or simply didn't realize you exceeded the IRS contribution limits, making an excess IRA contribution can happen to anyone. In this episode, Amanda and Shawn Hanquist explain what an excess IRA contribution is, the potential tax consequences of leaving it uncorrected, and the steps you can take to fix the mistake before it becomes more costly. In This Episode, We Discuss: What an excess IRA contribution actually is The most common reasons people overcontribute The IRS 6% excise tax—and how to avoid it Your options for correcting an excess contribution Common mistakes people make after discovering the problem How proactive financial planning can help prevent issues like this in the future Key Takeaway An IRA overcontribution doesn't have to derail your retirement plan. The sooner you identify the issue and take action, the more options you'll typically have to correct it and avoid unnecessary penalties. If you're unsure whether you've contributed too much—or have questions about your retirement strategy—working with a qualified financial advisor can help ensure your savings stay aligned with your long-term goals. Enjoying The Fit Wealth Show? Be sure to subscribe so you never miss an episode, and if you found this conversation helpful, we'd appreciate it if you left a review and shared it with a friend or fellow business owner. Your support helps us reach more people looking to build wealth with confidence. 🔗 Connect with Fit Wealth Instagram: @fitwealth_ Website: www.fitwealthadvisors.com Podcast: The Fit Wealth Show— subscribe on Apple & Spotify YouTube: The Fit Wealth Show The Fit Wealth Podcast is brought to you by Plan Group Financial, Inc. (PGF) d/b/a Fit Wealth Advisors. PGF d/b/a Fit Wealth Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results.

September 8, 202610 min

151. A lot of women avoid this money conversation, here’s why and what they need to know

The Financial Shift Every Woman Needs To Be Prepared For For generations, many women were taught that someone else would handle the finances. But today's reality is very different. Women are living longer, inheriting more wealth, building successful careers and businesses, and increasingly becoming the primary financial decision-makers in their families. Whether through retirement, widowhood, divorce, or simply life changing, there's a good chance you'll be responsible for important financial decisions at some point. The question isn't whether you're capable. It's whether you'll be prepared. In this episode, Amanda discusses why so many women feel disconnected from money, why confidence—not intelligence—is often the biggest obstacle, and the simple financial knowledge every woman should have before life forces her to figure it out on her own. In this episode, you'll learn: Why today's women are facing a different financial future than previous generations. The real reason so many women feel intimidated by investing and financial planning. Why confidence with money has very little to do with intelligence. How financial knowledge creates more freedom and better choices later in life. The six essential areas every woman should understand about her own finances, regardless of who's currently managing the money. You don't need to become a financial expert. You simply need enough understanding to confidently participate in the conversations that shape your future. If you're entering the second half of life and want more clarity around retirement, taxes, investments, and your overall financial plan, we'd love to help. Visit FitWealthAdvisors.com to learn more. 🔗 Connect with Fit Wealth Instagram: @fitwealth_ Website: www.fitwealthadvisors.com Podcast: The Fit Wealth Show— subscribe on Apple & Spotify YouTube: The Fit Wealth Show Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.

June 23, 202619 min

150. What Should Business Owners Do with Excess Cash Flow?

If You’re Making $1M+ in Your Business — Here’s What You Should Be Doing With Your Money Most business owners spend years focused on growth. Growing revenue. Growing income. Growing the business. But eventually the conversation changes. Once income is no longer the biggest problem, the real questions become: How should I structure this well? What should I actually be doing with excess cash flow? How do I build wealth beyond the business? How do I create flexibility and long-term options? In this episode of The Fit Wealth Show, Amanda and Shawn Hanquist break down the framework they use with high-income business owners to help turn strong income into intentional long-term wealth. In This Episode, We Cover: Why higher income does not automatically create wealth The shift from reactive money decisions to intentional financial systems How successful business owners think differently about cash flow The difference between tax filing and proactive tax strategy What a real financial plan actually looks like at higher income levels The Fit Wealth “CFO Framework” How to think about liquidity, investing, taxes, and long-term goals together Questions every successful business owner eventually asks themselves: “Am I actually on track?” “Could I slow down if I wanted to?” “Am I building enough outside of my business?” “What does enough actually look like for us?” Key Takeaway Wealth is about creating a coordinated financial life that becomes more intentional, efficient, and aligned over time. 🔗 Connect With Fit Wealth If you’re a business owner looking for a more coordinated approach to financial planning, tax strategy, and long-term wealth building, visit Fit Wealth to learn more about working with our team. Instagram: @fitwealth_ Website: fitwealthadvisors.com Podcast: The Fit Wealth Show — subscribe on Apple & Spotify YouTube: @ fitwealthshow The Fit Wealth Show is brought to you by Plan Group Financial, Inc. (PGF) d/b/a Fit Wealth Advisors. PGF d/b/a Fit Wealth Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results.

October 21, 202523 min

149. Why Gold is Shining Again, and When it Makes Sense to Own It

Why Gold Is Shining Again — and When It Actually Makes Sense to Own It Episode Summary Gold is glimmering again — hitting all-time highs and grabbing investors’ attention. But what’s really driving it? And should you jump in? In this episode, Amanda talks with Shawn on breaking down: Why gold prices are soaring right now When investors typically buy gold How much gold makes sense to hold in your portfolio And why gold isn’t about getting rich If you’ve ever wondered whether you should buy gold when the headlines heat up, this episode will give you a clearer answer. What You’ll Learn Why gold moves: How uncertainty, inflation, and interest rates drive prices. When investors turn to gold: The emotional and economic triggers behind the “rush to safety.” The right allocation: How much of your portfolio should actually be in gold (and why more isn’t always better). Smart strategy: How to think about gold as part of your broader, diversified plan — not a panic purchase. Key Takeaways Gold tends to rise when investors feel uncertain — it’s a safety play , not a growth play. Historically, a 5–10% allocation in gold or precious metals provides stability without sacrificing growth potential. Chasing gold because “everyone’s buying it” usually means you’re late to the party. Use gold as a diversifier , not a replacement for real investments that compound over time Our Hot Take “Gold’s value isn’t in its shine — it’s in its stability. It won’t build your wealth, but it can help protect it when the world feels shaky.” 🎧 Listen in if You’re: Wondering if gold is a smart buy right now Feeling nervous about the economy or stock market Looking to better understand how diversification works Building a long-term financial plan that balances growth and safety 🔗 Connect with Fit Wealth Instagram: @fitwealth_ Website: www.fitwealthadvisors.com The Fit Wealth Show is brought to you by Plan Group Financial, Inc. (PGF) d/b/a Fit Wealth Advisors. PGF d/b/a Fit Wealth Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results.

September 16, 202529 min

148. The Silent Fear: Will I Run Out of Money?

The Silent Fear: Will I Run Out of Money? You’ve built wealth, worked hard, and invested wisely—so why does the quiet fear of running out of money still creep in? In this episode of The Fit Financial Podcast , Amanda and Shawn Hanquist unpack one of the most common (but rarely talked about) worries: whether your money will last as long as you do. What we talk about: Why even successful people fear running out of money The science of sustainable withdrawals (and why the “4% rule” might not be enough) How sequence-of-returns risk can derail a retirement plan if you’re not prepared Why tax strategy and cash-flow planning are essential for peace of mind Practical steps you can take now to feel confident about your long-term plan Whether you’re an entrepreneur or pre-retiree thinking about your financial freedom number, this episode will help you understand the strategies that turn worry into clarity. Key Takeaways Running out of money is often less about the math and more about mindset. A withdrawal strategy should be flexible, not one-size-fits-all. Smart tax planning—like Roth conversions and asset location—can add years of confidence to your plan. Peace of mind comes from knowing your cash flow, not just your account balance. Who This Episode is For If you’ve ever found yourself wondering, “What if I outlive my money?” —this conversation will give you both the reassurance and the strategy to move forward with confidence. 👉 Tune in, take notes, and discover how to turn retirement into a work-optional lifestyle. The Fit Wealth Show is brought to you by Plan Group Financial, Inc. (PGF) d/b/a Fit Wealth Advisors. PGF d/b/a Fit Wealth Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results.

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