I really enjoy your content. This channel deserves 20k+ subs. It would be interesting to see a tax comparison of retiring with $1m in taxable vs $1m in IRA vs $500k/$500k equal split. Tax strategy is the most complicated part of my DIY (using Boldin) retirement planning because of all the variables and unknowns.
Interesting tax strategy analyses! This tool generates some great graphics so it would be nice to see cash flow support and federal/state tax results for clearer and detailed understanding
The annual qualified charitable distributions allow for additional money to usefully be left unconverted in the traditional IRA/401(k) accounts. Makes no sense to convert and pay tax on money that when donated would have been tax free to both the giver and receiver.
Becomes even more important if one of them dies before 90 and starts paying as Single instead of Married Filing Jointly tax rates and IRMAA limits. So do the conversions before one of the spouses dies.
Great video. How are they paying the Roth conversion taxes? Cash on hand, from the 401k trad, long term gains, other? Do you think historically the amount effective percent of tax has changed that significantly and the IRMMA play more of a variation the variation in one needed spending? Lastly, have you ever followed a person from your first strategy over several years then updated and what did you learn or would you have done something differently in the beginning? Yes, I know hind sight….. :-)
Rather than do Roth conversions I’d live off my pretax money from 65 to 70. Take pension at 65 and SS at 70. I’d rather enjoy my money now than pay huge amount of taxes. By doing so I lower my RMD’s spending the money on my kids now when they could use it the most. Rather than inherit the money when they’re near retirement and already financially established.
I really enjoy your content. This channel deserves 20k+ subs. It would be interesting to see a tax comparison of retiring with $1m in taxable vs $1m in IRA vs $500k/$500k equal split. Tax strategy is the most complicated part of my DIY (using Boldin) retirement planning because of all the variables and unknowns.
Interesting tax strategy analyses! This tool generates some great graphics so it would be nice to see cash flow support and federal/state tax results for clearer and detailed understanding
The annual qualified charitable distributions allow for additional money to usefully be left unconverted in the traditional IRA/401(k) accounts. Makes no sense to convert and pay tax on money that when donated would have been tax free to both the giver and receiver.
Becomes even more important if one of them dies before 90 and starts paying as Single instead of Married Filing Jointly tax rates and IRMAA limits. So do the conversions before one of the spouses dies.
Great video. How are they paying the Roth conversion taxes? Cash on hand, from the 401k trad, long term gains, other? Do you think historically the amount effective percent of tax has changed that significantly and the IRMMA play more of a variation the variation in one needed spending? Lastly, have you ever followed a person from your first strategy over several years then updated and what did you learn or would you have done something differently in the beginning? Yes, I know hind sight….. :-)
Rather than do Roth conversions I’d live off my pretax money from 65 to 70. Take pension at 65 and SS at 70. I’d rather enjoy my money now than pay huge amount of taxes. By doing so I lower my RMD’s spending the money on my kids now when they could use it the most. Rather than inherit the money when they’re near retirement and already financially established.