Roth Conversions to Pay Less Tax on Retirement Withdrawals - 466

Your Money, Your Wealth

Should Peter LemonJello, who has high income, and his wife, who is retired with zero income, file their taxes as married filing separately so they can start Roth conversions? What are the tax implications of Roth conversions for Randy in Chi-town, an early retiree in the 32% tax bracket? Caity with a C in SLC is self-employed and over the income max to contribute to a Roth, so now what? And Ben in Oceanside, CA wants to know what impact Roth conversions will have on required minimum distributions after age 73? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on all these Roth conversion tax reduction strategies, today on Your Money, Your Wealth® podcast 466. Plus, does the math make sense on a company-matched Kai-Zen indexed universal life insurance policy for Kickass Seabass in New Jersey? Ed in Virginia wants to know the earnings limits for family Social Security benefits. But first, can JJ in Florida’s retirement portfolio handle withdrawals of $150,000 per year? And from the banks of the Mighty Mississippi, what should midwestfabs’ post-employment asset allocation be? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-466

Timestamps:

• 00:00 - Intro
• 01:12 - Can Our Retirement Portfolio Handle $150K Annual Withdrawals? (JJ, FL)
• 04:08 - What Should My Asset Allocation Be, Post-Employment? (Midwestfabs)
• 11:43 - 2024 Financial Market Outlook: read the blog by Brian Perry, CFP®, CFA, Pure Financial Advisors’ Executive Vice President and Chief Investment Officer
• 12:39 - Tax Spitball: Married Filing Separate and Start Roth Conversions? (Peter LemonJello, FL)
• 14:58 - Roth Conversion Tax Implications for an Early Retiree in the 32% Bracket (Randy, Chicago)
• 21:34 - Self-Employed and Over the Max to Contribute to Roth – Now What? (Caity, Salt Lake City)
• 25:07 - Impact of Roth Conversions After Age 73 on RMDs (Ben, Oceanside, CA)
• 28:12 - Mile Markers to Retirement - YMYW TV
• Retirement Readiness Guide - free download
• 28:52 - Does the Math Make Sense on a Company-Matched Kai-Zen IUL Policy? (Kickass Seabass, NJ)
• 34:53 - Social Security Family Benefits Earnings Limits (Ed, VA)
• 42:42 - The Derails