In this episode, Alex and Wade discuss various tax planning strategies for retirement. They announce a webinar on tax-efficient retirement distributions and highlight the importance of the Retirement Planning Guidebook. They address the impact of taxes on deferred accounts versus non-qualified accounts, including the implications for Social Security benefits and IRMAA surcharges. They also discuss determining the amount to convert to a Roth IRA and the considerations for inherited Roth IRAs. The conversation covers managing taxes for couples with over $5 million, the intersection of tax planning and safety-first income annuities, and the importance of preparation and account setup for retirement. They conclude by addressing strategies to limit the impact of ACA premiums on MAGI. Listen now to learn more!
Takeaways
Timestamps
00:00 Introduction and Webinar Announcement02:12 Discussion on the Retirement Planning Guidebook03:12 Considerations for Buying the New Book04:08 Tax Planning for Deferred Accounts vs. Non-Qualified Accounts05:03 Impact of Taxes on Social Security Benefits and IRMAA Surcharges07:01 Determining Roth IRA Conversion Amounts09:06 Understanding IRMAA and Social Security Tax Torpedo12:12 Inherited Roth IRAs and Legacy Goals15:04 Managing Taxes in Retirement for Couples with Over $5 Million18:22 Tax Planning and Safety-First Income Annuities22:36 Preparation and Account Setup for Retirement25:21 Limiting ACA Premium Impact on MAGI
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
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