I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
Nice! Thank you both for your impactful service. I'm glad you found the information valuable. Thanks for following along, and make sure to subscribe to my channel!
I have a pension with a major property casualty insurance company. I have a final average pension that was discontinued to new employees and reduced for many older employees, depending on years they had when it was discontinued. I also have a very small cash balance pension where the newer employees only have a cash balance pension once they are vested. I have retired but waiting to turn 65 to draw the pension (my choice to wait until 65 for higher payout). I like how you covered many many reasons to convert and although I haven't used a financial advisor, I feel pretty good that I have done many of the things you suggested and I have thought of many of the scenarios that you mention. It would be nice if in the future you could use some examples for singles because married people seem to have more flexibility and higher thresholds for IRMAA, etc and it's seems like it's much harder for singles to do roth conversions because of tax brackets and thresholds. Thank you for the video.
Thank you for mentioning Medicare pt B and FEHB coverage; I'm a little ways away from retirement, but I've thought about that option frequently. Great channel - just subscribed!👏 👏
23.5 years active duty military. VA disability. Will utilize the MRA+ 10 with the DoD civilian employee. Growing TSP nest egg half way to my minimum goal.
I wish I’d understood how pensions impacts taxes on social security and 401k distributions. I am retied and collecting a pension but delaying social security until age 70 so I can covert as much 401k to Roth before social security kicks in. Minnesota state taxes and property tax refunds are significantly impacted by Roth conversions too. Conversion are taxed but also significantly reduce property tax refunds. If I’d understood this while working I would have put all funds in Roth rather than 401k.
@reebeeable - why does Minnesota get property tax refunds? That sounds great. Here in Texas, we pay out the wazoo for property taxes. We never get refunds.
If it is any encouragement, you are not alone in wishing you contributed more to Roth, but the good news is that more than likely, there is an optimal amount of Roth conversions that will allow you to take advantage of the Roth opportunity while also being mindful of the property tax refunds. With that in mind, we would encourage you to get in touch with a trusted financial advisor who can help you find that happy medium.
My Pension is with the Central Pension Fund of the International Union of Operating Engineers. Taking cut to allow 100% survivorship in event of my death, if She passed first then my Pension would revert to highest amount--as if choose No or ZERO survivorship.
My pension is with the Government of Guam Retirement Fund. I am also investing in a 457b with Empower -95% of which is tax deferred as their Roth 457b has only recently been made available.
Teachers pension with COLA increases and will get Social Security. Husband will get his pension from a ag cooperative but no COLA. We will both wait till at least 67 to draw Social Security
My pension is with IMRF (Illinois Municipal Retirement Fund). I’m also invested in my tax deferred 457(b) and other after tax investments. My social security amount is not impacted by my pension amount but as you stated, it does put more of my social security in the higher tax bracket. :(
It's great to hear you have a SS benefit! Unfortunately, pension income counts as provisional income and indeed makes SS taxed (typically) at the highest amount.
Why not take a little both from my 401k each year when I’m Able to start (59.5) to supplement after my pension? Doing this during all of retirement instead of Roth conversions? No SS due to career as a teacher and spouse a govt employee
Great point. One of the main goals with Roth conversions is to reduce tax-deferred dollars to reduce your required minimum distributions long-term. Whether taking distributions or Roth conversions, you will accomplish this goal.
My wife and I have pensions and I personally will like to if possible move my 403B to a Roth IRA and my my taxes now than later which as you stated in one of your videos. We don’t know how much the taxes will be later. I live in NY, so not sure if you have your services here so I can go meet with someone from your team. I do have $8,000 Roth IRA in Robinhood investing platform. Thanks Leo Damiron
Thanks for watching, Leo! We serve clients with pensions all across the country and would be happy to meet with you and learn more about your situation. You can schedule a call with our team here: peakretirementplanning.com/schedule-a-meeting/
![Why You Should NOT Roth Convert... [Joe Knows Retirement, Episode 65]](http://i.ytimg.com/vi/dj8x5DociJM/mqdefault.jpg)
![Why You Should NOT Roth Convert... [Joe Knows Retirement, Episode 65]](/img/tr.png)
I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.
I completely understand. Ensuring financial security in retirement is crucial. Have you considered consulting a financial advisor?
What specific concerns do you have? Is it saving enough, investment returns or creating a sustainable stream of income
I’m really worried about not saving enough or creating a sustainable stream of income. I haven’t even gotten to diversify my investment.
Diversification is key. Spread investment across asset classes and consider alternative income sources like annuities or dividend paying stocks.
Long-term care insurance and emergency funds are also vital considerations.
Pension is from the NYPD and my wife has a pension from the NY Teachers system. This information is much needed. Thanks!
Nice! Thank you both for your impactful service. I'm glad you found the information valuable. Thanks for following along, and make sure to subscribe to my channel!
I have a pension with a major property casualty insurance company. I have a final average pension that was discontinued to new employees and reduced for many older employees, depending on years they had when it was discontinued. I also have a very small cash balance pension where the newer employees only have a cash balance pension once they are vested. I have retired but waiting to turn 65 to draw the pension (my choice to wait until 65 for higher payout). I like how you covered many many reasons to convert and although I haven't used a financial advisor, I feel pretty good that I have done many of the things you suggested and I have thought of many of the scenarios that you mention. It would be nice if in the future you could use some examples for singles because married people seem to have more flexibility and higher thresholds for IRMAA, etc and it's seems like it's much harder for singles to do roth conversions because of tax brackets and thresholds. Thank you for the video.
Thank you for watching! I'm glad to hear!
My pension is from 32 years working for Department of Defense. My pension "waking up money" covers basic expense. Investment funds is fun money.
Thank you for mentioning Medicare pt B and FEHB coverage; I'm a little ways away from retirement, but I've thought about that option frequently.
Great channel - just subscribed!👏 👏
Thank you for this feedback and thank you for subscribing!
23.5 years active duty military. VA disability. Will utilize the MRA+ 10 with the DoD civilian employee. Growing TSP nest egg half way to my minimum goal.
I wish I’d understood how pensions impacts taxes on social security and 401k distributions. I am retied and collecting a pension but delaying social security until age 70 so I can covert as much 401k to Roth before social security kicks in. Minnesota state taxes and property tax refunds are significantly impacted by Roth conversions too. Conversion are taxed but also significantly reduce property tax refunds. If I’d understood this while working I would have put all funds in Roth rather than 401k.
@reebeeable - why does Minnesota get property tax refunds? That sounds great. Here in Texas, we pay out the wazoo for property taxes. We never get refunds.
If it is any encouragement, you are not alone in wishing you contributed more to Roth, but the good news is that more than likely, there is an optimal amount of Roth conversions that will allow you to take advantage of the Roth opportunity while also being mindful of the property tax refunds. With that in mind, we would encourage you to get in touch with a trusted financial advisor who can help you find that happy medium.
My pension is via Iowa Public Education; my spouse’s is thru former private company. We are both also retired 2 and 4 years.
KPERS - Kansas Public Employee Retirement - Teacher for 33 years - thanks for the content!
Thank you for your impactful service as a teacher. I appreciate you following my content. Make sure to subscribe!
Local Texas municipalities (3.2 multiplier 23 year minimum I hit at 46) with deferred comp with a Roth option.
My Pension is with the Central Pension Fund of the International Union of Operating Engineers. Taking cut to allow 100% survivorship in event of my death, if She passed first then my Pension would revert to highest amount--as if choose No or ZERO survivorship.
My pension is with the Government of Guam Retirement Fund. I am also investing in a 457b with Empower -95% of which is tax deferred as their Roth 457b has only recently been made available.
Thanks for the helpful information! I have a FERs Special Provision retirement.
Of course, thanks for following my content!
Teachers pension with COLA increases and will get Social Security. Husband will get his pension from a ag cooperative but no COLA. We will both wait till at least 67 to draw Social Security
I have a nice pension with a university hospital and my husband has a pension with a mechanic union. Much of our retirement is in pre-tax.
Our pensions are Somoma County, Orange County CA & Lockheed Martin
Really great information! Thank you for this content, I'm 50 and want to head toward retirement with a plan.
Federal pension. Worked for dod 31 years overseas.
My wife and I have pensions from IBM AT&T & DOD plus 401K, ROTH and taxable brokerage account.
Love all the information. Beard looks great. I’m just wondering if you would try parting your hair on the side for a few videos. 🏀
Thank you! And I'm not sure my hair parts like that😅
General Motors hourly. Last hire group to get them in 2007.
My pension is with IMRF (Illinois Municipal Retirement Fund). I’m also invested in my tax deferred 457(b) and other after tax investments. My social security amount is not impacted by my pension amount but as you stated, it does put more of my social security in the higher tax bracket. :(
It's great to hear you have a SS benefit! Unfortunately, pension income counts as provisional income and indeed makes SS taxed (typically) at the highest amount.
Retired from the federal government.
Both my wife and I work for a municipality that is part of Oregon PERS.
UPS Management Retiree ... 35 years
Mine is with both calpers and calstrs- California
New York State Pension - beard looks good Joe.
Thank you! Hopefully it makes me look older🤪
UPS (Non Union)
Federal/FERS
Public school teacher pension from MN. I get a yearly COLA and get to collect SS.
Univ of TX employee state pension
My pension is with State of Connecticut Employee System. SERS Tier II
CalPERS- California
IBT/UPS $5700/month $1.5m/401k
State of Illinois pension here
General Motors UAW hourly skilled trades 28 yrs
Pension from Kaiser Permanente Southern California
State of Florida
Federal
Firefighter pension San Antonio TX
Fers pension. USPS
Texas municipal retirement system
Military and DoD pensions w/ VA disability
MNpera
Intermountain Healthcare pension
Ers of texas
Why not take a little both from my 401k each year when I’m
Able to start (59.5) to supplement after my pension? Doing this during all of retirement instead of Roth conversions? No SS due to career as a teacher and spouse a govt employee
Great point. One of the main goals with Roth conversions is to reduce tax-deferred dollars to reduce your required minimum distributions long-term. Whether taking distributions or Roth conversions, you will accomplish this goal.
My wife and I have pensions and I personally will like to if possible move my 403B to a Roth IRA and my my taxes now than later which as you stated in one of your videos. We don’t know how much the taxes will be later.
I live in NY, so not sure if you have your services here so I can go meet with someone from your team. I do have $8,000 Roth IRA in Robinhood investing platform.
Thanks
Leo Damiron
Thanks for watching, Leo! We serve clients with pensions all across the country and would be happy to meet with you and learn more about your situation. You can schedule a call with our team here: peakretirementplanning.com/schedule-a-meeting/
NYC Police Pension Fund
Thank you for your service!
Just a critique Joe ... Incorporate visible examples during this presentation ... it would help communicate the 'value-added' points you make
Thank you for the feedback. I am always striving to improve my videos and make them more valuable!
State pension. Can I invest extra $$$ in Roth IRAs or other types of retirement investment vehicles?
FERS
City of Los Angeles
Federal Government
Nypd pension fund
Pension from the military.
Thank you for your service!
CalPERS
Widow's Penalty? Why doesn't anyone talk about the many Single's Penalties all though financial planning for retirement?
Very true and rarely discussed. I am converting as much to Roth as possible while still married.
Valid point. Unfortunately for married couples, the fall from married filing joint brackets to single is drastic and, in some cases, unexpected.
Federal
MNpera
Federal