Loved the show! Thank you! I agree completely that retirees need a proactive and long-term tax minimization plan. From my experience, it is true that there is an unmet need for Long-term tax planning, and financial advisors I have met don't offer that service. (When I mention the word "tax" to my financial advisor, the reaction is like I used a profane word and they don't want to talk about taxes!). I learn a lot from viewing your shows and by reading your books. Keep them coming!
The best thing about IRA RMD is the QCD - you can give up to $100,000 to the charities of your choice without any tax taken out. Also you do not even need to itemize tax deductions to make the Qualified Charity Distribution!
Regarding ROTH IRA Conversions: Are not fiduciaries required to provide investment advice that is in the best interest of the client? Loss of advisor fees should not be a consideration.
Your best comment on reason to convert is a hedge against future tax increases. That and the widow tax are the only reasons I would consider a conversion. As for taxes on SS and IRMAA a couple of comments. You won’t have both issues, meaning if you are close to being able to have some of your SS not taxable at 85%, you are far away from IRMAA. RMDs themselves won’t put you into IRMAA. The year 1 RMD on a $5m IRA is less than $200k. If you are 60 today, IRMAA limit will be above $300k in 15 years when RMDs kick in.
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Ed is a rockstar. Thanks so much for this invaluable interview!
Ed Slott - 1000 thumbs up!
Loved the show! Thank you! I agree completely that retirees need a proactive and long-term tax minimization plan. From my experience, it is true that there is an unmet need for Long-term tax planning, and financial advisors I have met don't offer that service. (When I mention the word "tax" to my financial advisor, the reaction is like I used a profane word and they don't want to talk about taxes!). I learn a lot from viewing your shows and by reading your books. Keep them coming!
The best thing about IRA RMD is the QCD - you can give up to $100,000 to the charities of your choice without any tax taken out. Also you do not even need to itemize tax deductions to make the Qualified Charity Distribution!
Great show! 🙌🏻
Regarding ROTH IRA Conversions: Are not fiduciaries required to provide investment advice that is in the best interest of the client? Loss of advisor fees should not be a consideration.
Your best comment on reason to convert is a hedge against future tax increases. That and the widow tax are the only reasons I would consider a conversion. As for taxes on SS and IRMAA a couple of comments. You won’t have both issues, meaning if you are close to being able to have some of your SS not taxable at 85%, you are far away from IRMAA. RMDs themselves won’t put you into IRMAA. The year 1 RMD on a $5m IRA is less than $200k. If you are 60 today, IRMAA limit will be above $300k in 15 years when RMDs kick in.