Podcasts about required minimum distributions rmds

In this episode, financial advisors and retirement planners Jim Martin and Casey Bibb of Martin Wealth Solutions delve into the complexities of Required Minimum Distributions (RMDs) for retirement accounts like traditional IRAs and 401(k)s. They discuss the timing, calculation, and strategies for managing RMDs to avoid surprise tax bills and unnecessary withdrawals. The discussion includes real-life client scenarios and emphasizes the importance of strategic planning, early Roth conversions, and qualified charitable distributions. The goal is to prepare listeners approaching retirement to manage RMDs efficiently and minimize tax impacts. http://retirewithmartin.com/

Greg and Kristen discuss tipping trends and why some people tip less with digital prompts. They also break down Required Minimum Distributions (RMDs): when to take them, how they’re taxed, and strategies to avoid costly mistakes. Unsure if you’re on track for retirement? Fill out this short form for a FREE consultation. See omnystudio.com/listener for privacy information.

Navigating your Required Minimum Distributions (RMDs) can feel like a maze, but we're here to light the way. This week, we break down exactly what RMDs are, when you need to start taking them from your retirement accounts, and how they're calculated. We'll also explore strategies to potentially minimize their impact and make the most of your hard-earned savings in retirement.

Retirees can save thousands in taxes by strategically planning their Required Minimum Distributions (RMDs). Frankie Guida highlights the impact of RMDs on retirement savings and the potential for tax-efficient legacy planning through strategies like Roth conversions. Schedule a complimentary appointment: A Better Way Financial CLICK HERE to register for one of our upcoming Tax-Smart Retirement Planning Dinner Workshops. Read our book! Amazon Best Seller, “The Book on Retirement: A Better Way to Stretch Your Retirement Dollars While Living the Lifestyle of Your Dreams.” Follow us on social media: Facebook | LinkedIn | YouTube See omnystudio.com/listener for privacy information.

On this week's episode of THE FINANCIAL COMMUTE, Financial Planning Advisor Brittany Yudkowsky joins Chris to talk about RMD planning.• Required Minimum Distributions (RMDs) must start by age 73.• Strategies like Roth conversions can be used before reaching RMD age to reduce future taxable distributions.• After age 70½, individuals can donate up to $108,000 (2025 limit) directly from their IRA to charity, reducing taxable income.• Making large contributions to a donor-advised fund in high-income years can offset the tax impact of RMDs or Roth conversions.• In the first year, you can delay your RMD until April 1 of the following year — but that means taking two RMDs in one year, possibly increasing taxes.• If still working and participating in a 401(k) (and not a 5%+ owner of the company), you may be able to delay RMDs from that plan — but not from IRAs.• If the RMD isn't needed for living expenses, options include reinvesting it in a trust account, using it for charitable giving, or funding experiences.• You can take RMDs monthly, quarterly, or at the end of the year; spreading them out can ease market timing risks and prevent last-minute errors.

Welcome back, friends!Today, Dave and Nick roll up their sleeves and dive into the wild and wonderful world of retirement headlines from March and April. Think of it as your financial cliff notes — so you can sound smarter than your neighbor without actually having to read all the boring articles yourself. https://youtu.be/SfyJRISwYIw Here's what we served up on the Kitchen Table Private Equity in Your 401(k)? Hold up — private equity is trying to sneak into your retirement plan! Dave and Nick explain why this might not be the fabulous idea it sounds like at first. Liquidity issues, risk, and fine print galore. Learn more about Private Equity in Retirement Plans (WSJ) Polarization and Your Economic Beliefs How our brain tricks us into believing whatever fits our narrative — and how that's totally wrecking how we all read the news. The Economics of Polarization (WSJ) Retirement Happiness = Planning Your Time Spoiler alert: you won't be happy just binge-watching "The Office" reruns for four hours a day. (Although, honestly, tempting.) Plan your time intentionally for a fulfilling retirement. How You Spend Time in Retirement Matters (WSJ) The Bucket Strategy for Retirement Income Buckets: not just for cleaning or gardening! Divide your cash into short-term, mid-term, and long-term "buckets" so you're not freaking out every time the stock market sneezes. Bucket Investing for Retirement (Morningstar) Is 2025 a Bad Year to Retire? Spoiler: If you've done your homework (hello, diversified cash reserves!), you're fine. If you haven't...well, maybe work a tiny bit longer. Is This a Bad Year to Retire? (Kiplinger) How to Avoid Outliving Your Retirement Savings Sequence of return risk = fancy finance speak for "don't pull out money when your investments are down." Simple? Nope. Important? You betcha. Avoiding Outliving Your Savings (Morningstar) Tax Tips for Retirees (Because Taxes Never Sleep) Medical home improvements: can you actually deduct that new Jacuzzi? Maybe, but tread lightly. Required Minimum Distributions (RMDs): don't get caught by surprise. Social Security is (sometimes) taxable — shocker, we know. State taxes, Medicare premium cliffs, and more fun things no one told you about. 10 Tax Topics Every Retiree Should Know (Kiplinger) Tax-Deductible Home Improvements (Kiplinger) Connect With Us Got questions? Need a second opinion on your retirement plan?

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss a crucial yet often confusing topic for retirees: Required Minimum Distributions (RMDs). Joined by their colleague Taylor Wolverton, a Certified Financial Planner and Enrolled Agent, they break down the rules surrounding what are RMDs, how they're calculated, and the updates brought by the Secure Act RMD changes. If you're unsure about RMD rules 2025, or when and how much to take from your retirement accounts, this episode is for you.Listen in to learn about the mechanics of how do RMDs work, from when to take RMDs to how they're taxed and the penalties for missing one. The episode also explores RMD for retirement accounts like IRAs and 401(k)s, RMD tax rules, and even strategies like RMD and charitable giving. Whether you're planning ahead or facing your first required withdrawal, understanding your obligations is key to effective retirement tax planning and preserving your wealth.In this episode, find out:· What qualifies as a required minimum distribution and who it applies to.· Updated RMD start ages under the Secure Act RMD changes.· How RMDs are calculated using the IRS Uniform Lifetime Table.· The tax implications of RMDs and how to manage them effectively.· Smart options for reinvesting or donating your RMD.Tweetable Quotes:"You can't put RMDs back into an IRA or convert them to Roth—but you can reinvest them into a brokerage or give to charity tax-free." – Radon Stancil"Even if you don't need the money, RMDs are required—it's about paying back the taxes you've deferred for years." – Murs TariqResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

In this episode, I dive deep into the age-old debate: Roth vs. Traditional accounts. Many people assume that Roth is the way to go because they believe taxes will rise in the future. However, this episode aims to clear up common misconceptions and help you understand the nuances of effective tax planning for retirement:How tax deferral works with Traditional 401(k) contributionsThe benefits of Roth accounts, including tax-free growth and no RMDsThe impact of Required Minimum Distributions (RMDs) on your retirement planningStrategies for Roth conversions and timing your tax paymentsThe importance of tax diversification and effective tax rate management over your lifetime---------✅ Financial planning for 30-50 year old entrepreneurs: ⁠https://www.allstreetwealth.com⁠✅ My personal blog & newsletter: ⁠https://www.thomaskopelman.com⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

Max out your financial insight with real-world retirement strategies and listener Q&A. Learn how to respond to shifting interest rates and weigh the pros and cons of working part-time during retirement. Explore ways to manage Required Minimum Distributions (RMDs), understand Social Security's 35-year formula, and decide when to tap into pensions. Get strategic about funding early retirement for your parents with trusts, tax-smart giving, and family financial planning—plus, a warning on why joint accounts sometimes backfire. Hear expert thoughts on dollar-cost averaging frequency and why investing when you have cash may often beat spreading it out. Unpack the tension between inflation and early retirement, and why transparency can be essential when families share financial responsibilities. Discoverwhy market turbulence doesn't have to shake your strategy. Hear how George Clooney's character in O Brother, Where Art Thou? becomes a metaphor for staying the course—a reminder to tune out noise and resist letting uncertainty derail your retirement journey. Submit your question at RETIRESOONER QUESTIONS and catch this episode of The Retire Sooner Podcast, hosted by Wes Moss and Christa DiBiase. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Ryan unpacks a listener question that's becoming increasingly common: What should I do about my RMDs if I'm still working at 74 and contributing to my 401(k)? Required Minimum Distributions (RMDs), and the tax penalties for missing them, can catch even the most financially prepared retirees off guard, especially those still working into their 70s. Here's what we discuss in this episode:

In this episode, I break down the two main types of IRAs—the traditional (pre-tax) IRA and the Roth IRA (post-tax). Some highlights:Contribution Limits: Learn about the annual contribution limits and how they change based on your age and incomeTax Benefits: The advantages of tax-deferred growth with traditional IRAs versus tax-free growth with Roth IRAsWithdrawal Rules: Understand the implications of Required Minimum Distributions (RMDs) and how they can affect your tax situation in retirementBackdoor Roth IRAs: How high-income earners can still take advantage of Roth IRAs through the backdoor methodSpousal Contributions: Find out how you can contribute to your spouse's IRA, even if they don't have earned income529 Plans: Learn about the new rules that allow you to convert 529 accounts into Roth IRAs for your children.---------Financial planning for 30-50 year old entrepreneurs: ⁠https://www.allstreetwealth.com⁠My personal blog & newsletter: ⁠thomaskopelman.com⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

This Saturday, we talk the latest market trends and what they mean for your portfolio. We dive into smart tax strategies, helping you keep more of what you earn—especially if you're facing Required Minimum Distributions (RMDs). Are you making tax-efficient investment moves? We give some tips on how to maximize your returns while minimizing Uncle Sam's cut. We also explore the hidden risks lurking in your investments. From overconcentration in tech stocks to overlooked fees in your retirement accounts, we uncover common pitfalls that could be dragging down your wealth. Plus, we tackle listener questions on the best ways to hedge against inflation and where today's real opportunities lie.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Brian Wiley & Jeremiah Bates ————————————————————— SPONSORS: Guild Mortgage: https://guildmortgage.com Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ Formations: https://get.formationscorp.com/real-money-pros —————————————————————

On this week's Money Matters, Scott and Pat provide valuable advice for those dealing with unexpected inheritances, including strategies for managing and investing these funds wisely while balancing personal enjoyment and future planning. They also delve into the complexities of Required Minimum Distributions (RMDs) and the importance of considering Roth conversions to optimize tax outcomes. Finally, they emphasize the importance of dynamic financial planning, using case studies to illustrate how even small adjustments can significantly impact one's financial future.  Join Money Matters:  Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.

Ever wondered how to strategically convert your Traditional IRA or 401(k) into a Roth IRA without getting hit by unexpected taxes? You're not alone! In this episode, you'll learn exactly how Roth conversions work, why planning your conversions is crucial, and how to easily calculate the taxes you'll owe using the Charles Schwab Roth Conversion calculator.Converting your retirement savings to Roth isn't an all-or-nothing deal. I'll guide you step-by-step to strategically spread conversions over multiple years to minimize taxes and maximize your long-term wealth. Plus, you'll discover how Roth accounts help you avoid Required Minimum Distributions (RMDs) and why Roth IRAs provide significant advantages for beneficiaries—giving you peace of mind knowing your heirs inherit tax-free wealth.Don't let Uncle Sam catch you off guard—start planning now and take control of your retirement!In this video, you'll learn:How to strategically convert your Traditional IRA or 401(k) to a Roth IRA/401(k)The tax implications of Roth conversions and how to minimize your tax billHow incremental conversions over time protect your financial futureWhy avoiding Required Minimum Distributions (RMDs) matters for your retirementThe benefits of passing Roth IRAs to your beneficiaries tax-freeTools Mentioned:Charles Schwab Roth Conversion Calculator (demonstrated step-by-step)Who Should Watch:Anyone nearing retirement looking to reduce future tax obligationsInvestors interested in maximizing their retirement wealthIndividuals concerned about leaving a tax-efficient inheritance to their heirsSubscribe to the channel for more empowering content on personal finance, investing, and self-improvement. Don't miss out on the opportunity to unlock your true financial potential and live a life of abundance. It's time to invest in yourself and create the future you deserve!Articles Referenced:Vanguard Roth vs Traditional: https://investor.vanguard.com/investor-resources-education/iras/roth-vs-traditional-ira2025 Federal Tax Brackets: https://www.nerdwallet.com/article/taxes/federal-income-tax-bracketsCharles Schwab Roth Conversion Calculator: https://www.schwab.com/ira/ira-calculators/roth-ira-conversionState Tax Brackets: https://taxfoundation.org/data/all/state/state-income-tax-rates/Required Minimum Distributions: https://smartasset.com/retirement/rmd-tableIRS Retirement Beneficiary Guide: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary**Support the Stream By Shopping at Our Store** Buy Your Financial Mirror Gear: https://www.thefinancialmirror.org/shop YouTube: https://www.youtube.com/@thefinancialmirrorRumble: https://rumble.com/TheFinancialMirrorFacebook: https://www.facebook.com/thefinancialmirr0rX: https://twitter.com/financialmirr0rInstagram: https://www.instagram.com/thefinancialmirror/Podcast: https://creators.spotify.com/pod/show/thefinancialmirrorIf you are in need of a Financial Coach, don't waste another day of being in debt, not planning for retirement, or simply wondering where your money went each month. Today is the day to take control of your finances and I can help, no issue is too big or too small. Contact me at https://www.thefinancialmirror.org/#RothIRA #RothConversion #IRAConversion #RetirementPlanning #TaxPlanning #PersonalFinance #FinancialFreedom #RetirementStrategy #InvestingTips #CharlesSchwab #401k #RetirementSavings #WealthManagement #TaxFree #Investing #EstatePlanning #FinancialEducation #MoneyTips #IRA #RetireEarly #RMD #PassiveIncome #SmartMoney #TaxStrategy #FinanceGoals #RetirementGoals #Taxes #RetirementIncome

When it comes to retirement planning, many people focus on investments, income strategies, and estate planning—but tax planning is one of the biggest factors that can impact your financial future. Without a proactive approach, taxes can take a bigger bite out of your retirement savings than you might expect. In this episode, Derek Gregoire and Matthew Peck are joined by Peter Roache, a tax expert and longtime partner of SHP Financial. Peter shares important insights on how taxes affect retirement planning, the impact of Required Minimum Distributions (RMDs), and how smart tax strategies—like Roth conversions and tax-loss harvesting—can help you keep more of your hard-earned wealth. We'll also discuss how tax laws are evolving, why planning around IRMAA is key, and how to minimize taxes for your heirs when passing down assets. If you're nearing retirement or already retired, this episode is packed with practical strategies to help you optimize your tax situation. In this podcast interview, you'll learn: Why tax planning is one of the most overlooked aspects of retirement. How RMDs can push retirees into higher tax brackets. Why Roth conversions can be a powerful tool to reduce long-term tax burdens. How IRMAA can increase your Medicare premiums and what you can do to avoid it. How inherited IRAs are taxed and why proper planning is essential for your beneficiaries. The benefits of tax-loss harvesting and how to use it to offset capital gains. Want the Full Show Notes? To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast Connect With Us on Social Facebook LinkedIn YouTube

In this episode, Tammy asks about the pros and cons of doing Roth conversions in retirement to manage Required Minimum Distributions (RMDs) down the road. With $2.9 million in combined IRAs and current income of $196,000, she's concerned about future tax implications. While we can't give personal advice, we'll break down the potential benefits, drawbacks, and factors retirees like Tammy should consider when deciding if Roth conversions make sense.  If you're thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven't done so already, follow the podcast. We add new content every week, and if you're not following, you'll likely miss out. Follow now!  Don't miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin's team at https://www.carrolladvisory.com/  Contact John's team at https://www.rossandshoalmire.com/   

We discuss tax season and what you need to know if you're approaching age 73 and preparing to take Required Minimum Distributions (RMDs). We'll cover important topics such as how much you need to withdraw, penalties and fees to avoid, and the benefits of Qualified Charitable Distributions (QCDs). By the end of this episode, you should have a clearer understanding of your future tax obligations in retirement. Wondering if you’re on track with your future taxes in retirement? Click here for a FREE Retirement Tax Map Report. _________________See omnystudio.com/listener for privacy information.

Kevin discusses the intricacies of Required Minimum Distributions (RMDs) and their implications for retirement planning. He emphasizes the importance of strategic planning to minimize tax burdens and explores the evolving role of bonds and indexed annuities in retirement portfolios. The conversation also highlights the significance of understanding the sequence of returns and how it affects retirement income strategies. Get Your RMD and Tax Analysis TDOAY! Social Media: Facebook I LinkedIn See omnystudio.com/listener for privacy information.

Ever wondered if 401(k) withdrawals before age 73 count toward your Required Minimum Distributions (RMDs)?

Did you know the government decides when you must start spending your 401(k) and IRA money in retirement?

Required Minimum Distributions (RMDs) don't have to be a headache! Think of it like this: it's your money graduating from retirement savings school and finally heading out into the world. In this episode, we break down what RMDs really mean for your IRA, how to dodge those nasty penalties, and how to use these withdrawals to your advantage. Whether you're managing your own account or handling an inherited IRA, we've got you covered with the need-to-know info to keep Uncle Sam happy and your finances in check. Key Takeaways: Understand RMDs without the IRS jargon—simple, clear, and doable. Avoid penalties (because who wants to give the IRS an extra 25%?). Get the scoop on inherited IRAs and the rules that could save your family thousands. For more exclusive insights and tips, visit Doug's blog by going to https://profile-financial.com/blog    The information provided here is intended for educational purposes only and is not to be considered legal, tax, or investment advice. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.  

In this week's Fastest Four, we'll dive into the latest rules for Required Minimum Distributions (RMDs) and explore how Qualified Charitable Distributions (QCDs) can help you lighten your tax load. We'll cover new RMD age requirements, ways to avoid costly penalties, and the limits for QCD in 2024-2025. Plus, we'll share some smart retirement withdrawal strategies. This episode is perfect for retirees and those approaching RMD age.  And for charts and more episode info, head over to: https://getreadyforthefuture.com/rmd-and-qcd-explained/

The financial industry pushes a conventional narrative that retiring at 65 is the ultimate goal, perpetuating a 20th-century model of wealth building that fails to serve modern realities. After working with hundreds of clients, we've learned there's a fundamental problem with traditional retirement planning - it's built on unpredictable assumptions about taxes, inflation, and market performance. In today's episode, we dive deep into why the standard retirement planning model is broken and why we need to rethink our entire approach to building wealth. We explore how the current system encourages us to defer use of our capital while saving in accounts we can't access for decades. Through real examples and historical context, we discuss why focusing on generational wealth transfer may be a better approach than traditional retirement planning. We challenge the basic assumptions of retirement planning, examining why the concept of retirement itself needs to be reimagined, and how Biblical principles of wealth creation and legacy can guide us toward a more sustainable future. Our conversation reveals why creating value throughout life might be better than planning for inactivity. The False Promise of Retirement Age: The concept of retiring at 65 is a modern construct with no historical or Biblical basis. Social Security has created artificial incentives around retirement timing, while Required Minimum Distributions (RMDs) force retirees to spend down their wealth rather than preserve it. The Unpredictable Future Problem: Traditional financial planning requires making multiple assumptions about an unpredictable future. Tax rates, inflation, market performance, and lifespan are all variables that can dramatically impact planning. The standard model assumes you'll spend less in retirement, which is not an assumption that can be responsibly made. The Inflation Reality Challenge: In 1988, $20,000 bought a nice car and $90,000 bought a decent house. Today those numbers have multiplied several times over. Future costs are likely to increase exponentially, not linearly, making traditional planning models obsolete. Biblical Wealth Building: Focus should be on building sustainable wealth that can be passed down, following the biblical principle of leaving an inheritance to children's children. Creating value throughout life, rather than planning for inactivity, aligns with biblical commands of dominion and multiplication. ▶️ Chapters  00:00 Introduction & Current Events 02:00 The Problem with Traditional Financial Planning  05:00 Questioning Retirement Age Assumptions  15:00 The Reality of Asset Price Inflation  25:00 Biblical Perspective on Wealth & Legacy  35:00 Tax Implications & RMDs  40:00 Historical Context of Inflation  45:00 Closing Got Questions? Reach out to us at info@remnantfinance.com ⁠Visit https://remnantfinance.com for more information FOLLOW REMNANT FINANCE Youtube: @RemnantFinance (https://www.youtube.com/@RemnantFinance) Facebook: @remnantfinance (https://www.facebook.com/profile?id=61560694316588) Twitter: @remnantfinance (https://x.com/remnantfinance) TikTok: @RemnantFinance Don't forget to hit LIKE and SUBSCRIBE 

Dr. Friday highlights the importance of ensuring Required Minimum Distributions (RMDs) are taken on time to avoid a hefty 50% penalty. She explains how to avoid common missteps, such as overlooking communications from fiduciaries, and offers tips to manage RMDs effectively before the year-end deadline. Transcript: G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com. This is a one-minute moment. Do not forget your RMD. That’s your Required Minimum Distribution. Sometimes people sit there and they think, oh, my fiduciary person’s going to send it to me so I don’t have to do anything. And what happened is they’ve emailed something over to you, probably in early November, saying how much or how do you want us to handle this, and you didn’t look at the email. So it is your responsibility. The penalty is 50% of what you would have taken out. So if you have a $10,000 RMD, Uncle Sam wants $5,000 of it because you didn’t take it out timely. Very easy to fix. Sometimes you can even get that waived. More importantly, let’s not let it happen. Make sure you have taken all of your Required Minimum Distributions and set an appointment. Go to drfriday.com. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Check out Mike's Year-End Financial Checklist, a simple tool to help you wrap up 2024 stress-free and set yourself up for a successful 2025. They discuss five key items to tackle: Required Minimum Distributions (RMDs) for retirement accounts, Roth conversions to maximize tax-free growth, strategic charitable giving, Q4 estimated tax payments, and the best timing for year-end bonuses. With practical tips, insights, and humor, this episode makes financial planning less daunting. Download the full checklist, take 15 minutes to review it, and breathe easier knowing you're prepared for the year ahead.Are you ready to create your ideal lifestyle? Let's Connect.Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

In episode 116 of The Federal Retirement Show, Val sifts through the critical topic of Required Minimum Distributions (RMDs) for Thrift Savings Plan (TSP) participants. He breaks down the question of when federal employees and retirees need to start taking RMDs from their TSP accounts. Whether you're approaching retirement or already there, this episode provides essential information to help you navigate the complexities of TSP withdrawals and stay compliant with IRS regulations12. Don’t miss this episode if you’re looking to secure your financial future as a federal employee. Make sure to subscribe to The Federal Retirement Show for more episodes and leave us a review! Have questions about retirement planning or other financial topics? Connect with Val and the topic could be featured in future episodes! Don't forget to leave a review and share this podcast with anyone looking to boost their financial knowledge. Listen to Previous Episodes: https://federalretirementshow.com/podcasts/ Subscribe to the show’s YouTube channel:www.youtube.com/@americanbenefitsexchange Connect with Val:Phone --- (512) 582-6050Email --- vmajewski@thinkabx.comAmerican Benefits Exchange --- thinkabx.comFederal Retirement Show --- federalretirementshow.com/podcastsLinkedin --- https://www.linkedin.com/company/american-benefits-exchange/ About American Benefits Exchange:American Benefits Exchange focuses on providing solid financial solutions to Federal, postal, and state employees as well as members of the United States Armed Forces and small businesses. American Benefits Exchange brings years of experience and knowledge to support these niche markets. American Benefits Exchange, along with its provider companies, truly understands the needs of civil service employees. A portfolio of products is available to address important financial issues such as planning for retirement, FEGLI Option B replacement, Thrift Savings Plan Rollovers, and Pension Maximization.See omnystudio.com/listener for privacy information.

In this episode of More than Commas, host Paul Adams unpacks the crucial differences between Roth IRAs and Traditional IRAs, two popular retirement accounts. Discover how taxes, contribution limits, and withdrawal rules impact your financial future. Paul explains the tax benefits of each account, eligibility requirements, and the implications of Required Minimum Distributions (RMDs). Whether you're seeking immediate tax relief or planning for tax-free withdrawals in retirement, this episode offers valuable insights to help you make informed decisions.     ---     This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

How can you make the most of charitable giving while reducing your tax burden? In this podcast episode, Christian and John explore the strategic use of Qualified Charitable Distributions (QCDs) in retirement planning. Learn how QCDs can help you meet Required Minimum Distributions (RMDs) while supporting causes you care about—all tax-free. They also dive into age requirements, reporting considerations, and unique planning opportunities. If charitable giving is part of your retirement goals, this episode is a must-listen! Tune in for actionable insights to improve your retirement plans. https://zurl.co/dyBc

In this episode, Jim Martin, financial advisor and founder of Martin Wealth Solutions, shares key financial tips for end-of-year planning. Reflecting on a recent trip to Iceland, Jim highlights the importance of preparation in both travel and financial planning. Key topics include maximizing retirement account contributions, updating emergency funds for inflation, ensuring required minimum distributions (RMDs) are taken, monitoring holiday spending, and setting personal and financial goals for 2025. Tune in for actionable advice to set yourself up for a prosperous new year. http://taxgpa.com  

In this week's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, breaks down the complexities of Required Minimum Distributions (RMDs). RMDs can be an intimidating topic, but Darryl simplifies the details with practical guidance, actionable strategies, and insights to help you navigate this critical aspect of retirement planning. In this episode, Darryl explores the fundamentals of RMDs, explaining their impact on your tax strategy, legacy planning, and overall financial health. Whether you're nearing the RMD age, have questions about Roth conversions, or want to reduce your lifetime tax burden, this episode provides valuable insights to optimize your retirement plan. Key highlights of the episode include: Understanding the rules, including recent changes to RMD ages, and how they affect your tax obligations. Exploring Roth IRAs, qualified charitable distributions (QCDs), and how to balance traditional and Roth accounts for long-term tax efficiency. Insights on the 10-year rule for non-spouse beneficiaries, trust considerations, and how to avoid unintended tax consequences for your heirs. Breaking down calculations, life expectancy tables, and why your December 31 balance plays a critical role. Common pitfalls like missed RMDs, understanding IRS codes, and how to ensure proper reporting. For more resources and to connect with a financial advisor who can help you plan your retirement with confidence, visit www.PAXFinancialGroup.com. If you found this episode helpful, share it with someone preparing for retirement! Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. “Like” is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm. References: 2023 Publication 590-B

How do you navigate the new RMD rules without paying hefty penalties? Josh deep dives into Required Minimum Distributions (RMDs) and their impact on your retirement plan, especially as new regulations from the SECURE 2.0 Act kicked in for 2024. With RMDs now beginning at age 73, Josh explains the critical deadlines to watch and the strategies that can help you minimize tax burdens. Josh covers the severe 50% excise tax penalty for missed RMDs and offers practical ways to avoid it, like setting up automatic distributions and understanding the Required Beginning Date (RBD). He explores opportunities for Roth IRA conversions after fulfilling RMD obligations and highlights the importance of handling inherited IRAs correctly to prevent unexpected tax hits for your beneficiaries. Can't get enough of the Financial Quarterback? Click 'Subscribe' to never miss a play. New episodes touchdown right here! Loving the playbook? Drop us a 5-star rating and share your thoughts in a review. Your feedback fuels the game plan!

When you turn 73 or 75, you will be required to begin taking money from your tax-deferred IRAs, 401ks, 403bs, etc. This is through what is called Required Minimum Distributions (RMDs).While RMDs aren't the worst thing ever, they can create some tax issues in the future if you don't plan accordingly. In this epsiode, I share 5 ways you can lower your RMDs to minimize their negative tax impact in the future.———————————————————————————Book a free consultation to get started today

Podcast Description:In this episode of the Directed IRA Podcast, Mat Sorensen and Mark J. Kohler answer listener-submitted questions in an open forum! They cover key topics like managing Required Minimum Distributions (RMDs) within IRA LLCs, strategies for Roth conversions, and the ins and outs of rolling over a Roth 401(k) to a solo 401(k). They also discuss critical considerations for maximizing Social Security benefits and avoiding Medicare penalties.Tune in for expert insights and practical tips on self-directed retirement accounts, tax strategies, and more—straight from real questions submitted by our audience!Have questions? Submit them at directedira.com/podcast for a chance to be featured in a future episode!Learn how to take control of your retirement - https://directedira.com/Self-directed IRA Podcast - https://matsorensen.com/podcast/Shop my products - https://shop.matsorensen.com/ Blog & Articles - https://matsorensen.com/blog/Ask Mat: https://matsorensen.com/ask-matConnect with Mat online:Instagram: https://www.instagram.com/matsorensen/Facebook: https://www.facebook.com/mat.sorensen.1LinkedIn: https://www.linkedin.com/in/matsorensen/TikTok: https://www.tiktok.com/@sorensenmat YouTube: https://www.youtube.com/@MatSorensenWebsites:https://directedira.comhttps://matsorensen.comhttps://kkoslawyers.comhttps://mainstreetbusiness.com...

“Prevention is better than cure. Don't feel overwhelmed by all this. Would you remove your own kidney? You would go to a professional to get it done.” -Denise Appleby   Renowned IRA and retirement plans expert Denise Appleby joins our hosts Stephanie McCullough and Kevin Gaines for a crucial conversation on managing your retirement accounts effectively, especially as 2024 comes to a close.   Having trained thousands of financial, tax, and legal professionals, Denise shares her invaluable insights on year-end retirement planning strategies, covering the complexities of Required Minimum Distributions (RMDs) and the potential pitfalls of rollovers.   They talk about the challenges family members face when inheriting IRAs and handling 401(k) withdrawals, including those aged 73 and older.   In addition to RMDs, they also cover Roth conversions and Qualified Charitable Distributions (QCDs), giving you much-needed clarity on suitability assessments and precise reporting needs.   Denise explains the differences between transfers and rollovers, providing real-life examples of costly mistakes and IRS penalties that typically come from common misunderstandings. By sharing these cautionary tales, Denise demonstrates the importance of consulting knowledgeable financial advisors to guide you through these often-daunting processes, ensuring your retirement plan remains on track!   Key Topics: How to Manage Your Retirement Accounts Before the Year Ends (3:38) Navigating IRS Publications and Regulations (10:18) What's Eligible for a Rollover? (22:38) Understanding Beneficiary IRAs and R&D (27:30) Direct Versus Indirect Roth Conversions (38:28) A Primer on Qualified Charitable Distributions (46:42) Stephanie and Kevin's Key Takeaways (59:45)   Resources: DeniseAppleby.com Take Back Retirement Episode 12: What Women Need to Know About IRA's, with Sarah Brenner Take Back Retirement Episode 20: Women + Roth IRA's – What Should You Be Aware Of? Take Back Retirement Episode 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message! Take Back Retirement Episode 78: The Essential Rules to Know When You Inherit an IRA     If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

Retirees will be impacted by significant changes to Required Minimum Distributions (RMDs) in the SECURE 2.0 Act. Today's Stocks & Topics: KKR - KKR & Co. Inc., UBER - Uber Technologies Inc., Market Wrap, New RMD Rules for Retirees in 2024!, DELL - Dell Technologies Inc. Cl C, AAON - AAON Inc, URI - United Rentals Inc., Bitcoin, ALV - Autoliv Inc., TDG - TransDigm Group Inc.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this video, we break down strategies to make Required Minimum Distributions (RMDs) less overwhelming and more tax-efficient. If you're approaching retirement or already retired, understanding RMD rules, age requirements, and the impact on your tax bracket is essential. We cover everything from the basics of RMDs to advanced strategies for minimizing tax implications and preserving wealth. Here's what you'll learn: *What Are RMDs and Why They Matter: Get a clear understanding of Required Minimum Distributions and why they're mandated. *Current RMD Age Requirements: Learn how the Secure Act 2.0 has updated RMD ages, including options for reducing taxable income through strategies like Roth conversions. *Qualified Charitable Distributions (QCDs): How to donate your RMD directly to charity, avoiding taxes and supporting causes you care about. *The Tax Implications of RMDs: Understand how large RMDs can push you into higher tax brackets and how to plan for it. *Tax Diversification and Asset Location: Why balancing tax-deferred, taxable, and Roth accounts can make a big difference in your retirement plan. Whether you're nearing RMD age or planning for the future, these insights will help you create a more tax-efficient retirement strategy. Don't miss these expert tips on maximizing your retirement savings! Here are key timestamps from the video "How to Make Navigating RMDs Less Taxing," giving you direct access to specific discussions: Introduction to Required Minimum Distributions (RMDs) - 00:00 Definition and Importance of RMDs - 00:00:32 Age Requirement for RMDs (Currently 73) - 00:01:04 Changes Under Secure Act 2.0 - 00:02:07 Qualified Charitable Distributions (QCDs) Explained - 00:02:38 Roth Conversions as a Strategy - 00:04:10 Impacts of Large RMDs on Tax Brackets - 00:04:43 Key Milestones for Retirement Accounts (Age 55, 59½, etc.) - 00:05:13 Importance of Tax Diversification - 00:09:05 Managing Capital Gains and Asset Location - 00:09:52

Welcome back to The Money Mastery Unleashed podcast with your host, Adam Olson. In today's episode, we're diving into "10 Things You Need to Know to Live a Tax-Advantaged Retirement." Drawing from over 13 years of experience as a financial planner and the latest insights from a 2024 Northwestern Mutual survey, Adam highlights essential strategies to minimize taxes on your retirement savings. Learn how to strategically withdraw from Traditional and Roth accounts, make the most of HSAs and 529 plans, and utilize charitable donations to lower your taxable income. Adam emphasizes the importance of blending distributions to maintain a lower tax bracket and explores the benefits of Roth conversions before Required Minimum Distributions (RMDs) kick in. Additionally, discover how to leverage permanent life insurance and annuities for tax-free income and ensure a financially secure retirement. Tune in to uncover these vital tips and transform your retirement planning.  "Use a mix of Traditional and Roth retirement accounts to blend your distributions and minimize taxes over time." What you will learn: Traditional and Roth Accounts Charitable Donations Permanent Life Insurance and Annuities Tax-Advantaged Accounts Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website-- Investing involves risk, including loss of principal.    Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.  Any strategies discussed may not be suitable for everyone.  Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.  Adam Olson, Representative.  Mutual of Omaha Investor Services is not affiliated with any entity listed herein.  This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.  Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.

Are you feeling rattled by Required Minimum Distributions (RMDs)? We're here to help. Today we get deep into managing RMDs as we explore an article by Pam Krueger from Kiplinger's. I outline the complexities of RMDs, share strategies to minimize tax impacts, and talk about how to craft a "perfect RMD" strategy. Plus, I'll dig into why so many retirement podcasters, myself included, have no plans to retire themselves. We kick things off by understanding the basics of RMDs, including when and how retirees must start withdrawing funds from tax-deferred accounts like IRAs and 401(k)s. I share exactly how the timing of RMDs, starting at age 73 (or potentially later under new laws), can have huge tax implications. I also detail strategies to minimize taxes through Qualified Charitable Distributions (QCDs) and preemptive withdrawals. And of course, co-host Bret Mulvaney and I respond to a listener's intriguing question: why don't retirement podcasters retire?  Outline of This Episode [00:22] Tax Month and RMDs Overview [02:10] Age Changes and Future Implications [08:00] Strategies for a “Perfect RMD” [16:10] Why Retirement Podcasters Don't Retire [21:30] Life Fulfillment through Financial Planning Resources & People Mentioned The Retirement Podcast Network Kiplinger's article by Pam Kruger: “Rattled by RMDs? Look No Further.” Retirement Starts Today Tax Tool: retirementstartstoday.com/tax Secure 2.0 Act details Connect with Pam Krueger https://www.kiplinger.com/author/pam-krueger Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/start Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

In the past, David McKnight has been critical of gurus like Dave Ramsey. However, this episode looks at a video in which Ramsey seems to have slightly changed his views. Ramsey emphasizes that one key benefit of a Roth IRA is the potential to drastically reduce or even eliminate Required Minimum Distributions (RMDs). David explains that the decision to pursue a Roth conversion typically depends on whether you expect your future tax rate to be higher than it is today. David discusses a missed opportunity in Ramsey's advice to a caller, highlighting a critical point Ramsey seems to have overlooked. While David acknowledges a solid point made by Ramsey, he also identifies what he describes as "a huge blind spot in Ramsey's worldview." David highlights a "right move" by Ramsey – whether it's a deliberate policy shift or Ramsey unintentionally cornering himself remains to be seen… David praises Ramsey's advocacy for Roth accounts, a sentiment he wholeheartedly agrees with.     Mentioned in this episode: David's upcoming book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Dave Ramsey David M. Walker Ed Slott Tom Hegna Dr. Laurence Kotlikoff Brian Bolan Wade Pfau

Understanding how to navigate taxes in retirement is crucial for preserving your hard-earned income. From Roth conversions to Qualified Charitable Distributions (QCDs), implementing effective tax strategies can significantly impact your financial future. Recognizing the importance of Required Minimum Distributions (RMDs) and the Income-Related Monthly Adjustment Amount (IRMAA) will empower you to make informed decisions about your retirement income. Join Micah and Christian as they explore vital tax planning strategies that can help you manage your retirement finances effectively. They cover key topics such as the benefits of timing your withdrawals, leveraging tax credits, and minimizing your taxable income. You'll learn about common pitfalls to avoid and gain practical insights to enhance your tax strategy. Protect your retirement savings from excessive taxes. Explore ways to build a tax-efficient strategy that enhances your income and supports your financial aspirations. Begin your tax planning today to pave the way for a secure and satisfying retirement! https://zurl.co/fiiS

Did you know Required Minimum Distributions (RMDs) will be a factor in your future that you may not be tracking?  If you have any traditional TSP or IRA money, you'll be required to take a portion of that money starting at 73 (as of 2024, scheduled to go up to 75), and that distribution will be taxable income. This can affect how to withdraw from accounts in retirement and how you decide to contribute to your accounts now. RMDs are also required for your beneficiaries on traditional IRAs you pass on (taxable income for them). While RMDs are required for some Roth IRAs for your beneficiaries as well, they're not taxed. (Inheritance tax is 2024 is $13,610,000. As long as you pass on less than that, no federal taxes. If it's all in a Roth IRA for example, no tax at all. If it's an inherited Traditional retirement account, your beneficiary owes taxes on the money as they withdraw funds per RMD schedule.) Today main takeaways: RMDs are important for you to understand They affect your beneficiaries who receive your accounts after you pass Understanding RMDs may affect how you choose Roth or Traditional investments now If you inherit an IRA, it's complicated but important to get right. Hiring some fee-only help (links below) may be a great idea. Links from today's episode: Military Financial Advisors Association (MFAA) Nectarine (includes 10% off military discount w/ this link) Military Tax Experts Alliance IRA RMD Calculator at Schwab (just one of many examples) IRA RMD Calculator at Vanguard (just one of many examples) Inherited IRA RMD Calculator For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

Strategies such as bundling policies, increasing deductibles, and exploring discounts for safety features or claims-free history can lead to substantial savings. Today's Stocks & Topics: FRO - Frontline PLC, Market Wrap, Required Minimum Distributions (RMDs), How to Save Big on Homeowners Insurance, WFC - Wells Fargo & Co., How to Invest, The Dollar, LEU - Centrus Energy Corp., IIPR - Innovative Industrial Properties Inc., CIVI - Civitas Resources Inc., Federal Deficit.Our Sponsors:* Check out PrizePicks: https://prizepicks.onelink.me/LME0/INVESTAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

For more information and show notes visit: https://www.bwmplanning.com/post/87In this episode of Financial Planning for Oil & Gas Professionals, hosts Justin Brownlee and Jared Machen dive into the recent updates to the SECURE Act, focusing on changes affecting non-spouse beneficiaries and the implications for Required Minimum Distributions (RMDs) under the 10-year rule.The SECURE Act, passed in 2019, introduced significant changes to how non-spouse beneficiaries manage inherited IRAs. One of the most notable changes is the requirement for most non-spouse beneficiaries to deplete inherited accounts within a 10-year period. This shift has significant implications for tax planning & financial management, particularly for those inheriting large pre-tax retirement accounts.Key Changes Introduced by the SECURE Act1) 10-Year Rule for Non-Spouse Beneficiaries: Previously, non-spouse beneficiaries could stretch distributions from an inherited IRA over their lifetime, allowing them to take smaller required minimum distributions (RMDs) annually. This approach enabled beneficiaries to manage their tax burden effectively, even when inheriting substantial IRAs. Under the SECURE Act, however, most non-spouse beneficiaries must now withdraw the entire balance of the inherited IRA within 10 years. This change compresses the distribution timeline, potentially leading to significantly higher taxable income in the years when distributions are taken.2) Tax Implications: The requirement to withdraw funds within a decade can create a substantial tax burden, especially for beneficiaries already in a high-income bracket. For instance, if a beneficiary inherits a $4 million IRA while earning a significant income, the additional distributions could push them into an even higher tax bracket, resulting in a larger percentage of their inheritance being lost to taxes. This scenario is particularly concerning for those who may not have anticipated such a sudden increase in taxable income.3) Clarifications on RMDs: The SECURE Act also introduced nuances regarding RMDs for non-spouse beneficiaries. If the original account owner had begun taking RMDs before their death, the beneficiary must adhere to both the 10-year depletion rule and the annual RMD requirements. This dual obligation complicates tax planning, as beneficiaries must ensure they meet both requirements to avoid hefty penalties. The penalties for failing to take the required distributions can be severe, adding another layer of complexity to the management of inherited IRAs.4) Exceptions to the Rule: While the 10-year rule applies to most non-spouse beneficiaries, there are exceptions for certain eligible designated beneficiaries, such as surviving spouses, disabled individuals, and minor children. These exceptions allow for more favorable distribution options, but they are limited to specific circumstances.Planning ConsiderationsGiven these changes, it is crucial for beneficiaries to engage in proactive tax planning. Here are some strategies to consider:Timing of Distributions: Beneficiaries should evaluate their current and expected future income levels to determine the optimal timing for taking distributions. For example, if a beneficiary anticipates a lower income in the future, it may be beneficial to delay distributions until that time to minimize tax impact.Tax Diversification: Beneficiaries should consider their overall tax situation, including other sources of income and tax-advantaged accounts. This holistic view can help in making informed decisions about how much to withdraw each year.TakeawayThe SECURE Act has fundamentally changed the landscape for non-spouse...

Baby Boomers should focus on securing reliable retirement income through strategies like annuities and dividend-paying investments, while also understanding the impact of Required Minimum Distributions (RMDs) on their retirement accounts. Managing healthcare costs, including long-term care, is essential as they age. Additionally, proper estate planning ensures their assets are passed on efficiently to the next generation.Grab your copy of the companion book Finances and… Your Spending Planner Workbook on Shopify to keep track of your spending, net worth, and plan for your future! You can watch these episode on my YouTube channel as well.Seeking financial counsel? Check us out at Capitalcoaching.net and see how we can provide financial coaching with a personal touch.You can share your ideas at financesand.net and leave a review at Apple Podcasts by going to the bottom of the page and choosing write a review.You can also create an audible account to find helpful finance books to listen to here, and the top selling finance books on Amazon here. As an Amazon associate I can earn from qualifying purchases. For those who receive SNAP, Medicaid, or other qualifying government assistance, you can save more with Prime Access. Learn more.Need some swag? You can order Finances and......

Retirement is not just a transition from work to leisure. It's a continuous journey of self-discovery. We explore the story of Tom, who reflects on the emotional and financial challenges he faced after leaving a successful career. From adjusting to a fixed income to finding new ways to matter outside of his career, Tom's experiences give us valuable lessons for those nearing retirement. In light of Tom's story, we talk more about Roth conversions and the evolving rules surrounding Required Minimum Distributions (RMDs). We'll tell you how to manage Roth conversions, even after reaching RMD age, and the importance of tax planning as part of a truly comprehensive retirement strategy. Learn how to make smarter financial decisions as you prepare for (or continue through your continuous journey of) retirement. Outline of This Episode [2:06] What challenges arise when going from a fulfilling career to retirement? [3:11] How do you cope when you're no longer excited about retirement? [5:31] Can part-time work in retirement bring meaning or just fill time? [4:56] How do you adjust to losing status and income? [4:03] Why is adapting to a fixed income harder than expected in retirement? [9:46] How many Roth conversions can you make after turning 73? [10:41] Is converting IRA funds to a Roth still a good strategy after RMD age? [12:07] What happens if you delay your first Required Minimum Distribution (RMD)? [13:50] How do changes in tax laws impact retirement decisions? Resources & People Mentioned The Retirement Podcast Network Tom Pendergast's Blog: Out Over My Skis (Retirement Freedom or Free Fall article) Connect with Tom Pendergast Tom Pendergast's Blog Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/start Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Join the newsletter: https://retirementstartstodayradio.com/newsletter Dive deeper into retirement planning with Ben at www.RetirementIncome.University

In this episode we're answering listener voicemails and tackling some tough questions about Social Security, RMDs, estate planning, and more. First up, we help Diane, whose husband is a minister, figure out why his Social Security benefits don't include his housing allowance, even though he pays taxes on it. Then, we talk through a listener's concerns about how changing the title on a brokerage account could affect the revocable living trust her parents set up. We also explain how Required Minimum Distributions (RMDs) work and why the percentage you have to take out increases as you get older. Next, we respond to John H., who challenges our math on whether it's better to withdraw an entire IRA at once or spread it out over 10 years. Finally, we offer advice to Richard, who's looking for a new attorney to update his and his wife's wills after losing contact with their original lawyer. If you've ever wondered about Social Security, trusts, or retirement strategies, this episode is packed with practical tips and answers to common questions. Tune in and get the clarity you need for your retirement planning! If you're thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven't done so already, follow the podcast. We add new content every week, and if you're not following, you'll likely miss out. Follow now!  Don't miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin's team at https://www.carrolladvisory.com/  Contact John's team at https://www.rossandshoalmire.com/     

In this episode of Big Picture Retirement, Devin is joined by Alexander Davis, a financial advisor at Carroll Advisory Group, to address some of the most pressing questions from our listeners. Together, they answer a range of questions, including: Charles' query on the order and process of completing Required Minimum Distributions (RMDs) before making Roth Conversions. Ted's strategy on transitioning maturing tIRA CDs into investment grade and Treasury short and intermediate-term bond funds, and the potential benefits of bond ETFs. Kathy's decision-making process around her company's "Social Security Leveling" offer and its impact on her retirement plan. Claire's approach to allocating her funds in the first year of retirement, balancing between funds, dividend-paying stocks, cash reserves, and a contingency pot for market fluctuations. Chris' best practices for creating an income stream from Roth and pretax retirement assets, considering the effectiveness of dollar-cost averaging in withdrawal strategies. Mike's frustrations with financial advisors who focus more on sales pitches than on comprehensive retirement planning, and his successful journey of managing his own retirement plan for over six years. If you're thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement.  Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven't done so already, follow the podcast. We add new content every week, and if you're not following, you'll likely miss out. Follow now! Don't miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail. ”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin's team athttps://www.carrolladvisory.com/ Contact John's team athttps://www.rossandshoalmire.com/ Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

Required Minimum Distributions (RMDs) begin at age 73 for most retirement savers. These forced withdrawals can be a burden for those who don't need (or want) the taxable income. Since they are “required,” many assume that they don't have any control over their RMDs. But that's not necessarily the case. In fact, one of the 5 strategies I'm sharing with you today allows you to delay unwanted (mandatory) distributions well past age 73