Am I Headed for a Financial Cliff?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 5 August 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Kurt is in Philadelphia.
0:24.0	Hi Kurt, how are you?
0:25.0	I'm good, how are you?
0:27.0	Better than I deserve.
0:28.0	What's up?
0:29.0	I'm wondering if you have advice for me.
0:31.0	I have about 7.8 million in financial assets with the
0:35.7	bulk of it six million in tax aver the IRAs 401k's and 403b's I'm a 66 year old guy and I'm taking Social Security amounts to about $3,600 a month and I have a pension
0:50.5	of about $1,000 a month. problem, and I think you can see it, is that in seven
0:56.4	years I'm going to go off a cliff with required minimum distributions on my tax deferred accounts.
1:04.0	And I can't solve this.
1:07.0	This is going to boost me into the highest tax bracket, I think,
1:11.0	and trigger Irma and other kind of penalties. Is there any answer for me?
1:16.4	God I hate it when you got seven million dollars worth of money.
1:19.6	Way to go man you did great. I just wish it wasn't all in tax deferred. Oh my gosh.
1:28.0	I didn't realize that till too late.
1:30.0	Yeah, so, okay, so is it all 401k or what is most of it is?
1:35.0	It's IRAs, the bulk of it is in 401k and 403d, but some of it's in IRAs. Did you say some of it was taxed was a
1:45.2	like a 457 just deferred income? Yes yes yes 457 that's, 457B, that's what it is.
1:54.0	Yeah.
	...

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