How to Use Roth Conversions to Protect Your Spouse's Future

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 24 January 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of Ready for Retirement, James how to use Roth Conversions to protect your spouse's future. Questions Answered: What are the best ways to implement Roth Conversions?What are the best strategies to implement tax planning for your spouse?How can your overall retirement strategy be improved?Timestamps: 00:00 - Introduction 1:45 - Roth Conversions 3:23 - When To Implement 6:52 - Income Assumptions 9:27 - Taxable Income 12:05 - Roth Conversion Planning 14:35 - Surviving...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.3	It all starts right here on Ready for Retirement. retirement.
0:28.2	Hi, everyone.
0:30.3	Welcome back to another episode of Ready for Retirement.
0:31.5	I'm your host, James Cannell.
0:35.6	Today, we're going to be talking about how to use Roth conversions, not only to save you money on taxes throughout retirement, but also
0:38.6	to protect your spouse in the event that they outlive you in retirement. This episode is based
0:44.7	on a listener question. This question comes from Brian. Brian asks the following. He says,
0:49.4	Hi, James, I'm very close to the top of the 12% federal tax bracket. My wife and I are both 60 years old. I am
0:55.6	retiring in January. We will be in the same tax situation after retirement, which is right
1:00.3	near the top of the 12% bracket. When one of us passes, the other will move up into the 22%
1:05.6	bracket under current rates, although probably higher rates, will be passed in the future.
1:10.5	Should I convert any traditional IRA to Roth IRA this year, or in the next few years,
1:15.2	when rates may be lower, which would be in the 22% bracket?
1:20.0	Brian, thank you for that question.
1:21.8	Really appreciate that because I think it hits on something that's really important
1:25.2	about Roth conversions, is we tend to look at them
1:27.8	as being a black and white issue, but the reality is there's all these nuances that come along
1:32.3	with them. So that's exactly what we'll be discussing in today's episode. And before we do so,
1:36.7	want to quickly highlight the review of the week. This comes from username Johnny 64, who gives
1:41.7	the podcast a five-star review and says, I listen to a lot of financial
	...

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