Inbox Questions | Reducing Taxes and Managing RMDs
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 16 January 2025
⏱️ 14 minutes
🧾️ Download transcript
Summary
In this episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wants to minimize taxes while preparing for required minimum distributions (RMDs) and long-term care expenses. We explore the pros and cons of massive Roth conversions, the impact of IRMAA on Medicare premiums, and other strategies for keeping income taxes as low as possible.
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Transcript
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| 0:00.0 | Welcome to the Big Picture Retirement Show. |
| 0:07.7 | Today, we're going to the inbox to answer questions sent in by you, our listeners. |
| 0:12.6 | Now, if you'd like to send us a question, just head over to big pictureretirement.com and click |
| 0:17.3 | the Ask a Question tab in the top menu. |
| 0:19.8 | Oh, and just a quick reminder. |
| 0:21.2 | On this podcast, we provide general information |
| 0:24.3 | and not specific tax, legal, or financial advice. |
| 0:28.0 | But if you're ever ready to move |
| 0:29.6 | from the broad education we provide here |
| 0:31.9 | to personalized advice that's specific to you, |
| 0:35.6 | you can find links to our websites down in the description. Now let's jump in |
| 0:40.0 | today's question. John, today's question comes from K. Now, it's kind of long and it has some |
| 0:48.6 | numbers in it, but I think this is an important one to cover here. She said, I'm a 70-year-old |
| 0:53.2 | female, divorced and retired. I have |
| 0:56.1 | three children who are all grown up, two are doing well financially. One is barely making a living. |
| 1:00.9 | If they inherit my IRA, two children will have a tax burden since they are and will be in a high |
| 1:07.6 | income tax bracket. My house is paid off in monthly expenses are $5,000, |
| 1:11.8 | and that's the amount that I need on a monthly basis. And I'm assuming that's after taxes, |
| 1:17.4 | John, when she says that. My only income is Social Security, $35,000 per year. Currently, |
| 1:23.2 | I supplement the rest of my income with cash from the brokerage account. And she keeps enough cash |
| 1:27.8 | there for covering two to three years of expenses. Ooh, which is a good point that this may not |
| 1:32.6 | be the question to pause on, but probably needs its entire episode on that. She goes on to say that my |
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