Spend RMDs, or Reduce Distributions and Taxes With Roth Conversions? - 498
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 8 October 2024
⏱️ 39 minutes
🧾️ Download transcript
Summary
Hawkeye and Elle are age 61 and in the 32% tax bracket. How should they get money into their Roth accounts for tax-free retirement income? Clark and Ellen are 69 and 68, expenses will pretty much be covered by their fixed income, but they’d like to leave Roth money to their kids. Should they keep converting to Roth, or use required minimum distributions for their living expenses? Tom and his wife are 73, and fixed income will cover their retirement spending too. Is it advantageous to them to make three huge Roth conversions beyond their marginal tax bracket to reduce future RMDs? Should they keep things simple by leaving their money in an S&P 500 Index Fund? That’s today on Your Money, Your Wealth® podcast 498 with Joe Anderson, CFP® and Big Al Clopine, CPA. Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-498
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00:00 - Intro: This Week on the YMYW Podcast
01:05 - Tax-Free Roth Strategy When in the 32% Tax Bracket? (Hawkeye & Elle Woods, Atlanta)
12:28 - Limited Time Special Offer: Download the DIY Retirement Guide before the Special Offer changes on Friday, Oct 11
13:31 - Spitball on Roth Conversions vs. RMDs, And Should We Buy More Bonds? (Clark & Ellen Griswold, State College, PA)
27:16 - Calculate a Free Financial Blueprint, Learn About Pure's Financial Assessment
28:36 - Should We Do 3 Huge Roth Conversions to Reduce Future RMDs? (Tom, Las Vegas)
37:59 - Outro: Next Week on the YMYW Podcast
Transcript
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| 0:00.0 | Hawkeye and L are age 61 and in the 32% tax bracket. |
| 0:04.7 | How should they get money into their Roth accounts for tax-free retirement income? |
| 0:08.6 | Clark and Eleanor 69 and 68, expenses will pretty much be covered by their fixed income, |
| 0:13.6 | but they'd like to leave Roth money to their kids. |
| 0:15.8 | Should they keep converting to Roth or use required minimum distributions for their living expenses. Tom and his wife are |
| 0:22.2 | 73 and fixed income will cover their retirement spending too. Is there any advantage to them making |
| 0:27.8 | three huge Roth conversions beyond their marginal tax bracket to reduce future RMDs? Should they |
| 0:34.5 | keep things simple and leave their money in an S&P 500 index fund? That's today on |
| 0:39.3 | Your Money, Your Wealth podcast number 498, our first official video podcast. You can listen as you |
| 0:45.8 | always do on your favorite podcast app or watch us right now on YouTube. If you've got a money |
| 0:51.0 | question or you want a retirement spitball analysis, click the Ask Joe and Big Al link in the episode description and send them on in. |
| 0:57.7 | I'm executive producer Andy Last and here are the hosts of your money, your wealth, Joe Anderson, CFP and Big Al Clopine CPA. |
| 1:05.4 | We got Hawkeye in Ellie, Ellie Woods from Hotlanta, Georgia. |
| 1:13.9 | Let's see. |
| 1:14.8 | It starts out a little negative. |
| 1:17.1 | This 316, 2024, but don't believe I've ever heard the spitball. |
| 1:22.7 | Did I miss it? |
| 1:24.6 | Well, I don't know. |
| 1:25.1 | That was a long time ago. |
| 1:26.1 | It was almost a year ago. |
| 1:27.1 | You know what? I missed it. For the first time ever, I completely't know. That was a long time ago. It was almost a year ago. You know what? |
| 1:27.9 | I missed it. |
... |
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