Minimizing Retirement Taxes: How To Keep More Of Your Hard-earned Money

[@x2bate]

7:35 The ROTH 5-yr rule. Is it just for UNDER 59 1/2 ?

[@FinancialFastLane]

There is more than one 5 year rule. Here is a video on that kzbin.info/www/bejne/i6rdZYqnZpeAm5Isi=h30UG_fecxLY2fIy

[@mallikadavi2138]

Thank you for your short and informative information. I wish I met you 40 years ago. I am sharing your video with my daughter and Son-inlaw so they do a better job than I did.

[@BrittMFH]

Yes, how many times have I heard "income in retirement will be lower". Not true. I'm so lucky I maxed out my Roth when working. You have the BEST financial insights and advice.

[@EvanCarmichael]

Thanks for highlighting the impact of taxes on retirement savings! Understanding tax brackets is super important for retirement planning. - Lipika - Team Evan Carmichael

[@waldenharvey1278]

I converted my 401k to a Roth IRA to avoid higher taxes in the future. I'd rather pay taxes now than be stuck paying taxes on my retirement income when I'm 59 and living off my savings.

[@patrickjones1392]

Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

[@longgone9738]

Best rationale to tax plan I have seen on KZbin! In 2025 the LAST of my multiple-year conversion strategy will result in the only remaining pretax account becoming a post-tax Roth account. Future taxes saved? Incalculably large amount.

[@EightBallAnswers1]

Wishing I had used the Roth IRA option earlier in my life and had more that’s already been taxed. I would’ve focused there a bit more.

[@RodHardin]

Thanks much. There is also loss of spouse and then all that income is being taxed as a single tax payer. All kinds of benefits to manage your taxable IRA's. I wish someone had a software program that calculated the "sweet spot". I use a spreadsheet but have to be very careful!

[@davidrupprecht2774]

Always great information Lane!

[@Vicshade]

I wish I had seen this 10 years ago. I switched to Roth TSP from regular a year ago and wished I had much earlier.

[@joeysocks5718]

Great info. And to think we had a revolt for a 2% tax on tea at one point

[@jonathanschwartz8]

A recent personal realization: The funds in your taxable brokerage and tax deferred accounts are not entirely yours. The government is your not no silent partner, and they will get their share at one point or another. Plan accordingly.

[@taxdad9729]

I appreciate your videos

[@jonathanschwartz8]

Terrific overview. Missed one gotcha step: Surviving spouse tax jump before beneficiary RMDs.

[@FinancialFastLane]

True! Thank you for your comment.

[@camicri4263]

Thank you! Blessings!

[@JohnToscano-eg7bd]

Thank you for your explanations. I want to do a backdoor Roth IRA for my spouse. We file married filing jointly. She does not work. My income is under 100K. I can contribute 7K to a Roth IRA in her name. Can I also contribute 20K to a non-deductible IRA in her name and then immediately do a Roth conversion of the 20K to her Roth IRA for a total of 27K? Her IRA currently has zero dollars and this is her only IRA.

[@FinancialFastLane]

If you and your wife are over 50 you can contibute $8000 each to a Roth IRA in 2024. $7000 each if you are under 50, not more. If you want to do a backdoor Roth you should be aware of the prorata rule explained in this video: kzbin.info/www/bejne/b2rUd5yrmpuGl80si=s2HgLytBLqm8gtBU

[@JohnToscano-eg7bd]

@@FinancialFastLane She is under 50 and I am over 50. It seems like the prorata rule would not come into play in this instance since her current IRA (the only one that she has) currently has zero dollars in it. If I contribute after tax money to her IRA and immediately move the money to her Roth IRA, then her After tax IRA would be left with zero dollars. Is this allowed? Or do they count my IRA's with hers?

[@FinancialFastLane]

@@JohnToscano-eg7bd Yes, it is allowed! That will work.

[@JohnToscano-eg7bd]

@@FinancialFastLane Thank you! I really appreciate all you do for all of us!

[@ahmadghosheh3104]

I am in Kansas City, will be retiring from work at 70 in 2.5 years. I don't have ton of money but would like to have some financial planning for my accounts and Social Security. Do you work with Missouri residents? If not can you recommend a financial planner in this area?

[@FinancialFastLane]

@@ahmadghosheh3104 Yes, we serve clients all around the country. Please contact our office to schedule an appointment 480-550-6556.

[@CyberTankMan]

👍

[@Mary-rq5sv]

Nothing to say 😂

[@maguilla]

Remember there is no escape 😂 we all F.