Part 2 - I'm 62 With $1.5 Million - Let's Take A Look At My Tax Plan

[@Take5North]

Excellent clear detailed explanation of the possible huge advantages of Roth conversions . Thank you!

[@OakHarvestFinancialGroup]

Thank you for your support, @Take5North! We appreciate that you enjoy our content. Feel free to click the link below to speak to one of our advisors if you have any questions: click2retire.com/lightbulbmoment

[@Stallion5169]

It’s amazing how many factors need to be considered to optimize an individual plan.

[@sandylamba2546]

Excellent video, very informative!

[@NipItInTheBud100]

Great information. I figure I'll have to watch it 3 or 4 times to get all the information that's relayed in this video, but it will be worth it!! I have been debating whether or not to do Roth conversions for a while and I'm still trying to figure out the best path. This video helps!!

[@schnell9364]

Informative as always!

[@OakHarvestFinancialGroup]

Glad it was helpful!

[@sdteves820]

Great video as always Troy! I was wondering why SS is not taxed in the first few years. Aren't they taxed 50% from 32K to $44K and 85% above 44K? The couple would be in the 10% bracket (

[@coyotebuster1]

I’m wondering what the health insurance costs will be during those big conversion years, unless you have insurance covered it could negate the advantages discussed here.

[@ghostl1124]

What about the fact that even AFTER someone pays taxes on withdrawals, they still have more income because they have more money to invest, even in retirement? Any spreadsheets and charts on that?

[@dancasey9660]

Not sure if I heard where you are paying the conversion taxes from, money inside the IRA, or money outside of it from Bank accounts or taxable holdings?

[@richardargst157]

So many videos about Federal welfare programs, Social Security and Medicare. No need for seniors to be so greedy. These programs are paid for by the taxes young workers pay and the elderly should be grateful, not bitter. Have a nice day!!

[@ze-xi8rf]

Thanks.

[@craignewell8080]

The 22% bracket you refer to is Federal. What about state income taxes, does that change your analysis?

[@ghostl1124]

What if the retired person NEVER had to convert because ALL IRAs already WERE ROTH IRAs ?

[@Muffin192213]

@8:40 how is SS 100% tax free in your example?

[@rw1744]

Very informative video; Your analysis of Social Security assumes that it won't be reduce by approx 20-30% in year 2030+; there are many articles stating that SS will not have enough funding and will be reduced. If this were to happen, how would this affect the above planning scenario and Roth Conversion planning implications?

[@OakHarvestFinancialGroup]

While the SS trust will exhaust in the near future there are numerous options on the table to ensure retirees won't see a cut in benefits. Some of the most likely are increasing the Full Retirement Age (FRA) for younger people, increasing the FICA income threshold so a higher level of income is subject to payroll taxes and increasing FICA taxes themselves. All of those are more likely than a benefit reduction. One scenario where benefits could be reduced is through some type of income or asset level "means-testing". From a planning perspective it's not prudent to specifically plan on a benefit reduction. If you want to hedge against the possibility, a deferred income annuity or a dividend growth equity strategy could be employed with a portion of retirement assets. That decision would revolve around your risk tolerance and projection of income and tax pros/cons. Thanks for commenting!

[@PH-md8xp]

These videos are good, Troy is a great speaker, but these videos are mainly designed to lure you into their services. I called them to honestly see if they could help me with retirement planning and frankly found that they were not particularly helpful.

[@johnz446]

Everyone is looking for a magic formular because they did not save enough to retire on. Bottom line.,,,,, you will need 2 million working for you mostly in fixed income preferably in tax free muni bonds. Your principle is preserved and at 4% you will net 80 grand year tax free

[@kennyhart2699]

Are RMDs going to go to 75 at 2032 in your opinion

[@dennisw4654]

Is there a difference on when during the year conversions takes place? Would it be optimal to convert earlier in the year or wait till year's end to calculate how much can be converted to stay within the targeted tax bracket?

[@ze-xi8rf]

For me.... it's better to wait closer to year end and calculate. If I get paid for a seismic survey (looking for oil/gas) on my land, paid for running a pipeline across my land, they hit oil/gas wells on minerals that I own, or anything else I get paid for (lottery), I can better determine how much to do on Roth Conversions to keep me within the targeted tax bracket and within the targeted IRMAA bracket (how much you have to pay for medicare). Good Luck!

[@pinktiptoes7491]

What bucket are you drawing from to pay those initial higher taxes?

[@OakHarvestFinancialGroup]

Taxable, or Non-Qualified funds as we call them, is ideal.

[@bernie9728]

Here's my tax plan: Pay them. End of plan.

[@KJ-sy5kv]

Do you expect a lay person could understand what you are talking about?

[@danielhutchinson6604]

The world seems to view the selfish individuals who are stashing money for personal security, as the Capitalist system fails to serve over 70% of the worlds citizens, as one reason for inflation?

[@janeenerbaneener]

Excellent video!! So informative.