Tax Free Income For Life @ 70 and Beyond

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Күн бұрын

Пікірлер: 33

@dakotaiv Жыл бұрын

I love watching these videos. Hans and Tom are very clear in their explanations. The 5-year Roth conversions to the Annuities look like a great way to convert the IRA month and generate the income for life. Thanks for sharing this information.

@uansam3439 Жыл бұрын

Suggestion….first 5 years…collect SS and buy a fixed indexed annuity with income rider with 362k…then at 71 year old collect both SS and lifetime annuity from FIA. Use today amount it would be 5.1k/m from SS + 3.2k/m from FIA…then they’ll get about 8.3k/m at 71 instead of 6.6k/m.

@davidfolts5893 Жыл бұрын

Thanks, Cardinal, excellent whiteboard work!

@davidjohn4326 Жыл бұрын

I really like the annuity strategy... I have a similar savings , but still working at 66 ..

@charleschappell3918 Жыл бұрын

Thanks to Cardinal Advisors for detailing out this annuity strategy. While I would have reservations adopting it myself, I can see why it would be compelling to those who would like to turn over market decisions to annuity providers and kind of put things on autopilot. However, unless I missed something, there is one thing that really jumps out to me in this strategy that didn't seem to be adequately addressed in the video: where are the additional taxes are going to come from while conducting those 100k Roth conversions from age 65-69? An additional 100k/year of income over those years is going to put this couple well into the 22% Federal bracket. I would think their Federal taxes would be more like 30k/year, not the 18k on conversions + 5.6k on income from the 401k/IRA outlined in the plan. That's a lot of taxes on the income of only 79k that is coming in from the 5-year annuity in the 401k/IRA.

@CardinalAdvisors Жыл бұрын

The Roth conversions are an opportunity that may or may not be used. 22% might look pretty good 10 years from now. The taxes will be paid out of the $200,000 plus of non qualified funds. Thanks for watching

@jamesburrell8574 Жыл бұрын

Liked Tom’s comment regarding one spouse having more investment knowledge than the other and the issue this creates upon the death of the knowledgeable spouse.

@mr.j2776 Жыл бұрын

He's right. I try to keep my wife informed, but I see her eyes glaze over. I told her I left notes in every file for every investment that we have. Read things carefully. Hopefully, every piece will be "automated" by then (example, our 5 MYGAs would be producing income for us). If she has questions, call these guys. Their approach to safety/security in retirement lines up nicely with my point of view.

@arvsom1112 Жыл бұрын

Hello, Thank you very much for putting these ideas in having a lifetime income with minimal tax rates. Can you please explain further about the 5 year certain annuities? about the tax it will imply. Thank you

@keith8325 Жыл бұрын

Tom says delaying past FRA is a guaranteed 8% return, where can you get that? But you're foregoing 3-4 years of benefit along the way (quarter million $ or so), where was that factored in? 6:45

@eliechidiac9427 Жыл бұрын

Tom’s comment at 22:12 is extremely important

@Savannah-ed4rv Жыл бұрын

Yes.

@derkong7114 Жыл бұрын

What happens if several annuities goes belly up? If the market is faced with multiple failures at one time?

@scottb5733 Жыл бұрын

Please comment on annuity guidelines not to exceed 50% of one’s retirement portfolio.

@Retire-m1u 8 ай бұрын

What happens if insurance company folds or bankrupts? I read annuities are not FDIC insured. Thank you !

@CardinalAdvisors 8 ай бұрын

Your state has an insurance guarantee association which backs up insurance

@Retire-m1u 8 ай бұрын

@@CardinalAdvisors thank you. I need to supplement my monthly small gov't SSS & private pension before I start medicare 01/25 with annuity. I have IRA $200k to invest, how much is lifetime monthly income ? Thank you again.

@CardinalAdvisors 8 ай бұрын

@@Retire-m1u Let’s take this offline. Here is my contact info. Please send yours Hans "John" Scheil Certified Financial Planner™ Cardinal Advisors 2530 Meridian Parkway, Suite 100 Durham NC 27713 P: 919-535-8261 C: 919-714-3397 www.CardinalGuide.com Hans@CardinalGuide.com

@peterhoffman8525 Жыл бұрын

I do wonder if IRMAA would come into affect with all this income coming to a person or couple in their older years...especially if/when one spouse dies..

@CardinalAdvisors Жыл бұрын

IRMAA is always a consideration. This planning keeps them under IRMAA thresholds. The Roth income doesn’t count for income tax, IRMAA, or Social Security taxation.

@peterhoffman8525 Жыл бұрын

@@CardinalAdvisors Thank you very much for your reply!

@Retire-m1u 8 ай бұрын

Excellent question !!

@tomtrotto6922 Жыл бұрын

Wouldn’t Sue’s SS at 70 = $2400 rather than $1800 (1/2 of Joe’s)?

@CardinalAdvisors Жыл бұрын

As a spouse, Sue is entitled to 50% of Joes Full Retirement age benefit of $3600.

@pku2death Жыл бұрын

@@CardinalAdvisors I was thinking the same until I saw this comment. Does the spouse get an increase in their SS amount if their partner's 1/2 ss payments are greater than their earned SS amount?

@davevarga Жыл бұрын

One detail. If he waits till 70 to pull SS, he gets 1400 more a month. Got it. Now if she waits to 65, her reward is only an extra 100 a month? That CANNOT be accurate. Yes her SS at 85 is half that of his. But she is going to make 8% more a year for 5 years thats 40%. Gotta be around 600 a month more for her if she waits to age 70.

@headlibrarian1996 Жыл бұрын

A spousal benefit doesn’t get the 8% annual bump for waiting until age 70, only the primary earner gets that. She would get an 8% bump to her personal benefit for waiting but I doubt that would give her more than her spousal benefit. Her best benefit is claiming a spousal benefit at age 67, which is half his age 67 benefit. If she claims at 65 her spousal benefit is reduced for claiming early just like his would be if he claimed before age 67.