They Overpaid Taxes By Using The WRONG Retirement Withdrawal Strategy

How to change your withdrawal strategy to potentially make more money in retirement
Dave Zoller, CFP®
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[@stevemlejnek7073]

I retired one month ago. My withdrawl plan is a combination of all 4 accounts, especially during the first 7 years while I bridge to age 65. Keeping income low to receive ACA subsidies, and doing some Roth conversions. Loving that we can earn 5%+ yields on safe investments in brokerage and reserve accounts currently.

[@TerryWalters-bt5zw]

I really enjoy your videos Dave and have watched many of them, thank you for that. So please accept this as the constructive feedback it is meant to be. You didn’t seem as well prepared for this video as you normally are. I actually understand the points you were trying to make but felt that your explanations, which are normally very clear, were less so in this case. This is an important subject and you perhaps may want to take a further look at the points you were making today in future videos, further clarifying the points you were trying to make today. Thanks again for the effort you put in on all of our behalf’s.

[@jpturner171]

Great job Dave so true! I’m proud to say my wife and I pretty much follow this advice! I have to say this is not because we are financial advisors, but we listen to good people like you ! Semper Fi! 🇺🇸 PS…9 months to go!

[@donwhittaker5899]

If you are getting interest on your reserve fund, wouldn't that be taxable as regular ordinary income? You said to avoid capital gains, but what about ordinary income tax? Also, where would you hold these reserves if not at a brokerage firm?

[@blairmarkus3416]

Truly appreciate you sharing!

[@ssmith9469]

Good info, hadn't thought of those options before. Thanks

[@alanwong8307]

So awesome for sharing your insights, thank you!

[@denisep.98]

This is an excellent and thought-provoking video.

[@michaelalberts4699]

Great job explaining some excellent options that many of us should consider utilizing during our retirement and pre-retirement years. Thank you!

[@Muriel-1112]

Excellent video

[@dberry256]

TAX MAN! Thank you for this video!

[@scottfarrar3441]

Good video - content hit home as I'm winding down from working and heading into retirement...moving from the "Accumulation" stage to the "Spend" stage and trying to figure out how to keep my earnings instead of giving it to Uncle Sam.

[@gstlb]

Thanks for talking about non taxable capital gains and taxable income. I bumped into this while doing my taxes and wish I had already known about it. Also I love the idea of moving RMD to a donor account. Subscribed!

[@mattball2700]

This blew my mind. ;-)

[@WallaceDunn]

Just hit FRA, still working, love my job, have a military pension, and my wife is 12 years younger. I plan to start SSA at 70, and Thank God, even at 70 we won't need that income.

[@Delta-pn7co]

Also, if they move it to a Roth IRA, there is a 5yr wait to touch it, correct?

[@DallinBunnell]

Can you make a QCD to a DAF? And if you could, why would you? The only thing I can think of is standardizing when to make the donations (say, monthly), but tax wise, it wouldn't be any different than donating directly to the charity. From what I understand, a QCD is simply a tax-free distribution from an IRA, it doesn't create a tax deduction (or, you could think of it as creating income and then deducting the same amount). Yeah?

[@aggieag1866]

Is this iinfo for US or Canada retirees?

[@scottc5223]

"Tax man" It seems that if you had enough in your high interest earning reserve accounts, that you might go over the minimum earnings to keep your capital gains tax rate at %0. Maybe I am misunderstanding though.

[@cato451]

Very good information. I figured this out a couple years before I retired. I managed to go a step further and get a $2,000 a month federal subsidy on top of paying no taxes on capital gains. I think most people should get help understanding cash flow and sequence of return returns before they retire.

[@user-fw7qk3uz5v]

The Reserve account was unclear to me. What is that?

[@RayFreddie219]

Yeah, it's essentially a savings account for unexpected expenses.

[@LoveKills70]

Do the taxman show a pattern of what tax rates will be to Adj to for the future?

[@Delta-pn7co]

What if I want to live off of 150,000 a year. What is your answer to clients that say that, in regards to what you just talked about above? Thanks

[@genglandoh]

Yes very helpfull. I will retire next year when my wife hits 65. I will be 67 1/2 and I will not be taking my SS until 70. My wife will start taking her SS at her full retirement age and get the spousal top off when I take my SS. This will put us in a very low income and low taxes for a few years. During these low income years we will be taking money from our IRAs for spending but also do some Roth Conversions to fill up the lower tax brackets. The orginial plan was to spend down our cash savings so we would not need to take very much from our IRAs. This way we could be more Roth Conversions but life has a way of changing your plan. My wifes car died last year and my car got totaled this year. So we had to spend a large chunk of our cash saving to buy 2 good used cars. Not a problem but it does show 1. Have some cash saving for emergencies. 2. You should review your plan ever year as your life changes.

[@benitaaston6732]

Tax Man!

[@coastalhillbilly3419]

Financial nerds are so much cooler than the tech nerds (except for Elon)😮