How to Avoid RMD in Retirement

[@LongManBTC]

Planning ahead can really make a big difference, especially when it comes to minimizing taxes. I’ve been exploring the crypto and stock markets for about six months now, and it’s been a game changer for me. I decided to reinvest my RMD strategically, and that decision has really paid off-I’m now pulling in around $25k a week with very little trading on my end. It’s been a great way to create a cushion and relieve a lot of financial stress. Best of luck with your RMD decisions-I hope you find the same peace of mind!

[@Zachyarry]

25k a week? Amazing! how did you get started?

[@LongManBTC]

@@Zachyarry I signed up for a 1-on-1 trading session. It's like copy trading, but with personalized guidance.

[@LongManBTC]

It's a secure and supportive way to improve your trading skills while earning, the best part is there's no upfront payment required

[@LongManBTC]

You might want to consider consulting with Dave for guidance. He can help create strategies that are specifically designed to meet your long and short-term goals

[@PittmanDynasty]

@@LongManBTC If you don’t mind me asking, who’s Dave? He sounds like someone who could really help!

[@Roel-o6k]

So you all were about to talk about no more RMD for 2024 on Roth IRA but skipped the question and went to Medicare again. So can you deliberate on this.

[@Direct.injection212]

21:56 is super valuable info

[@patricksterling2730]

Those poor youngsters who don't know "parts is parts" probably don't know "where's the beef" either. You go, Kevin!

[@JaneThorson-dm3ev]

I need to convert 500k from traditional to roth within 3-5 years. I dont need the money. I will have about 45k pension taxed and about 25k cash flow rental income. Spouse has 50k pension. Are these roth conversions costly?

[@ERidesOn2]

Whatever you convert will be taxed as income. It can also increase what you pay for medicare part B & D, as you cross specific thresholds. Be careful. The Trump Fed tax cuts that began in 2017 expire the end of 2025. If these cuts are not left in place, the amount of federal tax will increase substantially. Your getting in late in the game for conversions.

[@rnarzu]

Explain the difference between contribution and a roll over.

[@davidfolts5893]

One of my favorite shows to watch. Great job, gentlemen!🔥🔥🔥

[@ChrisDaniel-u1b]

I know I'm late, but parts is parts would be a reference to highly processed meats. I.E. hotdogs, spam potted meat, bologna ect... It refers to the fact that some of the animal parts in the product you are buying, are not parts you would eat on there own. It was a way of saying I don't care , it's protein from an exceptible food source so it's all the same.

[@ronaldschulman4448]

So if you only have a traditional IRA how do you avoid an RMD once retired. That was not addressed.

[@davidteitelman3890]

I've heard that inheritance is not taxable. But weather it is or not ... can it be placed into a ROTH IRA (with just a 1 time tax on the year it's done)?

[@Tom-zc9wh]

It seems to me that this episode is mis-titled. You really didn't spend very much time on "How to Avoid RMD in Retirement". While you did mention Roth Conversions, you really didn't go into the strategy to any great extent (e.g., how to setup a series of Roth conversions over a period of successive years leading up to, and possibly beyond, one's RMD age.

[@walterski8377]

A lot of words to get there. Could be half the time. They like to hear each other talk.

[@serena8353]

I think you are trust worthy I will listen to all your advice.

[@kyset4h]

If I’ve started RMD & pd taxes but don’t need it right now how can i shelter funds to maximum future earnings. I’m retired what is a back door Roth?

[@ronbrendag7131]

Parts is parts refers to chicken parts in chicken mc nuggets in ads run by Wendy's or Burger King in 80's and/or 90's.

[@comingshortly]

Not sure why everyone focuses on minimizing RMDs. To me they are a good thing. I plan on living off SS and IRA withdrawals, both which automatically increase each year to offset inflation. I plan on leaving my other investments alone which will go to my heirs tax free via step up in basis and life insurance. If you are 60 years old today why pay tax up front in todays dollars at your highest marginal rate when you have time to tax plan and take advantage of standard deduction and low tax brackets both which increase annually for inflation. Your first RMD is at 75 and even a $5m IRA only has a year 1 RMD of less than $200k which added to SS seems to me to be a minimum needed in 15 years when you account for inflation.

[@lalew2]

The Medicare Irma will be calculated and rmd will be looked back on taxes to calculate the Medicare Irma

[@comingshortly]

RMDs will not cause an IRMAA issue unless you have a lot of other income which I do not. The year 1 RMD on $5m is only $200k which added to SS will be below the IRMAA threshold after 13 years of inflation adjustments. RMDs do increase each year but slowly and the IRMAA limit adjusts for inflation as well to offset the larger RMDs.

[@mims2582]

Can you pls address the following: if there’s no more rmds required in 401k Roth, what choices are you faced with the day you retire from you company?

[@MrCem1016]

HSA’s also do not have a RMD

[@PH-dm8ew]

I am missing the charitable distribution concept. If I owe 37 % on 200000 I still keep 63%, and that is only on the portion in the high bracket. Why give all of it away to a charity?

[@jvolstad]

I plan to do QCDs.

[@mihandsplitters705]

Parts is parts…amen at least you didn’t ask “where’s the beef “ great show as always

[@joshberisford6503]

What if u don't file for Social security until 67, 70? Medicare starts at 65.

[@ERidesOn2]

Then you pay for Medicare yourself. Once you start collecting Soc. Sec. at whatever age, they'll deduct it from your monthly payments.

[@jbarrett8292]

RMD's begin at age 73. What if one is age 65 -72 and wishes to make some withdraws from the 401K? Is there a limit each year on the amount and is the withdraw considered income combined with social security plus pension? So the withdraw will be taxed at whatever tax bracket we are in at the year of the withdraw? I suppose that taxes our social security as well.

[@DanHoppe007]

I remember “part on part” way back when I was kid learning grammar. Something about nouns, pronouns. Probably not the correct answer but that what I thought of. Have a nice day.

[@charmcrypto824]

Really enjoyed this video on navigating Required Minimum Distributions (RMDs) in retirement. Tax laws can be a maze, right? Speaking of retirement planning, have you ever considered diversifying your portfolio with cryptocurrencies? It's a hot topic these days, and platforms like My Digital Money make it easier than ever to dip your toes in. Just a little something to think about for the future!

[@serena8353]

Mike, when are you are a money maker you can make money doing anything?😊

[@steveking8548]

Your homeowner interpretation is just not correct. Call your agent and talk to him about it. He doesn’t charge by the hour.

[@davidandkarenrussell7512]

Parts is parts is from a Wendy’s commercial about chicken nuggets.

[@rob7398]

Wow, not very much actual information conveyed. Sorry guys but this episode was a waste of time.

[@serena8353]

Mike Bernard👍

[@michaelanderson8053]

I believe that was used in a wendy's commercial

[@WiseMoneyShow]

Hey Michael! If you want to send an email to [e-mail] with your address, we will get you a Wise Money gift in the mail! Thanks for watching!

[@evansvillewy]

Parts is parts refers to the contents of chicken nuggets

[@rnarzu]

On top of the topic being complex; the conversation style makes it confusing. Also saying you'll unpack something and not have the list to unpack makes me as a listener angry 😠

[@dale5710]

Only a 40 year old reference to another great Wendy's commercial. Liked the lady in the other.

[@Mike-if6cz]

Wendy's Chicken sandwich commercial!......For those non where's the beef folks

[@greggalexander5913]

Plan to avoid taxes on your IRA withdrawals: DONATE THE MONEY!

[@larsenjbl]

"Chicken Parts!"

[@charleshargrove4050]

"Parts is parts" - Frank Perdue

[@ronriederer2200]

Chicken parts

[@paulholderman]

Chicken

[@WiseMoneyShow]

You got it! Wendy's chicken nugget commercial. If you want to send an email to [e-mail] with your address, we will get you a Wise Money gift in the mail! Thanks for watching!

[@AlexShantyOldLawModel]

Good morning CFP’s from NICER Premium Legal Instruments. Starting April NICER Fiduciary Security Legals and Paralegals. Fighting DIY RLT quit claim jumping equity elder abusing Title Deed thieves. They will reward Podcasters $500.00 KZbin comprehensive pragmatic education reward, guest or March of Dimes $500.00, and NICER Viewer $500.00 per Interdiction Permission Validation CFP Administration Trust.