Although you can rollover, or return, your 2020 IRA and other retirement plan February 1st to May 15th distributions as a result of the 2020 waiver of RMDs, there’s another strategy that you can use to reduce future years’ income tax liability and optimize lifetime after-tax distributions for you and your heirs.
As a result of a series of three events, there’s an unprecedented opportunity to do a sizable Roth IRA conversion this year.
Here are five unique ideas that are designed to benefit you and your spouse over your lifetime. A word of caution: Brush up on your presentation skills since each one will likely be met with dead silence and/or outrage depending upon your spouse.
One underutilized strategy for optimizing the longevity of assets when planning for retirement is a staged, or multi-year, Roth IRA conversion plan. There are seven reasons to start this type of plan today.
A surviving spouse who has the same, or even less, income will often be subject to higher federal, and potentially, state, income tax liability.
Making deductible retirement plan contributions and “recapture my deductions” beginning when you turn 70-1/2 may not be the best strategy for optimizing after-tax retirement plan distributions.
As my clients and those of you who have read my MarketWatch RetireMentors articles and Retirement Visions blog posts know, I’m a huge fan of Roth IRA conversions. One caveat: they must be timely. There are two types of timely Roth IRA conversions: Strategic Market-sensitive Strategic Roth IRA Conversion The goal of a strategic Roth…
The title of my most recent MarketWatch RetireMentors article that was published on June 6th is 5 Reasons to Include Sustainable Income in Your Retirement Plan. Reason #1 is hedge against longevity. Although sustainable, or predictable, income from Social Security, pensions, and fixed income annuities provide lifetime income that can build a solid floor for…
If you have a traditional IRA or a traditional 401(k) plan that can be rolled over into a traditional IRA, you’re sitting on a potential gold mine. You might ask yourself how this is possible given the fact that (a) you generally can’t take withdrawals from a traditional IRA before age 59-1/2 without a 10%…
I’m a big fan of 401(k) plans that allow Roth contributions, especially for employees who are in low income tax brackets. You can contribute up to $18,000 of after-tax salary in 2016 to a designated Roth account for 401(k) plans that allow such contributions. The limit is increased to $24,000 if you’re 50 and older.…
One of the most important financial goals for retirees is maximization of after-tax income. A Roth IRA can help minimize income tax liability.
Significant declines in the stock market create ideal opportunities for Roth IRA conversions.
Retirement Income Visions™ is celebrating its two-year anniversary and our theme of Innovative Strategies for Creating and Optimizing Retirement Income™.
When you do a sizable Roth IRA conversion and income isn’t sheltered by offsetting losses and/or deductions, a sizable income tax liability will arise.
There are several insights to be gained from analyzing different scenarios that can be applied to any potential Roth IRA conversion analysis.
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