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Today on Your Money, Your Wealth® podcast 590, Joe Anderson, CFP® and Big Al Clopine, CPA spitball for people with a small fortune sitting in pre-tax accounts turning into a tax bomb. We’ll find out how Roth conversions and careful tax liability management can optimize their retirement income strategy. Eric in California is 72 with nearly four million dollars in pre-tax accounts. How much should he transfer in Roth conversions? Is borrowing against his own house to pay the tax bill brilliant or bonkers? Rick and Kiani hoping they can quit sooner than they think. Mike just hit full retirement age. Should he claim Social Security benefits now or wait until age 70? And finally, Jeff wants to walk away at 59 with a roadmap for aggressive Roth conversions, assuming the tax cliff doesn't get him first.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-590 (full show notes & episode transcript)
Retirement Accounts Guide - free download:
https://purefinancial.com/white-papers/retirement-accounts-guide/?utm_source=captivate&utm_medium=podcast&utm_campaign=whitepaper-retirement-accounts-guide&utm_content=ymyw-pod-ep590-description-whitepaper
Financial Blueprint (free, self-guided):
https://purefinancial.com/financialblueprint/?utm_source=captivate&utm_medium=podcast&utm_campaign=financial-blueprint&utm_content=ymyw-pod-ep590-description-blueprint
Retirement Checklist: Check Off These 7 Things Before You Retire - YMYW TV:
https://purefinancial.com/ymyw/episodes/retirement-checklist-check-off-these-7-things-before-you-retire/?utm_source=captivate&utm_medium=podcast&utm_campaign=ymyw-tv&utm_content=ymyw-pod-ep590-description-tv-s12e05
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Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:01 - $3.9M Pre-Tax at 72: How Do We Minimize Taxes Before RMDs Hit? (Eric, CA)
11:13 - We’re on One Salary. Can We Retire at 62 With $1.7M and a $56K SS Benefit? (Rick & Kiani, Southern CA)
23:16 - Just Hit Full Retirement Age. Should I Delay Social Security or Start Now? (Mike, 66, NV)
31:04 - Retiring With $4M and a Roth Conversion Roadmap at Age 59. Does Our Plan Hold Up? (Jeff & Amber, 55, Orlando, FL)
44:54 - Outro: Next Week on the YMYW Podcast
