Feb 19, 2020
In today’s episode Grant covers several methods to help you save on taxes in retirement. Grant discusses various ways to tweak your savings strategy, execute strategic Roth IRA conversions, and create a thoughtful long term plan viewed through a tax lens. Stay tuned until the end of the episode where Grant gives away some tips about asset location, and placing your assets in the right kind of accounts.
[01:26] The concept of retirement is changing – Grant starts today’s episode with a focus on how the way people think about retirement has changed over the decades and what the future might look like.
[03:16] Retirement gap years – Grant explains the idea of the gap between when you stop working and when your guaranteed income sources such as Social Security Benefits or mandatory distributions from qualified retirement accounts start to come in.
[07:03] Long term approach to reduce tax – Grant talks about how he works with clients with reducing tax liability over a long period of time in mind.
[10:57] How to save tax in the retirement gap years – Once of the ways you can take advantage of falling into a lower tax bracket after you retire.
[14:00] Benefits of Roth IRAs – Grant explains some other benefits you can have from transferring your retirement funds to a Roth IRA during your retirement gap years.
[19:28] Inheritance of IRAs – What happens when someone inherits an IRA, the changes made by the SECURE act to the inheritance process and the tax and other benefits of Roth IRAs for descendants.
[23:17] Benefits for Medicare – Grant explains some ways you can avoid increases in Medicare premiums by adjusting your retirement funds strategy.
[26:18] Be thoughtful with asset location – Grant explains how to distribute assets among taxable, tax-deferred and tax-exempt accounts so that you get the maximum tax benefits.
Resources:
Social Security Benefits: bit.ly/2wssMn3
Required Minimum
Distributions: bit.ly/38ENnT2
Roth IRA and
Traditional IRA: bit.ly/39NrIIN
Medicare:
www.medicare.go
SECURE Act: bit.ly/2RxAi6L