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Retirement Planning

Roth IRA or Roth Conversion, is it right for you? [Video]

0:20 – Is a Roth IRA or Roth Conversion right for you today or in future0:58 – Taxes and distribution1:45 – Required Minimum Distribution (RMD)Jenevieve is a dually licensed integrated financial wealth advisor. She is currently one of the leading planners with the largest independent financial firm in the Mid-Atlantic, First Financial Group.As an advocate for her business clients and member of NAIFA (National Association of Insurance and Financial Advisors) she has been educating the public since her role as VP-Financial Consultant at Charles Schwab in 2008. She is on the board of two small businesses, one in NY and one in Virginia. She lives in Reston with her husband, two children and their rescue dog. finance personal finance financial wellness financial wellness tipsFollow Knowledgeable Aging:Facebook: https://www.facebook.com/Knowledgeable-Aging-102638398162823Twitter: https://twitter.com/KnowledgeAgingInstagram: https://www.instagram.com/knowledgeableaging/LinkedIn: https://www.linkedin.com/company/knowledgeable-aging/?viewAsMember=trueSpotify: https://open.spotify.com/show/05OHF9FkmhzCO5PDsyGfGqNewsletter: https://www.knowledgeableaging.com/newsletter/

Categories
Retirement Planning

The Most Common Reason for Roth Conversions? Minimizing RMDs… [Video]

If you have tax-deferred assets, Required Minimum Distributions or RMDs are going to be a problem you need to address. Required Minimum distributions are forced withdrawals from your tax-deferred accounts. The troubling part is you will be forced to take these IRA Required Minimum Distributions whether you need the money or not. Now, this forced income can create some obvious problems like pushing you into the next tax bracket. But the biggest problems with RMDs are not all that obvious…RMDs create a cascading tax effect that can push you into other tax hurdles like the Social Security Tax Torpedo or Capital Gain Bump Zones. What can retirees do to overcome this problem?For many, Roth Conversions are an ideal solution. Using sound Roth Conversion strategies, you can minimize or entirely eliminate RMDs by converting your tax-deferred balances to Roth IRAs. Luckily, there are no mandated withdrawals from Roth IRA accounts. Watch this video as we explore this Cascading RMD Tax problem that can cripple your tax situation and how a 2021 Roth Conversion can provide a solution. If you’re interested in receiving help on building a sound Roth Conversion strategy, fill out this form on our website at www.safeguardinvest.com/contact- – – – – – – – – – – – – – – – – Always remember, “You Don’t Need More Money; You Need a Better Plan”🍿 Subscribe to our channel: https://www.youtube.com/channel/UCVMA…🏆 Join our ‘Retirement Mastery’ Facebook Group: https://bit.ly/retirement-mastery-group📈 Talk with us about your retirement plan here: https://www.safeguardinvest.com/contact📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing – https://www.amazon.com/New-60-Generation-Financial-Investing/dp/B08H6TCMFNSafeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at https://www.safeguardinvest.com/fiduciary

Categories
Retirement Planning

All About Roth Conversions | NuView Trust Company Educational Workshop [Video]

https://www.nuviewtrust.com/Listen as NuView’s own Nate Hare for our weekly workshop covering everything you need to know about Roth Conversions.Since 2010, ANYONE – regardless of income – can convert tax-deferred funds (Traditional IRA & Traditional 401(k)) in a retirement account into tax-free funds (Roth IRA & Roth 401(k)). Converting your funds into a Roth IRA opens up the opportunity to have tax-free wealth for the rest of your life, AND the life of your heirs. It is a very personal financial decision that can be affected by many factors and variables in one’s life. In this workshop, we will discuss the key considerations one should make prior to doing a Roth Conversion, and how a conversion can be used as a wealth-building strategy for your self-directed retirement assets.If this was helpful to you, make sure to stay connected with NuView Trust by doing the following: – Subscribe to our YouTube channel – Follow us on Facebook. – Contact us directly with questions or ideas at: IRAspecialists@nuviewtrust.comWe go live with education almost daily. We love to provide investors the true story of what’s possible inside of an IRA, and possible inside of a 401k.NuView TrustNuView IRA Processing Office, 280 S Ronald Reagan Blvd STE 200, Longwood, FL 32750https://www.nuviewtrust.com/Lat: 28.695340Long: -81.346741https://www.facebook.com/NuViewIRAInchttps://www.linkedin.com/company/nuview-ira/https://www.youtube.com/user/NuViewIRA

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Retirement Planning

Roth Conversion Window of Opportunity is Closing! – Roth Conversion 2021 [Video]

One of the most common questions we receive is ” When does a roth conversion make sense?”This year? Next year? Sometime in the future? With conversions, this is the million-dollar question and will determine how valuable the conversion is to your retirement. There are numerous reasons a Roth Conversion can make sense in your situation. We’ll be walking through different retirement tax hurdles you will be subject to and how conversions can overcome these hurdles in an upcoming series. In today’s video, however, we are going to start with one of the most simplistic reasons a conversion will make sense – rising taxes. Despite many retirees feeling as though taxes will have to rise in the future to deal with the national debt, Congress is unpredictable. America has had a debt issue for decades and Congress appears ‘asleep at the wheel’.However, there is a tax hike in our future that we don’t need to predict…The sunsetting of the Tax Cuts and Jobs Act. Right now the Tax Cuts and Jobs Act lowered each tax bracket by up to 4% and almost doubled the standard deduction. This means less of your income is taxed and the income that is taxed, is taxed at a lower rate. However, this is set to revert back to the old tax code in 2026. This means right now, retirees have a powerful window of opportunity for conversions that is closing fast!Have you been taking advantage of it? In this video, we will discuss:✅ Why a Tax Cuts and Jobs Act Roth Conversion gives retirees an added benefit✅ How to assess a 2021 Roth Conversion ✅ What the closing of this window of opportunity looks like in a forward-looking tax plan- – – – – – – – – – – – – – – – – – – Always remember, “You Don’t Need More Money; You Need a Better Plan”🍿 Subscribe to our channel: https://www.youtube.com/channel/UCVMA…🏆 Join our ‘Retirement Mastery’ Facebook Group: https://bit.ly/retirement-mastery-group📈 Talk with us about your retirement plan here: https://www.safeguardinvest.com/contact📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing – https://www.amazon.com/New-60-Generation-Financial-Investing/dp/B08H6TCMFNSafeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at https://www.safeguardinvest.com/fiduciary

Categories
Retirement Planning

I’m 65 Years Old With $1.4 Million In IRA’s – Should I Do A Roth Conversion? [Video]

I’m 65 Years Old With $1.4 Million In IRA’s, Should I Do A Roth Conversion?Would you like for us to take a look at your specific situation to see if you are on track for retirement? Click on this link: https://oakharvestfg.com/appointment/?utm_source=youtube&utm_medium=video&utm_campaign=retirement_review_i’m_65_with_1.4mil_should_i_do_a_roth_conversionIn this episode, Troy Sharpe, CFP®, takes a look at a 65 year old with $1.4 Million in IRA’s to see if doing a Roth Conversion is applicable for his situation.The tax reform that made it through congress in January of 2018, known as the Tax Cuts and Jobs Act of 2017, created potentially excellent opportunities to strategically plan for Roth Conversions.Not only have income tax rates been lowered, but tax brackets have been widened. This means that individuals can now take more money out of IRAs and pay less in taxes when compared to prior years.Navigating the impact of taxes on retirement requires a thorough knowledge of the tax code and a deep understanding of the inter-connected components of retirement planning.For our clients, our team explores all opportunities to reduce income tax and even generate tax-free income. A Roth conversion may be one of the possibilities. A Roth conversion has the potential to lower the amount of taxes you pay over the course of retirement, and most would agree that paying less in taxes is a positive step.Roth conversions can be done wholly or in part. They can also be done incrementally, which can reduce the amount of taxes you would potentially pay otherwise.Roth conversions may not be appropriate in all cases, but they are worth exploring for everyone. Armed with a stronger understanding of the costs and impact of converting some of your IRA into a tax-free Roth IRA, you can make a better-informed decision.There are many reasons to consider a Roth conversion strategy. Some good examples are:- You believe taxes may be higher in the future.- You want to maximize the assets you leave for kids or grandkids (Roth IRAs can grow for up to 3 generations tax-free).- You want to create tax diversification and flexibility as part of your retirement income strategy.- You want to reduce the size of your IRA to better prepare for Required Minimum Distributions and the impact they will have on your tax status later.- You are concerned about the rising cost of Medicare and RMDs may force you into the IRMAA thresholds.- Planning for Roth conversions requires knowing how each marginal dollar withdrawn from your IRA can cause more of your Social Security to be taxed, your Medicare premiums to be higher, and other taxes such as Net Investment Income Tax to kick in. You may even trigger higher capital gains tax treatment if you hit high enough levels.For interested clients, our team uses technology to develop a tax map to help our clients understand the costs of conversion, and to visually see where different levels of income are taxed and the corresponding impact it has on other sources of income.Your tax map can show not only where potential tax traps are, but can identify if taking more out of your IRA may result in a smaller marginal tax rate on those additional dollars. In some cases, it is possible to take more out of your IRA and have the effective rate on those dollars can be less than the dollars withdrawn before.If having a tax strategy along with your retirement plan is important for your situation, working with Oak Harvest may give you the confidence you need to make more informed and impactful decisions.#buildingwealth #retirementplanning #retirementincome