Approaching Taxes in Retirement Strategically (& Making Wise Investment Goals) - Episode 2

Your Retirement Blueprint: A 210 Financial Podcast

Welcome back to Episode 2 of Your Retirement Blueprint! This show is all about helping you plan for the long-term health of your finances, and we are grateful you’re here.
In this episode, after answering a question that was sent in about investment goals someone should try to reach by age 60, Phil and Kendall are talking about how to prepare for and understand taxes in retirement! Right now, taxes are incredibly low, and so there are some intentional things we can do to move around our dollars so we aren’t hit with a crazy tax bill late in life.
This is our favorite topic, and we hope this is a good introduction as you plan and prepare for the future. There is no better time to create a financial plan than today. Enjoy today’s show!
We’re grateful you’re here and hope to bring you a lot of value through this show!
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Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
It is generally preferable that you have funds to pay the taxes due upon conversion from funds outside of your IRA. If you elect to take a distribution from your IRA to pay the conversion taxes, please keep in mind the potential consequences, such as an assessment of product surrender charges or additional IRS penalties for premature distributions. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by 210 Financial. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies.
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