Sammy, a 51-year-old retiree, is seeking advice on how much she should convert from her traditional IRA to a Roth IRA each year to avoid jumping tax brackets and minimize the taxation of her social security benefits. James analyzes Sammy's current financial situation and offers guidance on approaching the tax planning aspect of her retirement strategy.Learn:How to determine how much to convert from an IRA to a Roth IRA Why forward-looking tax planning is essentialThe potential consequences of certain financial decisionsQuestions Answered:What factors should you consider in planning Roth conversions?How can you avoid going into a higher tax bracket?
Timestamps:0:00 - Sammy’s Roth conversion question2:29 - The Roth/tax rules today4:58 - Tax on different types of income7:24 - Some assumptions10:19 - Figuring tax and making assessments12:28 - RMD part 115:33 - RMD part 217:25 - Caution about tax bracket assumptions21:58 - Important side note23:45 - Takeaways
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