Converting a 401(k) to a ROTH is a good idea but none of the tax advisors I know of, talk about the need to balance that with the fact that if you are on Medicare with Parts A and Part B, and if you have income of any kind, you need to be aware of the increase in Part B premiums that you will pay. If your Gross Income for the year over $88,000, your amount you pay for your Part B coverage will jump to the next level per month for at least two years. I almost made that mistake.
Hello Dave, thank you for your advices. I am probably about 2-4 years out of retirement. I love my job and would like to continue as long as I can with my health and productivity are still on my side. So, that said, I am doing a lot of research and attending seminars and looking and reading all these wonderful youtube advices. I will try to reach out to you for your advice of my particular needs. Thank you.
I think a good tax position to be in with your 401K, or other tax deferred account, is for RMDs to only amount to just below the threshold where your social security benefit is taxed.
If anyone reading this thinks that taxes aren’t going up has a little brain damage and should sign over all accounts to me immediately. I am from the government and I am here to help.
Converting a 401(k) to a ROTH is a good idea but none of the tax advisors I know of, talk about the need to balance that with the fact that if you are on Medicare with Parts A and Part B, and if you have income of any kind, you need to be aware of the increase in Part B premiums that you will pay. If your Gross Income for the year over $88,000, your amount you pay for your Part B coverage will jump to the next level per month for at least two years. I almost made that mistake.
Thanks! Could have mentioned rule if 55 etc. And back door roth.
Cheers,
Jef
Great ideas!
Hello Dave, thank you for your advices. I am probably about 2-4 years out of retirement. I love my job and would like to continue as long as I can with my health and productivity are still on my side. So, that said, I am doing a lot of research and attending seminars and looking and reading all these wonderful youtube advices.
I will try to reach out to you for your advice of my particular needs.
Thank you.
I think a good tax position to be in with your 401K, or other tax deferred account, is for RMDs to only amount to just below the threshold where your social security benefit is taxed.
I’ll definitely have to call you soon for a retirement analysis Dave; good advice
Good stuff, Dave. Thanks!
Glad you liked it! Thanks, Steve.
Another great video Dave! Wish I knew all this a decade ago. The taxes will drain me later on at rmd. Sigh.
Keep it up!
Thanks so much! Your kids will benefit from what you've learned!
What about back door Roth?
Another good video 📹 👏 👌 👍
Thanks again!
The government is never going to pay off the debt. It will continue to grow forever. It's essentially an "I owe you".
Tax time bomb here ready to explode when the time comes. A pension and RMD's from a 457b Gov Defer account.
Any suggestions?.
Just a thought. Can you offset the Roth conversion with stock long term losses for that year? Treated as same or different criteria.
I have tried reaching out to your firm twice and got no response....
I'm so sorry Todd for the delay. I know we've communicating via email since you wrote this comment.
@@StreamlineFinancial Yep, all good. Still loving your videos!
Do people who work with your firm still need an accountant Dave?
Dave, How do we reach you?? Thanks.
Hi Donna,
Try the "Get Started" button here.
streamlineplanning.com/
If anyone reading this thinks that taxes aren’t going up has a little brain damage and should sign over all accounts to me immediately. I am from the government and I am here to help.
Great videos. How can I contact your office?
Ooops found your website….
Glad you found it. :)