How Can I Reduce Tax On IRA Withdrawals?
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- Опубліковано 21 жов 2024
- Would you like to save a quarter million dollars, or more, on IRA or 401K withdrawals? Is it really possible to double or triple your retirement money on this day and age? Let's try to find out as we address in this video the question on how can we save tax on our withdrawals out of an IRA. Stay tuned!
To your abundance!
Doug Andrew
Key Moments In This Episode
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00:45 I love telling you stories
02:10 The Jones'
03:04 The rule of 72
04:31 The Smith's
05:28 They work with the same company
06:55 Where are they going to get the money?
07:46 The L.A.S.E.R. fund doubled it
08:40 Let's connect the dots
What To Watch Next
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How to Diversify and Create the Foundation for a Tax-Free Retirement
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A little unfair because the standard deduction is now $26400. so real deduction is $36000 - $26400 = $9,600 (tax free dollars from ira withdrawl) But, If you had allot of deductions it could work out. So how about refinance your house to the max instead of selling their house and buying a new house with a mortgage. I like the concept.
Sorry, but if the Jones' are paying 33% tax, they have other income other than the $36,000 in their IRA, so they would have more than the $24,000 for expenses.
Sounds like the Jones are just paying $36,000 in interest instead of taxes. (semantics). Jones will also lose the $24,400 standard deduction they would automatically get if the do not deduct. If Jones paid $36,000 in interest and have no other deductions, Jones only get to deduct an extra $36,000 - $24,400 = $11.600 (unless I have so many other deductions)
It's a MIRACLE!! Great stuff Doug Thank you.
You are very welcome
Im 55 using the IRS rule of 55.no 10% penalty just state n fed tax if I take out money from my 401k..But if I leave my IRA alone in my account (i have a 401k/and a IRA).
can I do the same as the smith's with my current home mortgage? invest my 401k n other funds into the laser fund.....is all universal life insurance the same?
Not all universal life is the same. You do want to choose the right company and the right product and then make sure that it is structured correctly. I would suggest working with an IUL specialist, someone who specifically specializes in universal life. If you need an introduction to one, you can request an introduction here: 3dimensionalwealth.com/getstarted/
I am 68 got done working ,have under 60k in 401b how do I get my money out
Talk with an expert, but at 68, you can withdraw all or a portion at a time and pay the taxes or you can roll-over to an IRA.
33% marginal rate is not typical for retirees. Most retirees are currently in 12% bracket. Most retirees should not be financing anything. This is horrible advice...it also does not factor in health care for early retirees, which is a big tax issue.
I am not talking to those people who did not save for their retirement or who are not saving for their retirement. I understand that most people do not save, and therefore most people are in a low tax bracket in retirement if all you are living on is social security. I am talking to those who did save or who are saving for retirement. Those who seek financial independence will tend to be in the same or higher tax bracket in retirement because more of our income is exposed to taxes. Our system is built so that we lose our three largest tax deductions in retirment:
1. Mortgage interest deduction (if our home is finally paid off)
2. We lose deductions for our children
3. We lose the 401(k) and IRA contribution deductions since we are no longer saving income into them, but rather pulling money out exposing them to taxes.
If you haven't already, go out and ask those who are already retired who did save for their retirement if they are in a lower tax bracket. You will be surprised at how many of them tell you that they are paying more in taxes in retirement than they did during their earning years, especially those that are over 70 and exposed to RMDs!
@@missedfortune For the most part, you are describing me, except the more taxes part. I have seen a dramatic decrease in my taxes paid while in retirement. This is due to a significant reduction in expenses, the 24K income tax exemption for married, and the available 12% tax bracket. My income went from about 125K to 50K with a taxable income now of about 18K. That has been pretty steady for 4 years now. I cannot predict what tax laws will be in the future.
I think understanding expenses is the key. You worry about losing the deduction for your kids, how about losing the EXPENSES of your kids??? I have no basement for them.
Well you can thank Trump for the mortgage interest cap of 10k. And I’m republican.
There is no cap on mortgage interest