So you all were about to talk about no more RMD for 2024 on Roth IRA but skipped the question and went to Medicare again. So can you deliberate on this.
It seems to me that this episode is mis-titled. You really didn't spend very much time on "How to Avoid RMD in Retirement". While you did mention Roth Conversions, you really didn't go into the strategy to any great extent (e.g., how to setup a series of Roth conversions over a period of successive years leading up to, and possibly beyond, one's RMD age.
I am missing the charitable distribution concept. If I owe 37 % on 200000 I still keep 63%, and that is only on the portion in the high bracket. Why give all of it away to a charity?
Really enjoyed this video on navigating Required Minimum Distributions (RMDs) in retirement. Tax laws can be a maze, right? Speaking of retirement planning, have you ever considered diversifying your portfolio with cryptocurrencies? It's a hot topic these days, and platforms like My Digital Money make it easier than ever to dip your toes in. Just a little something to think about for the future!
I remember “part on part” way back when I was kid learning grammar. Something about nouns, pronouns. Probably not the correct answer but that what I thought of. Have a nice day.
I know I'm late, but parts is parts would be a reference to highly processed meats. I.E. hotdogs, spam potted meat, bologna ect... It refers to the fact that some of the animal parts in the product you are buying, are not parts you would eat on there own. It was a way of saying I don't care , it's protein from an exceptible food source so it's all the same.
Not sure why everyone focuses on minimizing RMDs. To me they are a good thing. I plan on living off SS and IRA withdrawals, both which automatically increase each year to offset inflation. I plan on leaving my other investments alone which will go to my heirs tax free via step up in basis and life insurance. If you are 60 years old today why pay tax up front in todays dollars at your highest marginal rate when you have time to tax plan and take advantage of standard deduction and low tax brackets both which increase annually for inflation. Your first RMD is at 75 and even a $5m IRA only has a year 1 RMD of less than $200k which added to SS seems to me to be a minimum needed in 15 years when you account for inflation.
RMDs will not cause an IRMAA issue unless you have a lot of other income which I do not. The year 1 RMD on $5m is only $200k which added to SS will be below the IRMAA threshold after 13 years of inflation adjustments. RMDs do increase each year but slowly and the IRMAA limit adjusts for inflation as well to offset the larger RMDs.
I need to convert 500k from traditional to roth within 3-5 years. I dont need the money. I will have about 45k pension taxed and about 25k cash flow rental income. Spouse has 50k pension. Are these roth conversions costly?
Whatever you convert will be taxed as income. It can also increase what you pay for medicare part B & D, as you cross specific thresholds. Be careful. The Trump Fed tax cuts that began in 2017 expire the end of 2025. If these cuts are not left in place, the amount of federal tax will increase substantially. Your getting in late in the game for conversions.
I've heard that inheritance is not taxable. But weather it is or not ... can it be placed into a ROTH IRA (with just a 1 time tax on the year it's done)?
RMD's begin at age 73. What if one is age 65 -72 and wishes to make some withdraws from the 401K? Is there a limit each year on the amount and is the withdraw considered income combined with social security plus pension? So the withdraw will be taxed at whatever tax bracket we are in at the year of the withdraw? I suppose that taxes our social security as well.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
On top of the topic being complex; the conversation style makes it confusing. Also saying you'll unpack something and not have the list to unpack makes me as a listener angry 😠
You got it! Wendy's chicken nugget commercial. If you want to send an email to info@korhorn.com with your address, we will get you a Wise Money gift in the mail! Thanks for watching!
Good morning CFP’s from NICER Premium Legal Instruments. Starting April NICER Fiduciary Security Legals and Paralegals. Fighting DIY RLT quit claim jumping equity elder abusing Title Deed thieves. They will reward Podcasters $500.00 UA-cam comprehensive pragmatic education reward, guest or March of Dimes $500.00, and NICER Viewer $500.00 per Interdiction Permission Validation CFP Administration Trust.
So you all were about to talk about no more RMD for 2024 on Roth IRA but skipped the question and went to Medicare again. So can you deliberate on this.
Those poor youngsters who don't know "parts is parts" probably don't know "where's the beef" either. You go, Kevin!
One of my favorite shows to watch. Great job, gentlemen!🔥🔥🔥
21:56 is super valuable info
I think you are trust worthy I will listen to all your advice.
It seems to me that this episode is mis-titled. You really didn't spend very much time on "How to Avoid RMD in Retirement". While you did mention Roth Conversions, you really didn't go into the strategy to any great extent (e.g., how to setup a series of Roth conversions over a period of successive years leading up to, and possibly beyond, one's RMD age.
A lot of words to get there. Could be half the time.
They like to hear each other talk.
I am missing the charitable distribution concept. If I owe 37 % on 200000 I still keep 63%, and that is only on the portion in the high bracket. Why give all of it away to a charity?
Really enjoyed this video on navigating Required Minimum Distributions (RMDs) in retirement. Tax laws can be a maze, right? Speaking of retirement planning, have you ever considered diversifying your portfolio with cryptocurrencies? It's a hot topic these days, and platforms like My Digital Money make it easier than ever to dip your toes in. Just a little something to think about for the future!
Parts is parts…amen at least you didn’t ask “where’s the beef “ great show as always
I remember “part on part” way back when I was kid learning grammar. Something about nouns, pronouns. Probably not the correct answer but that what I thought of. Have a nice day.
I know I'm late, but parts is parts would be a reference to highly processed meats. I.E. hotdogs, spam potted meat, bologna ect...
It refers to the fact that some of the animal parts in the product you are buying, are not parts you would eat on there own.
It was a way of saying I don't care , it's protein from an exceptible food source so it's all the same.
Not sure why everyone focuses on minimizing RMDs. To me they are a good thing. I plan on living off SS and IRA withdrawals, both which automatically increase each year to offset inflation. I plan on leaving my other investments alone which will go to my heirs tax free via step up in basis and life insurance. If you are 60 years old today why pay tax up front in todays dollars at your highest marginal rate when you have time to tax plan and take advantage of standard deduction and low tax brackets both which increase annually for inflation. Your first RMD is at 75 and even a $5m IRA only has a year 1 RMD of less than $200k which added to SS seems to me to be a minimum needed in 15 years when you account for inflation.
The Medicare Irma will be calculated and rmd will be looked back on taxes to calculate the Medicare Irma
RMDs will not cause an IRMAA issue unless you have a lot of other income which I do not. The year 1 RMD on $5m is only $200k which added to SS will be below the IRMAA threshold after 13 years of inflation adjustments. RMDs do increase each year but slowly and the IRMAA limit adjusts for inflation as well to offset the larger RMDs.
I plan to do QCDs.
Explain the difference between contribution and a roll over.
Parts is parts refers to chicken parts in chicken mc nuggets in ads run by Wendy's or Burger King in 80's and/or 90's.
Mike, when are you are a money maker you can make money doing anything?😊
I need to convert 500k from traditional to roth within 3-5 years. I dont need the money. I will have about 45k pension taxed and about 25k cash flow rental income. Spouse has 50k pension. Are these roth conversions costly?
Whatever you convert will be taxed as income. It can also increase what you pay for medicare part B & D, as you cross specific thresholds. Be careful. The Trump Fed tax cuts that began in 2017 expire the end of 2025. If these cuts are not left in place, the amount of federal tax will increase substantially. Your getting in late in the game for conversions.
Can you pls address the following: if there’s no more rmds required in 401k Roth, what choices are you faced with the day you retire from you company?
What if u don't file for Social security until 67, 70? Medicare starts at 65.
Then you pay for Medicare yourself. Once you start collecting Soc. Sec. at whatever age, they'll deduct it from your monthly payments.
Wow, not very much actual information conveyed. Sorry guys but this episode was a waste of time.
I've heard that inheritance is not taxable. But weather it is or not ... can it be placed into a ROTH IRA (with just a 1 time tax on the year it's done)?
If I’ve started RMD & pd taxes but don’t need it right now how can i shelter funds to maximum future earnings. I’m retired what is a back door Roth?
Your homeowner interpretation is just not correct. Call your agent and talk to him about it. He doesn’t charge by the hour.
RMD's begin at age 73. What if one is age 65 -72 and wishes to make some withdraws from the 401K? Is there a limit each year on the amount and is the withdraw considered income combined with social security plus pension? So the withdraw will be taxed at whatever tax bracket we are in at the year of the withdraw? I suppose that taxes our social security as well.
Mike Bernard👍
I believe that was used in a wendy's commercial
Hey Michael! If you want to send an email to info@korhorn.com with your address, we will get you a Wise Money gift in the mail! Thanks for watching!
Parts is parts is from a Wendy’s commercial about chicken nuggets.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Thank you for the lead. I searched her up, and I have sent her a message. I hope she gets back to me soon.
Only a 40 year old reference to another great Wendy's commercial. Liked the lady in the other.
Parts is parts refers to the contents of chicken nuggets
So if you only have a traditional IRA how do you avoid an RMD once retired. That was not addressed.
On top of the topic being complex; the conversation style makes it confusing. Also saying you'll unpack something and not have the list to unpack makes me as a listener angry 😠
Wendy's Chicken sandwich commercial!......For those non where's the beef folks
"Chicken Parts!"
"Parts is parts" - Frank Perdue
Plan to avoid taxes on your IRA withdrawals: DONATE THE MONEY!
Chicken parts
Chicken
You got it! Wendy's chicken nugget commercial. If you want to send an email to info@korhorn.com with your address, we will get you a Wise Money gift in the mail! Thanks for watching!
Good morning CFP’s from NICER Premium Legal Instruments. Starting April NICER Fiduciary Security Legals and Paralegals. Fighting DIY RLT quit claim jumping equity elder abusing Title Deed thieves. They will reward Podcasters $500.00 UA-cam comprehensive pragmatic education reward, guest or March of Dimes $500.00, and NICER Viewer $500.00 per Interdiction Permission Validation CFP Administration Trust.