Inherited IRA Beneficiary and Estate Planning Considerations
In this video, Tim discusses Individual Retirement Accounts (IRAs) as well as inherited IRAs, beneficiaries of different account types, and some estate planning items to consider.
Hear from founder and president, Tim Doehrmann.
In this video, Tim discusses Individual Retirement Accounts (IRAs) as well as inherited IRAs, beneficiaries of different account types, and some estate planning items to consider.
Tim outlines the tax implications of pre-tax, Roth, and taxable accounts, and he discusses managing taxes and locations of investments for optimal tax efficiency in retirement.
Tim presents a retirement plan for a couple with $1.285 million in savings. He analyzes their cash flows, expenses, taxes, and withdrawal rates over time to determine if their savings will last through retirement.
Tim breaks down whether a $1 million nest egg is enough to retire on at age 65 in 2024. He discusses Social Security, Medicare, and strategies for withdrawing retirement income.
Does retirement income get taxed in Illinois? Find out in this quick overview of Illinois tax laws. We also examine property, sales, gas, alcohol, and other taxes IL residents pay.
Our 50 united states have a wide discrepancy in the way they tax retirement income. So location can be an important consideration in financial planning for retirement.
Tim unveils a real-life case study of a couple worth $2.4 million. They were sitting on a "tax bomb" set to explode to over $1.7 million in taxes! Tim's strategy of Roth conversions and withdrawal planning could save them $2.2 million!
Tim discusses Dave Ramsey's controversial recommendation that retirees invest 100% in equities and withdraw 8% annually.
Which accounts will serve you best in retirement? Tim breaks down the key factors to consider during your retirement planning and stresses the importance of balancing cash inflows vs. cash outflows.
Tim shares how calculating your retirement expenses and choosing the right investment accounts can mean the difference between living your retirement lifestyle dreams and running out of money!
Tim talks about how to reduce your lifetime tax liability by using Roth IRA conversions, how to get more money into a Roth IRA with a “backdoor Roth,” and how to use a Roth IRA for college savings.
A Roth IRA is a great tax planning tool to include in your retirement plan. Roth IRAs can be used to save for retirement, save for college (bet you didn’t know that one!), and convert traditional IRA assets. In this article, I talk about the difference between traditional IRAs and Roth IRAs and explain the Roth IRA contribution limits and Roth IRA distribution rules.
What is a retirement tax bomb? This episode covers the problem and how it can lead to an income tax bomb and a Medicare tax bomb. We also discuss the widow's tax and how an income tax bomb can affect your heirs.
A break-even analysis is useful for comparing investments, but Social Security is not an investment. Social Security is more like an insurance policy.
On Retire Your Way Radio, Tim shares a list of 7-figure retirement dos and don’ts. List lovers will appreciate these 8 financial tips for a successful retirement.
In this episode of Retire Your Way Radio, I talk about 4 financial mistakes made in 2020 and 3 general financial mistakes that are not specific to 2020.
In this episode of Retire Your Way Radio, I describe how our dynamic distribution strategy with guardrails works for providing on-going retirement income and how we determine how much money you can safely withdraw from your investments in retirement.
There are several nuances when it comes to inheriting the assets of an IRA. This depends on the relationship of the beneficiary to the IRA owner, whether the IRA was funded with pretax or after-tax money, and whether the account owner was required to take minimum distributions. I will touch on some of those nuances here as a guide of things to think about when it comes to planning your legacy. However, please consider talking to an estate attorney about your specific situation.
We focus on tax planning here at Eagle Ridge Wealth Advisors. Today I’m covering four ways to use charitable giving to your advantage to reduce your tax liability.
Does The SECURE Act address millions of Americans that are unprepared for retirement? I review 7 provisions of The SECURE Act and how they might affect you.