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Would a Roth Conversion improve my tax efficiency? What happens if I run out of income before I run out of life? Will my spouse be ok? In this study, we'll take a look at being 63 and retired with $2,000,000 in your 401(k). Should you convert to a Roth IRA?
0:15 Introduction 0:45 Disclaimer 1:20 Case Study 1:45 Plan for Everything 2:16 Current Situation 3:26 Roth Conversions 5:24 401(k) vs Roth IRA 9:45 Tax Brackets 11:37 Impact of RMDs 12:52 Starting Distribution Tax 14:27 How Much to Convert? 15:28 Medicare Part B 17:06 Conclusion
A successful retirement plan means having a clear and achievable plan for your taxes, income, investment, healthcare, and legacy. If you are missing a piece of your financial puzzle or just want a second opinion, contact us at 865-392-4260 or visit https://bluetube.timetap.com.
- Blue Ridge Wealth Planners is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Blue Ridge Wealth Planners Form ADV Part 2A & 2B can be obtained by visiting https://adviserinfo.sec.gov and search for our firm name. Neither the information nor any opinion expressed it so be construed as solicitation to buy or sell a security of personalized investment, tax, or legal advice. The information contained in this is general in nature and for informational purposes only. It should not be considered as investment advice or as a recommendation of any strategy or investment product.
Investment advisory services offered through Blue Ridge Wealth Planners, an SEC Registered Investment Advisor. This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Past performance does not guarantee future results.
Blue Ridge Wealth Planners does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance.
Hypothetical example(s) are for illustrative purposes only and are not intended to represent the past or future performance of any specific investment. Actual results will fluctuate with market conditions and will vary over time.
Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
Blue Ridge Wealth Planners is an investment advisory firm, and not an accounting firm. Viewers are encouraged to consult with a tax professional to assist them with their specific tax situation. This video is for informational purposes only and should not be considered as tailored financial or tax advice. Viewers should consult with a financial services professional to assist them with their investment and financial planning questions.
