Retirement Answers

Do you have after-tax money in your Traditional IRA? Well, when it comes time to make distributions or do Roth conversions, you could unknowingly pay more in tax that you otherwise have to if you aren't aware of the IRA Pro-Rata rule or how you can fix this issue before it becomes a problem.

In this week's Friday Q&A, I answer James' question on this specific topic.

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Email: [email protected]
Website: https://www.rivertreewealth.com
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Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.

DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.

I always talk about different retirement strategies and things to think about, but I think it's important to zoom out and look at the big picture. It is easy to get overwhelmed when thinking about all the things that must be considered when evaluating your retirement.

I received a question from a listener recently asking what the most important parts of a retirement plan are. So, I wanted to share the 4 things I think you need to have in your retirement plan.

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#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

The Health Savings Account (HSA) is the only account you can contribute to that receives triple-tax advantages.

• Tax-deductible contributions
• Tax-deferred growth
• Tax-free distributions (for qualified medical expenses)

And having a funded HSA in retirement comes with it's advantages:

• Use for more frequent healthcare costs
• Bridge gap until Medicare age
• Helps pay for long-term care
• Can be used for anything after age 65 without penalty

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Want help with your retirement plan?👇🏼
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#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Does retirement scare you or give you anxiety? Do you feel like there is too much to know? Well, you're not alone. Almost everyone I talk to who is trying to retire feels a sense of analysis paralysis. They know there are many considerations to thinking about when putting together their retirement plan, but are just unsure how to put it all together.

In comes the One-Page Plan... This is a documents that simply lists out what needs to evaluated and when. But how can you fit everything onto 1 page? Well, that's not really the point. The point is to create a distilled list of items to plan for rather than have a 50 page retirement plan. A long retirement plan will only leave you more confused...

I'm a fan of simplicity. I know that a One-Page Plan will give you clarity, direction, and increase your confidence around retirement. Listen in to see the power of how this works.

Other episodes mentioned: 3 Bucket Retirement Plan

Want help with your retirement plan?👇🏼
☎️ Book a call with me
✉️ Email me: [email protected]

My YouTube Channel
Submit your question here: [email protected]

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Having a Roth IRA in retirement can be very powerful. It allows you to make tax-free distributions for retirement income and gives you flexibility around your tax brackets...

But I've noticed one thing. I/we as financial planners often suggest taking from your Roth IRA last for income in retirement so it has more time to compound tax-free. While this is often a good idea mathematically, I have been asking myself this question:

"Everyone is told to save to a Roth IRA so they have tax-free income in retirement, but when they get to retirement they are told not to spend from their Roth IRA. What's the point of having a Roth IRA if you aren't going to use it??"

In today's episode, I talk through this question and share 6 reasons you would spend your Roth IRA earlier in retirement. Enjoy!

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Book a free consultation to get started today 👉 https://www.rivertreewealth.com/get-started

Email: [email protected]
Website: https://www.rivertreewealth.com
LinkedIn: https://www.linkedin.com/in/jacobduke

Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.

DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.