How to Retire Rich & Look Poor in Retirement скачать в хорошем качестве

How to Retire Rich & Look Poor in Retirement

In this episode of the Wealth Radio Show, host Chris Heerlein, CEO of REAP Financial delves into the intricacies of optimizing Social Security benefits for retirees. He emphasizes the importance of making informed decisions about when to start claiming Social Security to maximize your retirement income. Furthermore, Chris sheds light on the strategies for achieving financial success during your retirement years, exploring the nuances of IRAs and 401(k)s, which play a pivotal role in securing your future. One of the key takeaways from this episode is the concept of being "poor on paper" in retirement, which may sound counterintuitive but holds the key to more favorable Medicare premiums, tax benefits, and Social Security payments. By understanding the various components that dictate your income in retirement, you can make well-informed choices that empower you to achieve financial security while enjoying your post-work years. Reach out to us at https://tinyurl.com/yc8aczae to schedule your free consultation. Being poor on paper may be a strategy that would benefit you in the long run! Clickable Chapters: 00:00 - Introduction 00:56 - Being "Poor on Paper" 04:01 - Tax-Efficient Saving 08:49 - The Impact of Income in Retirement 15:15 - Strategies to Control Your Income in Retirement 22:04 - Taking Listener Questions 22:42 - Social Security Claiming Strategies and Conclusion [00:00 - 00:56] Introduction [00:56 - 04:01] Segment 1 - Being "Poor on Paper" Clarification that this doesn't refer to your balance sheet but rather your taxable income. Emphasis on the importance of your tax return (10 40) in understanding your income. Explanation of how laws are written around net worth and the role of income in various aspects of retirement planning, including Medicare premiums and capital gains taxes. The need for proactive and long-term views in retirement planning. [04:01 - 08:49] Segment 2 - Tax-Efficient Saving Discussion of where and how you save money matters. Explanation of tax-deferred accounts such as 401(k)s and IRAs. Raising the question of whether taxes could be higher in the future. Exploring the downside of deferring taxes to retirement, especially with a larger accumulated balance. Introduction to alternative retirement accounts, including Roth IRAs and Roth 401(k)s. The idea that saving tax-free can provide benefits down the road when withdrawing funds. [08:49 - 13:13] Segment 3 - The Impact of Income in Retirement Chris highlights the role of income in determining Medicare premiums and social security benefits. The impact of income levels on Medicare premium costs. Emphasizes the significance of being proactive and staying under specific income thresholds. The potential for saving tens or hundreds of thousands of dollars in Medicare costs through proper planning. [15:15 - 22:04] Segment 4 - Strategies to Control Your Income in Retirement Chris discusses situations that might increase your income in retirement. Highlighting a little-known strategy for retirees called the SSA-44 form, which can help avoid higher Medicare premiums in the year of retirement. Mention of capital gains from selling appreciated assets like homes and how they can affect income thresholds. Advises listeners to consult with experts to avoid hidden taxes and make financial decisions wisely. Explanation of how various factors, including company stock, stock liquidation, and Roth conversions, can spike income and Medicare premiums. The importance of Required Minimum Distributions (RMDs) and how they can affect your income in retirement. Clarification that Roth 401(k) contributions do not have income limits. [22:04 - 22:42] Segment 5 - Taking Listener Questions The importance of individual circumstances and financial goals in determining Roth contributions. Chris encourages everyone to make informed decisions about their retirement plans and to consult experts for guidance. [22:42 - End] Segment 6 - Social Security Claiming Strategies and Conclusion Chris addresses the importance of social security claiming strategies in 2023 and the changes that have occurred. Discussion of the voluntary suspension strategy and how it can be used to ladder social security income for couples. Response to a text question about filing for social security at age 70. Explanation that social security benefits do not continue to grow after age 70. Encouragement for the texter to initiate the benefit process 30-45 days before turning 70. Recap of the importance of being "poor on paper" in retirement for managing income and taxes. Emphasis on Roth conversions as a powerful planning tool. The significance of having lower income in retirement for maximizing Roth conversions. 🔗 Additional Resources: Join our upcoming webinars to learn more about helpful retirement strategies: Visit reapwebinar.com to register. #taxes #retirement #wealth