Retirement Income Strategy At 59 with $1,500,000 (Taxes, Roth Conversions, & Income)

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6 ай бұрын

Retirement Strategy At 59 with $1,500,000 (Taxes, Roth Conversions, & Income)
*Free Retirement Download: The Checklist to Retirement:* 📊
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Are you wondering, "Can I retire at 59?" Join us in this insightful video as we delve into a comprehensive retirement strategy for individuals with a nest egg of $1,500,000. In this discussion, we'll explore the crucial aspects of retirement planning, including tax considerations, Roth conversions, and income strategies.
Planning for retirement involves navigating a complex landscape of financial decisions, and we're here to guide you through it. Discover key insights on how to optimize your retirement income, minimize taxes, and make the most of your $1,500,000 portfolio.
Topics covered in this video:
Retirement Readiness at 59: Assessing your financial standing and determining if you're ready to retire comfortably.
Tax-Efficient Strategies: Explore effective ways to manage taxes in retirement, ensuring that you keep more of your hard-earned money.
Roth Conversions: Understand the benefits of Roth conversions and how they can play a pivotal role in your retirement planning.
Income Streams: Learn about diverse income streams, including investments, pensions, and other sources, to create a robust and sustainable financial foundation.
Whether you're approaching retirement or just starting to plan, this video provides valuable insights to help you make informed decisions for a secure and enjoyable retirement. Don't miss out on essential tips that could make a significant difference in your financial future.
If you've ever asked yourself, "Can I retire at 59?" or are simply looking for effective retirement strategies, this video is a must-watch. Join us for an engaging discussion that can empower you to take control of your retirement journey.
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
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Пікірлер: 47

@yourfinancialekg 6 ай бұрын

*Free Retirement Download: The Checklist to Retirement:* 📊 pearlwealthgroup.com/

@leftyk072 6 ай бұрын

Hi Drew! Catching a bit of this in the car!

@yourfinancialekg 6 ай бұрын

Eyes on the road!

@jerrylabat550 6 ай бұрын

The 5 year conversion rule does not apply if you are over 59.5 and the Roth has been open for 5 years - check out publication 590-B.

@yourfinancialekg 6 ай бұрын

I still believe the 5 year rule does apply over 59.5. Seen it too much on my end.

@jerrylabat550 6 ай бұрын

@@yourfinancialekg Look at Figure 2-1 on page 33 also refer to what a "qualified" distribution is on page 32.

@wardthompson9844 6 ай бұрын

Yes, using the same Roth that's been open for years is the best vehicle.

@mikejacobs8255 6 ай бұрын

Your dead wrong, the five year rule on conversions does not apply if your 591/2.

@JinksMcGee 6 ай бұрын

Read the entire doc. Drew is correct. You can take out the amount you added without penalty. But 5 years for each conversion if you include interest.

@vistahawk1688 6 ай бұрын

Great presentation Drew but I did not see you cover what the couple is going live on once John stops working at the agent of 62 until he is the age of 67 when he will start taking social security. You said the couple has expenses of $7,000 per month (84,000 per year and $420,000) for five years until age 67. I agree that during gap years (when there is no income is the best time to perform ROTH conversions.

@yourfinancialekg 6 ай бұрын

Good point!

@jefflloyd394 6 ай бұрын

Great Drew, and I loved the EKG you did for me and the extra broccoli. What happens if he dies at 76, total SS goes down, is she still good? Also, are they not better with him taking SS at 70? Cheap longevity insurance especially for her.

@yourfinancialekg 6 ай бұрын

Lots of great questions! This scenario could go so many different directions and over time we will have to make adjustments.

@Sail562 6 ай бұрын

What about health insurance during the gap years (5 years for husband and 10 years for wife)? $7,000 per month sounds good, but is that necessary in the older years? I suspect their costs should go down over time as they would not travel as much, etc. Also would be good to compare SS at 62, 67 and 70. Wonder if that would make a difference.

@yourfinancialekg 6 ай бұрын

Thanks for watching! Yes, more to this scenario then what a YT video can hold.

@dtovar2 6 ай бұрын

You accidentally put 1024 instead of 124. You're still awesome!

@yourfinancialekg 6 ай бұрын

Thanks for catching that!

@jimrinchiuso 5 ай бұрын

Drew, did I understand correctly that you based their monthly expenses (ie. their spending budget) on $7000/month consistently? Thanks

@yourfinancialekg 5 ай бұрын

Yes, that was what they wanted. Thanks!

@user-bi4bt5dj9q 6 ай бұрын

Since the pilot is still working, why aren’t you encouraging him to contribute to a Roth for the next 2 years? Between him and his wife they could get at least an additional 32,000 (8000 each, for 2 years) into a Roth instead of the brokerage account where taxes could still occur, albeit smaller amounts. I say at least, because they can still add for 2023 and if he works one month into 2026, he could add to the Roth for that year also. I do appreciate these videos and pray for your continued success.

@yourfinancialekg 6 ай бұрын

Great comment and idea! Just a matter of planning opinion.

@tradesman63 6 ай бұрын

Pilots have a mandatory age for retirement.

@greghenry8803 5 ай бұрын

I think it would be helpful to determine at what tax rate the conversion makes sense. Is it realistic to anticipate this increase?

@yourfinancialekg 5 ай бұрын

Good point!

@sonnysamu2645 3 ай бұрын

If you are 59.5 or older when you consider doing a roth conversion can you have the taxes taken out of the amount to convert? Just wondering because most people in retirement will not have the amount of money needed to cover the taxes. Also, this is assuming that you have a pension, taxable account investments and are due SS. I would be concerned about the tax torpedo with the amount of money in the 401k.

@yourfinancialekg 3 ай бұрын

You can have the taxes taken out but it increases your taxable distribution. It's better to have cash on hand for taxes

@sonnysamu2645 3 ай бұрын

@@yourfinancialekg Doesn't it reduce the amount that would be converted. For example 100k @ 22% effective tax rate. Removing the taxes from the conversion equals 78k converted to the roth. Are you referring to this 100k @ 22% tax rate. Convert 122k with the 22k for taxes. Not sure under the last scenario that is correct because 122k @ 22% effective tax rate would mean 95.16k converted to roth. Am I missing something?

@pattylovesneal 2 ай бұрын

Can John's wife collect spousal benefit when he takes his at 67? She would be 62, or does she have to wait until she is 67? I am asking because I am in the same boat in 10 yrs...

@yourfinancialekg 2 ай бұрын

She can collect at 62 if he is collecting at 67. It is just a reduced spousal benefit. In that case, he primary benefit may be higher. Just need to compare the numbers. Great question!

@birdenlightening5855 6 ай бұрын

I rolled over my 401k fund from previous employer into my current employer. I’m under 59.5 years old. Can I convert the rolled over fund to Roth without penalty?

@yourfinancialekg 6 ай бұрын

You might be able to INSIDE the 401k if that is allowed, but you can't roll anything out now that it is in the new employer unless you sever service.

@jerrylabat550 6 ай бұрын

You should check with your plan administrator, some plans allow withdrawals while you are still employed.

@greghenry8803 6 ай бұрын

Is this right? If you lose years doing a Roth conversion you lose years regardless. You could invest the money from the bank to add years without the Roth conversion.

@yourfinancialekg 6 ай бұрын

Great idea!

@CapCityDC 5 ай бұрын

Was wondering the same, is the Roth conversion really necessary in this example?

@jwall62 6 ай бұрын

Taxes scare the heck out of me

@NipItInTheBud100 6 ай бұрын

Why? They pay for everything that makes our country great!! And maybe some more😉😉

@jwall62 6 ай бұрын

@@NipItInTheBud100 ha, good one, had me going for a minute there.

@yourfinancialekg 6 ай бұрын

😂

@wardthompson9844 6 ай бұрын

There's no way 6% should be used as ROI. Not only has the market underperformed the last 3 years but consumables have literally doubled. The value of a dollar continues to plummet. BTC is an excellent store of value for these folks to consider. Up 150% in 2023. ROI for his future scenario should be 0% to be realistic.

@NipItInTheBud100 6 ай бұрын

Underperformed? My accounts have been up an average of 10% over the years you mentioned! You need better investments!!

@wardthompson9844 6 ай бұрын

Account up 10%... gasoline, groceries, interest rates have all doubled.

@yourfinancialekg 6 ай бұрын

I would say 6% is pretty conservative but I also understand where you are coming from. Thanks for watching!

@NipItInTheBud100 6 ай бұрын

@@wardthompson9844 Then I would find a new place to shop! Our groceries have gone up but they haven't doubled! But again, blame the companies, not the governemnt. Until we as a society stop buying the crap they are overcharging us for, then they will keep doing it!!