distributions

One of the goals of the Your Wealth & Beyond podcast is to arm you with the information to make sound decisions to build your retirement - and decumulate those assets to give you the income you need along the way.

Because we’ve received more questions about required minimum distributions (RMDs), we’re tackling this issue across 3 episodes. If you missed it, click here to listen to Part 1, where we went over the basics of what you need to know about RMDs.

In this second episode, we dig deep into strategies to reduce and minimize your required minimum distributions and show you how to keep more of the dollars you defer while you make your contributions - and live comfortably along the way.

In this podcast interview, you’ll learn:

• How to roll your IRA into a 401(k) plan, if allowed, to save significant income if you’re still working.
• Why the HSA is the triple crown of retirement accounts - and how it can be hugely beneficial.
• How to reposition your money using a Roth to potentially bring down conversion costs and allow for tax-free growth.
• How you can use qualified charitable distributions to make tax-free donations using your required minimum distributions directly from your IRA to charity.
• Why delaying social security benefits and taking IRA distributions instead can help you maximize your social security withdrawals while minimizing your required minimum distributions.

If you enjoyed this podcast, stay tuned for Part 3 of this series, where we’ll be talking about what you can do when you inherit an IRA or retirement account.

And click here to download our FREE whitepaper on qualified charitable distributions!

Complete Show notes: bayntree.com/17

Over the years, we’ve received more questions about Required Minimum Distributions (RMD) than just about anything else - and because there’s so much information out there, I’m tackling this topic in a three-part series.

In today’s episode (Part 1), I dive into the basics of the required minimum distributions, how they relate to your IRA, Roth IRA, and 401(k), as well as how to calculate this amount. If you’re not careful, the required minimum distribution can become a ticking tax time bomb. However, you can effectively utilize the benefits of the Tax Cuts and Jobs Act, as well as smart financial strategy, to ultimately reduce the total amount of taxes you have to pay.

In this podcast interview, you’ll learn:

• Why you have to take money out from your qualified retirement accounts (401k, IRA, SEP IRA, etc) - and how to calculate what you're going to need to withdraw.
• What happens if you delay your required minimum distribution - and why it likely doesn't make a lot of tax sense.
• The one benefit the IRS gives you when it comes to withdrawing from multiple accounts - and what the IRS really cares about.
• When you may want to roll a 401(k) into an IRA, to take better control over where your money is being pulled from.
• Why you can't rely on your custodian - and the penalties you may face by failing to take minimum distributions.
• How to use the joint life expectancy table to reduce your required minimum distribution if your partner is 10 years younger than you.

If you enjoyed this episode, stay tuned for Part 2 of this series, as I’m going to dive deep into strategies for reducing your required minimum distributions.

And if you’d like to calculate your RMD, Click here to download a table that makes as easy as 1-2-3!  

Complete Show notes: bayntree.com/16

Retirement planning tips and benefits when you don’t plan to retire. Plus, how much should you have saved for retirement at different stages of life, how much has the average millennial saved, and the Roth 5 year clock: should you get married so you can take advantage of the fact that your new spouse's Roth is already over 5 years old? And, should you really be asking marriage advice of Joe and Big Al?

More tax goodness and business sense that you can use:

• How to donate during a disaster without being scammed
• Mandatory distributions if you’re more than 70 and a half
• Roth IRAs
• How the tax code is squeezing parents
• Independent contractors: What does the IRS look at?
• Black market tax preparers 
• Relinquishing citizenship vs. renouncing
• Why Tina Turner and other rich and famous celebrities are relinquishing U.S. citizenship
• Are hidden treasures taxable?
• What’s going on with tax reform?
• Kim Adair, President of Body Fix Therapies - Saving your business money. Stress and repetitive strain injuries. Relieving stress in the work place.

Recorded 11.23.2013