The SIMPLE Withdrawal Strategy You Should Use First in Retirement...

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Title	:	The SIMPLE Withdrawal Strategy You Should Use First in Retirement...
Lasting	:	13.12
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Views	:	65 rb

I’m 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with atleast $3million by, the market up and down is not helping at all
Comment from : helen rhett gordon

He needs to explain less at a time
Comment from : Kevin Munz

Capital gains are only taxed if realized, right? Only if you sell at a profit, right?
Comment from : Moti

Waiting for the government geniuses to start counting Roth Interest in the calc for paying SS tax bet it comes They won't tax earnings but can figure them into your provisional income Watch it come
Comment from : OnlywenIlaugh

I’m sure there is a lot of useful information in this video but it is presented too quickly Please slow down just a bit There are complex tax strategies here that can be difficult to digest at this pace Thank you though for the information
Comment from : Thumper 77

Why does every video think everyone has a Million dollars? I would love to find a video where you do it for the guy that maybe has half that As soon as I hear a Million dollars I’m out
Comment from : John Urban

Selling losers from taxable can pay for Roth conversions and be tax loss harvesting at same time
Comment from : J Dean

Thought IRMMA threshold was $194k for married couples Can convert more than example if wantedcorrect? The example is trying to keep conversions in a lower tax bracket When does it make sense to convert in higher brackets?
Comment from : Mark A

Govt gangsters sure make things complicated Funds a total waste of human capitaltax accountants
Comment from : Fast Eddie

Would have liked the HSA includedbrbrDoesn't a Roth conversion reset the 5-year clock on tax free Roth withdrawals?
Comment from : Missi Reason

Great video, but it does not address one crucial issue: if one is on the losing side of a lawsuit, retirement accounts are generally judgment-proof, while regular investment accounts are not brbrOne can somewhat reduce that danger with various forms of insurance, but even that isn’t 100 protection brbrFor this reason, I think it’s a good idea to preserve retirement accounts as long as possible
Comment from : Abe Granderson

Wow That was confusing as hell This should be so much simpler than this What a dog and pony show
Comment from : THEDEERKING

And this is why I swapped to 75 roth-in-plan conversion in my 401k and only 25 of contributions being pre-tax brbrHelps keep it simple for down the line
Comment from : Investing Book Summaries

Appreciate your content as it is more informative than most information out there
Comment from : Anderson Legacy

I will be fortunate to have a FF state pension in retirement Could you please make a video dealing with the differences I might face due to have due to having $45,000+ dollars a year of pension income?brbrI love your videos, but I know I will be in the 85 SS tax bracket, that Roth conversions will be Uber important, but I only get 1 chance at retirement, and I don't want to mess it up!
Comment from : ff59

how can retirees do Roth conversions?
Comment from : Gary Inman

The tax saving chart did not take into account the cost of the $22K needed for the $100K IRA to Roth conversion The stradegy is still valid in avoiding Medicare and SS surcharges and reducing SS benefits
Comment from : D Chin

Lots of useful info but plenty of trees and lack of the view of the forest (imo) That creates a confusion If people harnessed S/W like MaxFi (by Kotlikoff - can be Googled) they would see ALL these scenarios and be able to make the optimal choices by themselves - not a goal of this video MaxFi is NOT super complex, once a base case is established (individual situation) the options such optimal Roth Conversion, optimizing SS filing, variety of other options - can be all investigated and compared I would highly recommend for those who fully want to control their own destination (ie Retirement Finances and taxes) It works for me and few friends who use MaxiFi
Comment from : PJ Wesolowski

Great quality stuff dude, 👏
Comment from : Krishna Seshu

Great content
Comment from : Tech Skills

Excellent video explained things perfectly
Comment from : Gold Retirement Solutions

A little late after publishing, but while your math is 100 correct, and you planning is sound, is there an assumption when you are talking about the roth conversions, that income is still coming in that is covering for annual expenses? brbrUsing a simple example of a $1 million IRA, $500k Taxable, and $500 Roth (just example) and starting a retirement at 60 with no extra income, would taking up to $100k in income from the IRA and Taxable taxes and supplying any other income requirements from the taxable account would keep you under the 22 tax bracket And doing that for the next 10+ years, would drain the IRA account so RMDs would not need to be painful brbrThat is where I would like to an example of your tax rate graph on how it impacts the total tax amount
Comment from : LittleJoe

You’re talking only about taxes when you are forced to take out of tax deferred accounts (eg, trad IRA), ironically mentioning that the tax burden would be higher, because you would have too much money (and thus, be taxed more on your mandatory distributions)!brbrThe amount that is taxed going in to the Roth IRA, for instance, is taxed at the earning rate when you are in your best earning years The question is, when is it better to be taxed, before or after? With traditional IRAs, you reduce your tax burden while you are working at your job That difference (including the time value of that extra early taxation) is the reason you’ll have too much money and be taxed on a mandatory distribution But if you are retired, you won’t have to deal with your job’s income and will have a nice problem if you get enough back to have to pay taxes (for the first time) on this money Just my opinion, thanks
Comment from : Scott Keller

I listened to this whole video I didnt understand any of it
Comment from : Daniel Simonson

Fast talking guy too confusing
Comment from : scott taylor

Explain this please Over the years you put 500k into an IRA and it grew to 1M Success right? But now it’s time to pay taxes on the withdrawals as ordinary income (And as I recall, you were not taxed on the income you used to contribute to your IRA) Anyway, you take a 5 distribution every year, pay a little bit in taxes (assuming at that point you have some good deductions or use the straight deduction)and your portfolio keeps growing to absorb the 5 WD What’s the bit deal?
Comment from : surferdude44444

While Roth conversions may look attractive when crunching the tax numbers, in my opinion, it's best to recognize that you have no idea what your situation will be in retirement Specifically, by doing a Roth conversion, you are betting against the odds that you won't have substantial medical expenses later in life The example I use is my Mom who has dementia and is in a memory care facility, all expenses of which are not covered by insurance or Medicare but are tax-deductible medical expenses on Schedule A Look it up if you're not convinced To pay the expenses, she cashed out all her IRA's, but paid ZERO in tax as the withdrawals were offset by medical deductions Had she taken the advice of the many financial "experts" out there and done a Roth conversion, she would have been left with substantially less Think about it before doing a Roth conversion
Comment from : johnsmith

Taxing retired senior-citizens on their own SS is just pure evil
Comment from : Tonio Yendis

Grade school: Taught addition, subtraction, multiplication Middle school: Tough algebra & Geometry High School: More algebra II and geometry brREAL WORLD: Buying a home Wealth Building High Paying Careers Tax Preparation brNONE OF THIS IS TAUGHT IN SCHOOL NO ONE CARES ABOUT YOU!
Comment from : Randy Millhouse

The only financial Youtuber I don't watch on x125 speed Thanks for the good info
Comment from : Jay Hansen

This is good, but really complicated and really fast Drinking from a fire hose Perhaps chunk these ideas into shorter and slower segments
Comment from : Charlie McElveen

Where would you put a HSA? We put this ahead of our Roth is that correct?
Comment from : Kelli Harrison

Eric is sharp as a tack! I'm glad i've discovered his presentations especially since I'm just a few years from retirement
Comment from : Jay Johnson

The American tax system is so convoluted that it generates this kind of complex strategizing to navigate it successfully This is some dense material you presented but you did a fine job of explaining it, even if I'm going to have to review it several times to fully understand it Great job
Comment from : Rick Wyk

You are the master Thank you
Comment from : Andy Lewis

Taxable brokerage accounts are often belittled and regarded as a negative (eg "leaky bucket"), while Roth accounts are golden I don't agree and please tell me where my reasoning is flawed Let's say I somehow have saved $500,000 in taxable account and $500,000 in a tax-differed account and I'm 63, widowed and tax rate is about 22 And lets say my taxable holding are LOW/NO dividends growth ETFs Let's also say that I don't think I will need to use the taxable money and instead, can let it grow and be inherited by my 3 kids Assuming the current step-up tax laws, ALL the CAPITAL gains that I ever accumulate in my lifetime will be wiped out when I die and the taxable account gets distributed If I instead go the route of using my taxable account for income and converting my IRA to Roth, I will have to pay at least 22 or more taxes in the conversion in order to fund the ROTH So now I only have $390,000 or less invested in the Roth and I paid $110,000 in taxes to convert So why not instead SKIP the conversion, treat the Taxable Brokerage account like a pseudo-Roth for my heirs and just spend down the IRA as needed?
Comment from : Tim B

Great! Simple no
Comment from : William Sullivan

I retired 21 years ago at 45 Never had any retirement account for a couple reasons I prefered to put everything I had into investing in myselfskills and creating products to sell I became a software engineer rather than a factory job my Father setup for me because I wanted a skill I could go anywhere People today are like "duh" But tech wasn't "duh" when I started In the past 20 years I've built my construction and home remodeling skills too doing slow flipping which has funded my retirement It's another skill that adds to my security while giving me cash todaybrbrThe second reason I didn't use retirement account because they're way too complex for me I have zero interest in investing which leads to me completely sucking in management of investments and retirement accounts For me it would have meant trading a job I loved (software) for a job I hate (investor) Instead I went after my spending In 21 years I've gone from spending about $5000/mo to $600/mo while increasing security and happinessbrbrI've seen friends and family going into retirement and suddenly think they're investors No experience but they spend their days watching CNBC and internet videos and really seem kind of insane to me They jump from idea to idea as things trend on social media They brag when markets are up and look scared AF to me when markets go down Their security, their happiness, is tied to markets That seems like a lot of stress to me
Comment from : Water Bug

How would you factor in the benefit of the step-up a spouse receives upon the death of the first spouse in the taxable account given a large embedded capital gain which would be a full or half depending on which state you live in? Thank you, Eric!
Comment from : David Folts