HYPOTHETICAL$1,000,000 in fully taxable IRA withdrawals × an assumed 25% effective tax rate. Not a forecast of your taxes.
How much of your IRA is really yours? And should part of it move to a Roth before December 31?
Less tax on every withdrawal. Fewer surprises when required withdrawals start. More left for the kids. See whether a year-end Roth conversion fits your plan, coordinated with your CPA.
Required withdrawals begin whether you need the money or not, and every dollar from a pre-tax IRA is taxed as income.
The order you draw from IRAs, Roth accounts and savings can change your lifetime tax bill, without changing how much you spend.
Higher income in one year can raise your Medicare charges (IRMAA) two years later. Good timing keeps that in check.
A Roth conversion counts in the calendar year it's done. If your income is lower this year than it will be once RMDs and Social Security start, the space left in your current tax bracket may be the cheapest place to pay tax you will owe anyway.
On January 1 that room resets, and this year's chance is gone.
For more than 20 years I've met Denver-area families in my private office downtown, helping them turn savings into income they can count on and keep more of it after taxes.
I work alongside your CPA and attorney, not instead of them. You'll leave with clear numbers you can take to both.