Retire With Style

In this episode, Alex and Wade discuss various tax planning strategies for retirement. They announce a webinar on tax-efficient retirement distributions and highlight the importance of the Retirement Planning Guidebook. They address the impact of taxes on deferred accounts versus non-qualified accounts, including the implications for Social Security benefits and IRMAA surcharges. They also discuss determining the amount to convert to a Roth IRA and the considerations for inherited Roth IRAs. The conversation covers managing taxes for couples with over $5 million, the intersection of tax planning and safety-first income annuities, and the importance of preparation and account setup for retirement. They conclude by addressing strategies to limit the impact of ACA premiums on MAGI. Listen now to learn more!   Takeaways Consider attending the webinar on tax-efficient retirement distributions to gain a deeper understanding of tax planning strategies. The Retirement Planning Guidebook is a valuable resource for retirement planning and is regularly updated to reflect changes in tax laws. Tax planning should consider the impact of taxes on deferred accounts versus non-qualified accounts, including Social Security benefits and IRMAA surcharges. Inherited Roth IRAs may be subject to different rules and tax implications, and it is important to understand the options and potential tax consequences. Preparation and account setup for retirement can help optimize tax planning strategies and provide more flexibility in managing income and expenses. Strategies to limit the impact of ACA premiums on MAGI may include suspending Social Security benefits, spending from taxable accounts, and tax-efficient asset management. Timestamps 00:00 Introduction and Webinar Announcement 02:12 Discussion on the Retirement Planning Guidebook 03:12 Considerations for Buying the New Book 04:08 Tax Planning for Deferred Accounts vs. Non-Qualified Accounts 05:03 Impact of Taxes on Social Security Benefits and IRMAA Surcharges 07:01 Determining Roth IRA Conversion Amounts 09:06 Understanding IRMAA and Social Security Tax Torpedo 12:12 Inherited Roth IRAs and Legacy Goals 15:04 Managing Taxes in Retirement for Couples with Over $5 Million 18:22 Tax Planning and Safety-First Income Annuities 22:36 Preparation and Account Setup for Retirement 25:21 Limiting ACA Premium Impact on MAGI   Links  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Wade and Alex are back this week answering more of your questions! This week, we tackle retirement spending and withdrawal rates, the benefits of delaying Social Security and survivor benefits, the concept of replacement ratios for retirement income, the use of annuities for retirement income, the impact of future tax rates and national debt, and the decision to pay off mortgages in retirement. Listen now to learn more!   Links  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  To celebrate the updated RPG, Wade is hosting a FREE Webinar where he will be discussing the most significant update, tax planning. Visit risaprofile.com/podcast to register to attend, How to Create Tax-Efficient Retirement Distributions on Monday, February 5th at 2:00 PM ET.    This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

This week on Retire With Style, we are back to continue working through your questions! Wade and Alex tackle another array of topics including pros and cons of Deferred Annuities, couples retiring at different times, MIGA Bonds, Index Funds and much more. We are having a great time with these and hope you all are finding this useful. You've certainly put us to the test with these great questions! Listen now to learn more.    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

This week on a special YouTube Live episode of Retire With Style, Wade and Alex are skipping the small talk to take on some of the questions you submitted over the last week. We cover a range of topics from how to handle the RIO Map (Retirement Income Optimization) to the efficiency of Annuity Portfolios and more! We got a ton of great questions from you all and we want to make sure we get to as many as we can, so stay tuned for future episodes in this series where we will continue to work through the list! Listen now to hear Part 1!   Links  Click here and subscribe to the Retire With Style YouTube channel and turn on notifications to be alerted when we go LIVE: https://www.youtube.com/@retirewithstylepodcast    This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

Well - looks like Alex and Wade have had a little more fun than expected on New Year's, so let's cozy up next to the fire and throwback to one of our favorite topics - Social Security claiming strategy (specifically Ep. 63). But we're going to (belatedly) kick off 2024 with a bang - On Monday, January 8th at 1:00 PM ET, Wade and Alex will be hosting a YouTube live session to answer all of your questions! If you have any burning questions about the podcast or anything about retirement planning, please send them to us using the link provided below.   Repost from Episode 63   A topic of intense debate is about what's the best age to claim Social Security. Should people do it as soon as possible after reaching age 62, or wait until they get closer to 70? Alex and Wade will look at arguments on both sides of the debate and provide our assessment of their legitimacy. Listen now to learn more!    Links Join us on Jan. 8th at 1:00 PM ET on YouTube Live for a live recording of Retire With Style! Watch and comment live on the Retire With Style YouTube channel: https://www.youtube.com/live/D1TSNgDCmDQ?si=rGe70YujVATVjyaI  Submit your burning questions for Wade and Alex to answer live here: https://www.surveymonkey.com/r/2G5DBGC    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. And we've saved the best for last! This week we'll be revisiting our conversation about how the financial markets work and why you (and your retirement plan) care (originally Episode 53).  We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!    Repost from Episode 53   This week Wade, Alex, and Bob bring it back to basics and look at what - and why - the financial markets are. Understanding what's happening in the markets at a fundamental level is key to using them effectively in your retirement income plan. Plus, Alex finds out whether Wade or Bob would have been good plumbers (the answer is no.) Listen now to learn more!   This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. This week we'll be revisiting our conversation about the release of the 2nd Edition of Wade's Retirement Planning Guidebook and how to set up the foundations of your retirement plan (originally Episode 60).  We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!    Repost from Episode 60 In the episode, Wade and Alex discuss Wade’s bestselling book- the 2nd Edition of the Retirement Planning Guidebook, and how it sets an orderly foundation of all the questions you need to ask yourself as you ready yourself for the next chapter in your life. They also discuss the important differences and additions in this new edition that were not in the original. Listen Now to learn more!   Links  Download the Book Updates Summary for the 2nd Edition of the Retirement Planning Guidebook: https://retirementresearcher.com/rpg2-updates  Purchase your copy of the 2nd Edition of the Retirement Planning Guidebook today: https://retirementresearcher.com/amazon-RPG-2nd-Edition    This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

With the New Year coming up quick, we wanted to highlight some of our best episodes to round out 2023. This week we'll be revisiting our conversation with Mary Beth Franklin on Social Security claiming strategies (originally Episode 65).  We'll be back with brand new episodes after the holiday season! Thanks for listening - and we'll see you in 2024!    Repost from Episode 65  In this episode, we welcome Mary Beth Franklin and discuss the various intricacies of social security claiming strategies. While there are basic decision trees that most of us know about, Mary Beth goes into detail regarding more nuanced strategies that can make a big difference in your payout. We also discuss Mary’s views on where she sees social security over the long term. Listen Now to learn more!   This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this episode we sit down with Rebecca Meskin & Cara Reisman from Blackrock to discuss a paper we collaborated on; A reimagined approach to funding retirement income: Defining individual styles and solutions using the RISA® framework. During the conversation, we illustrate how the RISA framework can help individuals approaching retirement understand their retirement income style preferences, explore the way style preferences translate to certain retirement income strategies, and share the distribution of retirement income styles among the population surveyed in the RISA/BlackRock study. We also highlight the characteristics of solutions in a DC plan that were most attractive to the greatest number of respondents in the study. If you are contributing to a defined contribution plan or have a significant amount of your net worth in one, you’ll want to catch this episode. Listen now to learn more! PLEASE NOTE: This episode will not be posted on our YouTube channel. We apologize for any inconvenience!    Links  Registration is currently closed for the Consumer Retirement Income Challenge hosted by the team at Retirement Researcher! Join the waitlist to be notified about the next session by visiting: https://risaprofile.com/podcast      This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Tax planning is the topic du jour for this week, as Wade and Alex discuss a recent article from Advisor Perspectives that Wade wrote with Joe Elsasser from Covisum. Wade describes the effective marginal tax rate approach for managing Roth conversions and taxable distributions in retirement. This matters because of the nonlinearities facing retirees with their taxes, which include the Social Security tax torpedo, Medicare IRMAA surcharges, preferential income stacking, and the surprises created by RMDs. Tune in and uncover how to navigate the many pitfalls and traps facing retirees in the US federal tax code. Listen now to learn more!   Links The article discussed is available at: https://www.advisorperspectives.com/articles/2023/11/13/managing-taxes-retirement-effective-marginal-rate Registration is open for the Consumer Retirement Income Challenge hosted by the team at Retirement Researcher! Join us December 4th-7th for this FREE 4-Day event by visiting: https://risaprofile.com/podcast    This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips