Do you have an IRA Tax Time Bomb?

In this episode, financial advisors Jim Martin and Casey Bibb delve into Ed Slott's new book and the concept of the 'ticking tax time bomb' within IRAs. They discuss the impact of required minimum distributions (RMDs) on retirees' tax liabilities and emphasize the importance of proactive tax planning. The show also covers the effects of interest rates on retirement accounts, strategies for managing taxes, and offers insights into navigating the complexities of the financial landscape. Additionally, there's a lighthearted segment on the odds of winning the lottery and the importance of structured financial planning.

www.taxgpa.com<- Get your tax GPA

http://retiresmartscore.com <- Get your retirement score

http://retirewithmartin.com/ <- Learn about working with Jim

www.planwellretirehappy.com

 

00:00 Introduction to the Tax Time Bomb

00:25 Meet the Hosts: Jim and Casey

02:08 Diving into Ed Slott's New Book

02:54 Understanding Required Minimum Distributions (RMDs)

06:06 Planning for Roth Conversions

08:21 The Importance of Having a Tax Strategy

14:34 Impact of Interest Rates on Retirees

20:26 Lottery Fun and Financial Planning

25:50 Conclusion and Disclaimers

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