Is your retirement savings plan hiding a ticking tax time bomb? In this episode of the Ask Ralph Show, Ralph Estep Jr. explores the hidden tax pitfalls in retirement accounts and shares strategies to defuse them before they explode. Using real-life examples, like the story of Robert, a client caught off guard by Required Minimum Distributions (RMDs), Ralph provides practical solutions to help you minimize taxes and secure your financial future. Wondering what steps you can take to avoid a tax time bomb in retirement? Don’t miss out on this essential advice! Tune in now to safeguard your savings.
https://www.askralphpodcast.com/tax-time-bomb/
Podcast Shownotes:
00:00 Episode Overview
01:09 Listener’s Question
02:19 Bible Verse: Proverbs 21:5
02:47 Real-Life Story: Robert’s Tax Time Bomb Experience
05:47 Roth Conversions
06:31 Qualified Charitable Distributions
07:21 Diversified Retirement Income Sources
08:00 Strategic about Social Security
08:42 Action Steps To Avoid a Tax Time Bomb in Your Own Retirement #1 Diversify Retirement Savings
08:56 #2 Plan for RMDs Before They're Required
09:37 # 3 Consider Roth Conversions in Lower-Income Years
10:07 # 4 Explore QCDs If You're Charitably Inclined
10:31 #5 Get Professional Help
13:22 Conclusion
Websites Mentioned:
https://www.askralphpodcast.com/roth-ira-conversions/
https://www.askralphpodcast.com/tax-breaks-for-seniors/
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