What are the best strategies for minimizing taxes in retirement? In this episode of The Ask Ralph Show, host Ralph Estep, Jr. addresses this question by providing listeners with tax-efficient retirement withdrawal strategies. Ralph discusses the importance of understanding the tax implications of different retirement account types, strategically ordering withdrawals, and potentially utilizing techniques like bracket filling and Roth conversions to optimize one's tax liability in retirement. He also shares personal stories that illustrate the significant impact these strategies can have on retirees' finances, potentially saving them thousands of dollars in taxes. Additionally, Ralph offers actionable steps listeners can take to develop a personalized withdrawal plan and regularly review it as their needs and tax situations change over time.
https://www.askralphpodcast.com/first-in-retirement/
00:00 Episode Overview
01:14 Listener’s Question
02:35 Bible Verse
04:03 Differences of Retirement Accounts
04:36 Required Minimum Distributions (RMDs)
05:10 Tapping into Taxable Accounts
05:55 Bracket Filling
06:51 Save Roth Accounts for Last
07:12 Roth conversions
07:52 Personal Stories
09:29 Actionable steps
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