I am 60 with a net worth of $3 million. How can I pay the least amount of taxes possible?

As retiring age approaches, careful planning regarding taxes and required minimum distributions (RMDs) is essential to avoid unexpected financial burdens. A Reddit user, nearing retirement with a financial portfolio of $3.1 million, is exploring strategies to lower future RMDs. With a significant portion in 401(k)s and hopes to gradually convert his wife's 401(k) to a Roth IRA, they are aiming to manage their anticipated annual retirement expenses of around $100,000. This situation highlights common concerns for many nearing retirement, emphasizing the need for strategic financial planning.

One key consideration for soon-to-be retirees is to find strategies to minimize taxes and future required minimum distributions to avoid higher tax brackets.

A 60-year-old Redditor shares concerns about approaching retirement, focusing on minimizing future RMDs and tax burdens while managing a net worth of approximately $3.1 million.

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