I'm Retiring at 50 With $9 Million in Assets - Should I Convert My 401Ks to Roth to Avoid Future RMD Taxes?The FIRE lifestyle requires careful financial planning and decision-making, especially about tax implications and retirement accounts.
Beware of How This RMD Torpedo Can Hit Your Social Security and Medicare BenefitsRMDs can create unexpected tax liabilities and affect Social Security and Medicare costs for retirees.
I'm quitting my job and going back to school - should I convert my 401k and 401k Roth to just a Roth IRA?Redditor plans to transition funds into a Roth IRA, enhancing retirement investment strategy and flexibility.
I have a pension that pays $65k per year - will that income prevent me from doing a smart Roth conversion?Roth conversions provide tax-free income in retirement and help avoid required minimum distributions.
I have $10 million and ready to retire and I want to find a tax break that might include me becoming a baristaLong-term capital gains are taxed more favorably than short-term gains, potentially avoiding taxes by reducing taxable income.
Paying Too Much Tax in Retirement? Here's How to Lower Your BillUtilizing tax-efficient investments is crucial for retirees.Understanding tax credits and deductions can significantly reduce retirement tax bills.Careful planning around RMDs can mitigate tax liabilities.Roth IRA conversions can provide long-term tax benefits but may incur immediate tax consequences.
I'm Retiring at 50 With $9 Million in Assets - Should I Convert My 401Ks to Roth to Avoid Future RMD Taxes?The FIRE lifestyle requires careful financial planning and decision-making, especially about tax implications and retirement accounts.
Beware of How This RMD Torpedo Can Hit Your Social Security and Medicare BenefitsRMDs can create unexpected tax liabilities and affect Social Security and Medicare costs for retirees.
I'm quitting my job and going back to school - should I convert my 401k and 401k Roth to just a Roth IRA?Redditor plans to transition funds into a Roth IRA, enhancing retirement investment strategy and flexibility.
I have a pension that pays $65k per year - will that income prevent me from doing a smart Roth conversion?Roth conversions provide tax-free income in retirement and help avoid required minimum distributions.
I have $10 million and ready to retire and I want to find a tax break that might include me becoming a baristaLong-term capital gains are taxed more favorably than short-term gains, potentially avoiding taxes by reducing taxable income.
Paying Too Much Tax in Retirement? Here's How to Lower Your BillUtilizing tax-efficient investments is crucial for retirees.Understanding tax credits and deductions can significantly reduce retirement tax bills.Careful planning around RMDs can mitigate tax liabilities.Roth IRA conversions can provide long-term tax benefits but may incur immediate tax consequences.
3 Reasons You Should Be Saving for Retirement in a Roth IRARoth IRAs allow tax-free investment gains and withdrawals, providing significant advantages for retirement savings.
4 Reasons the Roth IRA Might be the Most Powerful Retirement Account of All TimeRoth IRAs offer tax-free growth and withdrawals, making them a flexible retirement savings tool.
Opinion | Higher Taxes Are on the Horizon. Don't Let Them Spoil Your Retirement.Roth I.R.A.s may protect from future tax increases, crucial in light of rising federal budget deficits and potential tax reforms.
I'm a high earner who has always maxed out my 401k. I keep hearing about backdoor Roth IRA - what is it?High earners should explore after-tax contributions and Roth strategies to maximize retirement savings beyond 401(k) thresholds.
I'm a high earner who has always maxed out my 401k. I keep hearing about backdoor Roth IRA - what is it?Maxing out a 401(k) may not be enough for high earners; exploring after-tax contributions and Roth strategies can lead to greater savings.
Suze Orman says this is the #1 place you should be stashing your emergency fundUsing a Roth IRA as an emergency fund may be beneficial, according to Suze Orman.
3 Reasons You Should Be Saving for Retirement in a Roth IRARoth IRAs allow tax-free investment gains and withdrawals, providing significant advantages for retirement savings.
4 Reasons the Roth IRA Might be the Most Powerful Retirement Account of All TimeRoth IRAs offer tax-free growth and withdrawals, making them a flexible retirement savings tool.
Opinion | Higher Taxes Are on the Horizon. Don't Let Them Spoil Your Retirement.Roth I.R.A.s may protect from future tax increases, crucial in light of rising federal budget deficits and potential tax reforms.
I'm a high earner who has always maxed out my 401k. I keep hearing about backdoor Roth IRA - what is it?High earners should explore after-tax contributions and Roth strategies to maximize retirement savings beyond 401(k) thresholds.
I'm a high earner who has always maxed out my 401k. I keep hearing about backdoor Roth IRA - what is it?Maxing out a 401(k) may not be enough for high earners; exploring after-tax contributions and Roth strategies can lead to greater savings.
Suze Orman says this is the #1 place you should be stashing your emergency fundUsing a Roth IRA as an emergency fund may be beneficial, according to Suze Orman.
We contributed to our kids' Roth IRAs to help them get a financial head startTeaching kids about early retirement savings through Roth IRAs can foster lifelong healthy financial habits.
Asking Eric: I tested my nephews with a $10,000 gift, and they failedTeaching financial management to young adults can be challenging but rewarding.Setting realistic expectations for engagement is crucial.
We contributed to our kids' Roth IRAs to help them get a financial head startTeaching kids about early retirement savings through Roth IRAs can foster lifelong healthy financial habits.
Asking Eric: I tested my nephews with a $10,000 gift, and they failedTeaching financial management to young adults can be challenging but rewarding.Setting realistic expectations for engagement is crucial.
I'm 25 and I want to retire early someday but how can I do that if I can't touch my 401(k) funds until I'm 59?Early retirement is feasible, but accessing retirement funds before 59 1/2 without penalties requires strategic planning.
I made a huge mistake with my 401(k) and incurred a $300k tax bill - am I totally stuck?The OP mistakenly converted $740,000 from a 401K to a Roth IRA, leading to a $300,000 tax bill due to lack of understanding.