IRA Planning & Conversions
We help people at the dawn of their retirement struggling to arrange their retirement savings and inheritance plan around confusing and often-changing tax rules.
We provide tax reduction retirement strategies so you can enjoy a peaceful retirement knowing you have a plan that saves money for you and your beneficiaries.
Because we believe tax stress shouldn’t get in the way of your peaceful retirement.
Reducing your current and future taxes
Creating a plan to save your beneficiaries taxes upon inheritance
“Dick’s on top of the latest changes and familiar enough to explain them to you in plain english”
We developed a strategy to reduce taxes on his Required Minimum Distributions (RMD) through a Donor Advised Fund (DAF) and a Qualified Charitable Distribution Plan (QCD).
Schedule a 30 minute, no obligation consultation. Learn your how we can help get your retirement taxes in order.
FAQ's
Tax Reduction Strategies
Tax Reduction Strategies
What are examples of tax reduction retirement strategies?
- Strategic IRA withdrawals
- Roth conversions
- Offsetting taxes on RMDs
- Charitable deductions to minimize current and future income tax
How do you decide a tax reduction strategy?
Your factors we consider when creating a strategy include:
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- Your current and future tax bracket
- The types of accounts you have
- Your age relative to important years for IRA planning:
- 50: Catchup contributions
- 59 ½: Tax-free withdrawals
- 73: Required Minimum Distributions
- Healthcare and Medicare Premiums
- Social Security Taxation
- Deductions and Credits You Might Still Qualify For
Considering all your factors, we create a plan that outlines:
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- When and how you withdraw from each account
- How to reduce RMDs, Medicare surcharges, and SS taxability
- How to leave assets in a tax-efficient way to heirs
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Does everyone need a tax reduction strategy?
Pulling from the wrong accounts at the wrong time (like draining a traditional IRA early) could bump you into a higher tax bracket, increase Medicare premiums, and shrink your nest egg faster than necessary.
Without a strategy, you might:
- Delay Roth conversions when your tax rate is low
- Miss the chance to harvest tax losses
- Take RMDs too late and pay IRS penalties
Retirement Planning Timing
Retirement Planning Timing
When do I need to start my retirement planning?
- Being prepared and informed about the tax implications of your retirement savings helps you maximize savings, avoid unexpected financial stress and set yourself and your loved ones up for financial wellbeing.
- More complex financial situations means more opportunities for savings and missteps. If you know you’ll have several sources of income but are not sure how to set up your retirement income efficiently, contact us to begin your tax-efficient retirement.
Are there any retirement tax deadlines?
- It’s never too early to understand the tax implications around retirement. Even if you don’t act immediately, knowing why and when you should act helps you live a secure, stress-free retirement.
- There are some opportunities you may miss out on if you delay tax retirement planning:
- Missed opportunities for Roth conversions
- No ability to smooth out income and avoid big RMDs later
- Medicare penalties if you delay enrollment
Cost and Collaboration
Cost and Collaboration
How do you structure your fees?
- After our initial meeting we will send a proposal that outlines our tax reduction plan and what the fixed fee will be.