Jun 1, 2023
In this episode, Curtis May and financial expert Craig Wear, discuss the importance of Roth conversions for IRA millionaires. These conversions help avoid significant taxes for both individuals and their heirs. The focus should be on the distribution phase, ensuring net worth maintenance and tax minimization. Craig highlights the significance of finding the right tax bracket and timing for maximum tax avoidance. Individuals should start considering Roth conversions around 55 years old and consult knowledgeable financial planners to avoid mistakes and maximize their financial potential.
You'll discover:
- How to save $2.1 Million of taxes over your lifetime
- How to eliminate the income taxes passed on to your next generation
- How to save $100K in Medicare premiums
- The 5 biggest mistakes IRA millionaires make and how to avoid them
- The 7 questions to determine if you’re leaving a fortune at the
doorstep of the IRS
Links and Resources from this Episode - https://www.practicalwealthadvisors.com
- https://www.practicalwealthsolutions.net/
- Email Curtis for a free report - curtmay@gmail.com
- Call his office - 610-622-3121
- ERC Tax Credit - https://ercspecialists.com?fpr=curtis75
- Schedule a call with Curtis:
- https://aptwithcurtis.as.me/Strategysession
- CashFlow Mapping: https://practicalwealth.cashflowmapping.com/lp/PWbudgetsstink
- Private Reserve Strategy: https://app.agent-crm.com/v2/preview/vWh4TyHnUBXdULimd82i
- Connect with Craig Wear
- Daniel@GefenMediaGroup.com
- https://craigwear.com/
- https://www.facebook.com/craigwearcfp/
- Special Listener Gift
- Schedule a 15-Minute Call with Curtis: https://aptwithcurtis.as.me/Strategysession
Show Notes - The "IRA Millionaire" concept and the importance of converting IRAs into Roth IRAs to minimize taxes and maximize net worth
- How to find the optimal strategy for Roth conversions and avoiding too much tax paid upfront
- The biggest mistakes IRA millionaires make such as not converting Roth IRAs at the right tax bracket and not understanding the impact of IRMA on Medicare premiums
- The accumulation theory of retirement planning and how distribution planning is essential for long-term financial success
- Balance in Roth conversion strategy
- Importance of paying attention to retirement finances and not just waiting to be in a lower tax bracket
- Recommended age to start considering appropriate retirement and financial planning strategies
- Case study of a successful financial planning client with tax-free accounts and non-stock market investments
- Potential downfall of not considering tax implications in financial planning
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