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The SIMPLE Withdrawal Strategy You Should Use First in Retirement...

Safeguard Wealth Management 156 views

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Having to pay more taxes because you have a lot of money is not a bad problem to have At 62, doing a Roth conversion makes no sense It would take too long to make a difference What will the taxes be in the future? What will the market growth be in the future? What will my life expectancy be? Burn it like you own it
Comment from : @RichardCabeza

I think the idea is to take out about 4 of your savings each year It sounds pretty simple and intuitive You’re not taking out too much, and it gives your investments time to grow so you don’t run out of money too soon
Comment from : @NelleHummell

The US Gov surely OVERTAXes us so they can abuse it's spending brSo corrupted
Comment from : @mdst6302

Great information and explanation I will need to watch this a few times
Comment from : @dlipp23

Vanguard VTI You can count on a net 9 with a reasonable standard deviation of 15 to 17 Start early, be consistent and the miracle of compound growth will take overbrUse time as the real basis of growthit takes about 5 years
Comment from : @camela8445Mar

Appreciated the information We are at least 7 years from being able to use our IRAs Now trying to plan out this and it gives me a headache We are starting a ROTH 401K for my wife to max out to give us more ROTH funds
Comment from : @ForwardThinkingIncome

OMG - you almost need to go to college just to retire Why did they have to make it so complex?
Comment from : @projectndv

Great video, you have the best retirement planning videos on YouTube!!!
Comment from : @tncoltsfan

I live off my dividend and options income I don’t have to rely on selling shares 👍
Comment from : @richardthorne2804

My eyes glazed over, I slapped myself, two minutes later my eyes glazed over again
Comment from : @davidcloyd1296

freakin awesome i didn't know about irma and I will definitely be converting i will have about 5 million @55 and am retiring with my elementary age kids early I need to minimize the taxes big time as i live in a high tax state, so this might be the ticket
Comment from : @tewkewl

Great info Had to watch a few times You are talking way too fast
Comment from : @dawnlorenzen8995

Thanks Eric, always good Now add HSA and put off SS for longevity insurance and spous, and allow bigger roll over window, and hedge down turns with more roll over, and reduce income for IRMA, cool, is coming together maybe 😅
Comment from : @jefflloyd394

Great Video!
Comment from : @MichaelToub

I think you touched on this briefly in one of your videos, but what would be very helpful would be how to determine, when withdrawing from taxable nonretirement accounts, how much of the withdrawal would be reported income (would show up on your federal tax return) In other words, how to determine the gains, as only the gains would be taxable and therefore would be reported income This is not so much for determining income tax on the gains but rather for health insurance purposes This can get very complicated, so I think you could probably make a whole video about it FYI, the two brokerages I use wouldn't help with this and referred me to a CPA, however, the CPA I talked to (just one so far) didn't seem to have the knowledge to be able to help with this either
Comment from : @austenbaier8400

Really enjoy all of these videos - well done and well articulated!!! Would really be great if Safeguard had a one time fee based plan one could purchase!!!!! I recognize plans change but a baseline plan for us DIY'ers would really add confidence to my plan and execution!!!
Comment from : @randyratkowski5352

These videos give me headaches
Comment from : @OroborusFMA

What about a Roth ladder? Should I try to deplete my traditional Ira before tapping into Roth?
Comment from : @ceeIoc

If you wanted to do 100K a year in Roth conversions over multiple years, with no income, is it possible to take your standard deduction or does it apply for conversions?
Comment from : @annie52e

Always good Eric, note in a down market we should do more, HSA is also a powerful tool and SS should be left until last, after spending or converting tax differed accounts, for longevity insurancebrIf the market dies great and we are left with a bunch of taxes, it is ultimately a nice problem to havebrCheers,brJef
Comment from : @jefflloyd394

I had an easier time understanding quantum mechanics in college That's due to our ridiculously complex tax law, not your presentation
Comment from : @Teleman1958

Excellent information, however, my brain doesn't comprehend that fast Slllllllllllllllow down, please
Comment from : @enviro-techservicesco9853

You did not really touch upon qualiifed vs unqualified dividends which for me is a big problem since I am generating over six figures of them right now but nice video can I hire you as my accountant?
Comment from : @salvatorerannazzisi8127

this is complicated I need to review
Comment from : @mariaaguado-c9n

I've knew most of this information, except in regards to IMRAA Thanks for mentioning that
Comment from : @Lolatyou332

I loved your video, but I recommend that if you could slow down just a little bit, it would help me, at least, catch on You know what you are talking about, but for me, it takes a few seconds for each point to sink in I’m going to watch the video again, so I may better understand Thank you so much for your time and hard work🙏
Comment from : @southernbelle6564

Ok, let’s say i have a million dollars Now I have 10 holdings in the portfolio 5 of them had a horrible returns year, 3 broke even amd 2 killed it Do I sell equal portions of each to fund my lifestyle or to do Roth conversions?
Comment from : @chrisp3913

Don't forget about standard deduction, which in many situations with cover RMD
Comment from : @igorkot5895

You guys need to be able to take on more clients
Comment from : @TheRemyRomano

I’m 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with atleast $3million by, the market up and down is not helping at all
Comment from : @helenrhettgordon696

He needs to explain less at a time
Comment from : @Stoic8362

Capital gains are only taxed if realized, right? Only if you sell at a profit, right?
Comment from : @YaelEylatTanaka

Waiting for the government geniuses to start counting Roth Interest in the calc for paying SS tax bet it comes They won't tax earnings but can figure them into your provisional income Watch it come
Comment from : @onlywenilaugh6589

I’m sure there is a lot of useful information in this video but it is presented too quickly Please slow down just a bit There are complex tax strategies here that can be difficult to digest at this pace Thank you though for the information
Comment from : @MOstix13

Selling losers from taxable can pay for Roth conversions and be tax loss harvesting at same time
Comment from : @jdeang3531

Thought IRMMA threshold was $194k for married couples Can convert more than example if wantedcorrect? The example is trying to keep conversions in a lower tax bracket When does it make sense to convert in higher brackets?
Comment from : @marka9073

Govt gangsters sure make things complicated Funds a total waste of human capitaltax accountants
Comment from : @fasteddie8627

Great video, but it does not address one crucial issue: if one is on the losing side of a lawsuit, retirement accounts are generally judgment-proof, while regular investment accounts are not brbrOne can somewhat reduce that danger with various forms of insurance, but even that isn’t 100 protection brbrFor this reason, I think it’s a good idea to preserve retirement accounts as long as possible
Comment from : @abegranderson4253

And this is why I swapped to 75 roth-in-plan conversion in my 401k and only 25 of contributions being pre-tax brbrHelps keep it simple for down the line
Comment from : @InvestingBookSummaries

Appreciate your content as it is more informative than most information out there
Comment from : @andersonlegacy3136

how can retirees do Roth conversions?
Comment from : @gbinman

The tax saving chart did not take into account the cost of the $22K needed for the $100K IRA to Roth conversion The stradegy is still valid in avoiding Medicare and SS surcharges and reducing SS benefits
Comment from : @dchin7450

Lots of useful info but plenty of trees and lack of the view of the forest (imo) That creates a confusion If people harnessed S/W like MaxFi (by Kotlikoff - can be Googled) they would see ALL these scenarios and be able to make the optimal choices by themselves - not a goal of this video MaxFi is NOT super complex, once a base case is established (individual situation) the options such optimal Roth Conversion, optimizing SS filing, variety of other options - can be all investigated and compared I would highly recommend for those who fully want to control their own destination (ie Retirement Finances and taxes) It works for me and few friends who use MaxiFi
Comment from : @pjwesolowski5926

Great quality stuff dude, 👏
Comment from : @KrishnaseshuT

Great content
Comment from : @RealTechSkills

Excellent video explained things perfectly
Comment from : @goldretirementsolutions

I listened to this whole video I didnt understand any of it
Comment from : @danielsimonson3484

Fast talking guy too confusing
Comment from : @plumbdaddy780

While Roth conversions may look attractive when crunching the tax numbers, in my opinion, it's best to recognize that you have no idea what your situation will be in retirement Specifically, by doing a Roth conversion, you are betting against the odds that you won't have substantial medical expenses later in life The example I use is my Mom who has dementia and is in a memory care facility, all expenses of which are not covered by insurance or Medicare but are tax-deductible medical expenses on Schedule A Look it up if you're not convinced To pay the expenses, she cashed out all her IRA's, but paid ZERO in tax as the withdrawals were offset by medical deductions Had she taken the advice of the many financial "experts" out there and done a Roth conversion, she would have been left with substantially less Think about it before doing a Roth conversion
Comment from : @john-smith-8459

Taxing retired senior-citizens on their own SS is just pure evil
Comment from : @tonioyendis4464

Grade school: Taught addition, subtraction, multiplication Middle school: Tough algebra & Geometry High School: More algebra II and geometry brREAL WORLD: Buying a home Wealth Building High Paying Careers Tax Preparation brNONE OF THIS IS TAUGHT IN SCHOOL NO ONE CARES ABOUT YOU!
Comment from : @randymillhouse791

The only financial Youtuber I don't watch on x125 speed Thanks for the good info
Comment from : @hammer49946

This is good, but really complicated and really fast Drinking from a fire hose Perhaps chunk these ideas into shorter and slower segments
Comment from : @charliemcelveen2418

Eric is sharp as a tack! I'm glad i've discovered his presentations especially since I'm just a few years from retirement
Comment from : @57054

The American tax system is so convoluted that it generates this kind of complex strategizing to navigate it successfully This is some dense material you presented but you did a fine job of explaining it, even if I'm going to have to review it several times to fully understand it Great job
Comment from : @Blublod

You are the master Thank you
Comment from : @andylewis5662

Great! Simple no
Comment from : @wisulliv

How would you factor in the benefit of the step-up a spouse receives upon the death of the first spouse in the taxable account given a large embedded capital gain which would be a full or half depending on which state you live in? Thank you, Eric!
Comment from : @davidfolts5893