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Do dividends count towards the $44,000 in income?
Thanks, I was not aware of the Roth and SS effect.
Given that the average social security payment is $2484/mo. Does that mean ideally a married couple would only have around 350k in tax deferred investments?
Not to mention the potential for lower IRMAA…
It is true that SS taxation is relevant. However, your tax bracket while earning vs withdrawing is still the most important consideration on the Roth discussion. If you are paying 30% plus marginal rates while working, and expect marginal rates in the 20’s when withdrawing it is not clear cut. If you are in the teens when withdrawing it is best not to do Roth while paying 32%. Yes converting during low income years can be effective.
We have considerable HSA money which is THE BEST, will draw the portfolio to delay SS, and then expect to be in the teens to 20’s brackets. Also bought some QLAC longevity contracts. So our RMDs will be lower, and will never get anywhere near 30% brackets again, unless our investments do fantastic, in which case we won’t care.
It’s fine to have a goal to pay less taxes, but our goal is to enjoy retirement with little worry about money. Once you have that set up the rest is just not as important to worry about.
As far as ROTH and Social Security it definitely can make a difference. But it's just not a simple it makes sense for everybody
1. When are you going to collect Social Security and how many years of low income will you have until you do. You can heavily spend traditional money and do Roth conversions.
2. How much will you actually save and what will you actually Social Security benefits be. Many people collect Social Security at 62 which is usually a lower check and the median retirement Savings in this country is pathetically low.
This is not a cookie cutter answer you need to do the math. And is a good chance you'll be best off with some traditional and some Roth
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Just a little correction. It is HALF of your yearly social security used for your "provisional" income (plus other taxable income). I have made an Excel spreadsheet that does the calculation.
Love these!!
Liking the after hours content Dustin. I get home from work long after your day has finished, and between you and several other YouTube University content providers I follow, it helps me to ascertain how and what I am going to do this week in the markets. Mainly I just DCA over time…seemed to have worked pretty good so far. Sucks to live in Alaska or Hawaii.
Like, I make 50k but I give 2k to the Oklahoma Children's Hospital cancer ward, can I deduct that off my taxes? Can they get that money and I get that break? That would be amazing! We both really need it. Well them more than I obvi.
Wait wait wait, you might have just blown my mind. If I know I will owe around 2k in taxes at the end of the year, can I just effectively donate that to a qualified charity and have that taken off my taxes owed?!
Great Video.
I like these after dark episodes.
Thanks Dustin great story / info
Very good point with regard to ss and using roth
Please make these 1 drink worth of content longer…I like the excuse. Love the format and content so far.
Very good argument for you Roth account.
Like the after dark
What’s new with SS…