Retirement Planning: Maximizing Income, Minimizing Taxes
Update: 2025-12-20
Description
A couple nearing retirement, aged sixty-four and sixty-five, have a solid financial foundation with one point five million in 401ks and IRAs, a Roth IRA, and a pension. They earn $210k annually, own two homes, and a rental property. Their main concerns are tax optimization and making their savings last. With guaranteed income of $112k and potential withdrawals, they could have $176k annually. However, RMDs at age seventy-five could push them into higher tax brackets. Quentin Fottrell advises starting Roth conversions now, estimating retirement spending, and planning taxes with an accountant for a secure retirement.
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