How to Save Over $300k in Taxes Over Your Lifetime!

In this video, we discuss a tax planning strategy that can help you save over $300,000 in taxes over your lifetime. We walk through a case study of a couple who are 64 years old and have $500,000 in tax-deferred dollars. We explore their current plan, which involves paying taxes on required minimum distributions (RMDs), the impact of social security taxes, and taxes paid by beneficiaries. We then introduce a simple strategy of converting their $500,000 to a Roth IRA over the next three years, which involves paying $120,000 in taxes upfront, but offers tax-free growth and eliminates taxes on RMDs, social security, and taxes paid by beneficiaries. By implementing this strategy correctly, you can save a significant amount in taxes over your lifetime. If you're interested in running your personal numbers in this tax calculator, please reach out to us for a consultation!

Please note, this video discusses factors that could apply to a hypothetical couple. Your specific circumstances may vary materially.

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Disclaimer: Since we do not know your specific situation, none of this information can serve as tax, legal, financial, insurance, or financial advice, and may be outdated or inaccurate. The information comes from sources believed to be reliable but cannot be guaranteed. This content is prepared for educational purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Peak Retirement Planning, Inc. is an Ohio based registered investment adviser and able to offer advisory services in Ohio and in other states where registered or exempt from registration.